Regulators Prepare For MiFID II

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Contents

MiFID II

Markets in Financial Instruments Directive

The revised Markets in Financial Instruments Directive and associated Regulation (together, “MiFID II”) are EU financial markets legislation that took effect from 3 January, 2020.

MiFID II brought about a comprehensive overhaul of the European market structure and investor protection framework. The scope of application covers EU investment firms, their branches, as well as EU branches of non-EU firms, providing MiFID II services and activities to clients for in scope financial instruments (including equities, bonds, UCITs and derivatives). The venues where these instruments are traded will also have to comply with the relevant MiFID II requirements.

On this page you will find key documentation, useful links to external resources, along with contact details should you require additional information on MiFID II.

Essential MiFID II Documents for Bank of America Merrill Lynch clients

Please click on the links below to access the required documents.

  • Access our Documents Archive: MiFID II Documents Archive
  • General Terms & Conditions for Business
  • BofAML General Terms and Conditions for Business (Version 2.1 June 2020)
  • BofAML Client Classification and Protections Document (Version 2.0 December 2020)
  • BofAML Disclosure for Corporate Finance Business
  • BofAML EMEA Bookbuilt Offers of Securities Terms (Version 3.0 – April 2020)
  • BofAML Additional Information on Conflicts of Interest (Version 2.0 – April 2020)
  • BofAML Entities
  • BofAML Entities List
  • Policies and Policy Summaries
  • BofAML Systematic Internaliser Disclosures Document (Version 2.1 – September 2020)
  • BofAML Inducements Policy Summary (Version 2.1 June 2020)
  • BofAML EMEA Order Execution Policy Summary (Version 2.1 June 2020)
  • BofAML Conflicts of Interest Policy Summary (Version 3.0 – April 2020)
  • BofAML Capital Markets Allocation & Distribution Policy (Version 3.0 – April 2020)
  • Risk Notices
  • BofAML Risk Notice (Version 2.0 – December 2020)
  • BofASE SA Clearing Member Disclosure Document
  • BofASE SA Direct Client Disclosure Document
  • Merrill Lynch International Clearing Member Disclosure Document (Version 1.0 – January 2020)
  • Merrill Lynch International Direct Client Disclosure Document (Version 1.0 – January 2020)
  • Costs and Charges
  • EMIR Fee Disclosure
  • BofAML MiFID II Costs and Charges Disclosure (Version 3.0 – January 2020)
  • Market Structure Materials
  • Cleared Derivatives Execution Agreements (ISDA/FIA Explanatory Memo)
  • Data Protection and Confidentiality
  • BofAML Data Protection and Confidentiality Terms
  • Electronic Services
  • BofAML Electronic Services Provisions (Version 2.1 June 2020)
  • Trading Ideas, Analysis & Research
  • BofAML Trading Ideas and Desk Analysis Provisions (Version 2.1 June 2020)
  • Complaints
  • BofAML EEA & UK Complaints Handling Summary (Version 3.0 – April 2020)
  • FAQs
  • BofAML Trade and Transaction Reporting FAQs (Version 2.1 June 2020)
  • Business Unit Specific
  • BofAML List of Execution Venues (Version 2.1 June 2020)
  • BofAML Additional Order Level Reports (Version 2.0 April 2020)
  • BofAML MiFID II FIX Specifications April 2020
  • OCC Options Disclosure Document
  • BofAML Research Terms and Conditions
  • Product Governance – Summary Information
  • BofAML Product Governance – Summary Information (April 2020)

Best Execution Reports

To access our best execution reports, please click here

CONTACT US

For MiFID II implementation queries, click here
For queries related to MiFID II documentation, click here

Useful MiFID II External Resources

Bank of America, N.A. Member FDIC. Equal Housing Lender

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“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

© Bank of America Corporation. All rights reserved.

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“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.
© 2020 Bank of America Corporation.

Disclaimer for Australia:

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation (“BAC”). Lending and other commercial banking activities are performed globally by banking affiliates of BAC and in Australia by Bank of America, N.A. Australian Branch (“BANA Australia”). Securities, corporate advisory and capital markets services are performed in Australia by Merrill Lynch Markets (Australia) Pty. Limited, Merrill Lynch (Australia) Futures Limited, Merrill Lynch Equities (Australia) Limited and their related bodies corporate (together “BofAML”) which hold, or are exempt from the requirement to hold, an Australian Financial Services Licence. Apart from BANA Australia, none of the other BofAML entities including BAC are Authorised Deposit-taking Institutions authorised under the Banking Act 1959 of Australia nor regulated by the Australian Prudential Regulation Authority. The obligations of BofAML entities (other than BANA Australia) do not represent deposits or other liabilities of BANA Australia and are not guaranteed by BANA Australia.

©2020 Bank of America Corporation. Published in Australia by BANA Australia.

Disclaimer for India:

Bank of America, N.A. is a subsidiary of Bank of America Corporation, operating in India. Bank of America provides the following banking products in India: working capital and term loans, structured finance, export finance, global cash management, trade products, foreign exchange services and currency solutions. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC.

Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in India by DSP Merrill Lynch Ltd, which provides the following services in India: Research, Equity Sales & Trading, Futures & Options, Electronic Trading, Equity Capital Markets, Debt Capital Markets and M&A. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured . May Lose Value . Are Not Bank Guaranteed.

©2020 Bank of America Corporation.

Disclaimer for Brazil:

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Ouvidoria Bank of America Merrill Lynch 1 | DDG: 0800 886 2000
1 Bank of America Merrill Lynch Banco Múltiplo S.A. e Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários

Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.

© 2020 Bank of America Corporation.

Disclaimer for Latin America:

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Bank of America Corporation and its affiliates do not perform in any jurisdiction banking activities that are reserved by local law to licensed banks, except in those jurisdictions where its banking affiliates have procured the necessary licenses.

Unless otherwise indicated, all services/products are conducted on an offshore basis for Latin America. Some or all of the products may not be available in certain jurisdictions and are subject to change without notice.

This document and its content are for information purposes and shall not be interpreted as banking or financial intermediation, business solicitation and/or public offering of any kind.

Ouvidoria Bank of America Merrill Lynch 1 | DDG: 0800 886 2000

1 Bank of America Merrill Lynch Banco Múltiplo S.A. e Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários

“Merrill Lynch” is the trademark that Bank of America Corporation uses in the Republic of Argentina for its capital market, financial advisory and investment businesses, which are conducted by and through Merrill Lynch Argentina S.A.. This entity does not conduct any activities subject to banking license, such as capturing deposits from the public.

Bank of America México, S.A., Institución de Banca Múltiple is a banking affiliate in Mexico of Bank of America Corporation.

Bank of America N.A., Oficina de Representacion (Colombia), is a representative office in Colombia of Bank of America N.A., supervised by the Superintendencia Financiera de Colombia and authorized to promote in Colombia select products and services that

Bank of America N.A. provides outside of Colombia. Neither Bank of America, N.A., nor its Representative Office in Colombia, is authorized to carry out in Colombia any activities that are reserved by Colombian law to locally licensed banks.

Bank of America N.A., Oficina de Representacion (Peru), is a representative office in Peru of Bank of America N.A., supervised by the Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones and authorized to promote in Peru select products and services that Bank of America N.A. provides outside of Peru. Neither Bank of America, N.A., nor its Representative Office in Peru, is authorized to carry out in Peru any activities that are reserved by Peruvian law to locally licensed banks.

Bank of America N.A., Oficina de Representacion (Chile), is a representative office in Chile of Bank of America N.A., supervised by the Superintendencia de Bancos e Instituciones Financieras and authorized to promote in Chile select products and services that Bank of America N.A. provides outside of Chile. Neither Bank of America, N.A., nor its Representative Office in Chile, is authorized to carry out in Chile any activities that are reserved by Chilean law to locally licensed banks.

Bank of America Corporation does not have banking affiliates, branches or bank representative offices in any other jurisdiction in Latin America.

Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., which are registered broker-dealers and members of FINRA and SIPC, and in other jurisdictions, by locally registered entities.

Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

© 2020 Bank of America Corporation.

Disclaimer for France:

BofA Securities Europe SA (“BofASE”) with registered address at 51, rue La Boétie, 75008 Paris, registered under n° 842 602 690 RCS Paris, is governed by articles L. 531-1 and following of the monetary and financial code. BofASE is authorized as an investment firm by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”), is regulated by the ACPR and the Autorité des Marchés Financiers, and is not a credit institution. BofASE’s share capital is 5,276,300,000 €.

©2020 Bank of America Corporation.

Disclaimer for Hong Kong:

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Bank of America, National Association, Hong Kong Branch, is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America.

Disclaimer for Canada:

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation including Bank of America, National Association, Canada Branch (BANA CB ) which is a foreign bank branch regulated by the Office of the Superintendent of Financial Institutions. Deposits with BANA CB are not insured with the Canada Deposit Insurance Corporation. BANA CB shall not impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including bank and any of its affiliates, as a condition for obtaining another product or service from BANA CB.

Securities, strategic advisory and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation including in Canada by Merrill Lynch Canada Inc. which is a registered broker-dealer regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF).

Disclosure of best execution obligations and routing practices for Merrill Lynch Canada Inc. (IIROC Dealer Member Rule 3300)

Terms and Conditions

These Terms and Conditions (“Terms and Conditions”) are for the Bank of America Corporation (“Bank of America”) website and those websites of its affiliates (collectively the “Sites”) including Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BofA Securities, Inc., Bank of America Capital Management and certain other affiliates enumerated herein (collectively “Affiliates”) that are available through the Bank of America Sites and apply to all services, programs, information and products (collectively “Service”) that you (“Client”) may use or otherwise access from time to time through the Sites (“Agreement”).

USE OF SITES

Client agrees that any trade confirmation, account statement or other document delivered through the Sites by “clicking” on the designated spaces in or relating to such document shall be deemed to be “in writing” and to have been “signed” and delivered for all purposes by Client. Any record of such transaction or confirmation (including, without limitation, electronic records) shall be deemed to be “in writing.” Client further agrees that it shall not contest the legally binding nature, validity or enforceability of any transaction, document or confirmation based on the fact that it has been executed by “clicking” on the designated spaces and expressly waives any and all rights it may have to assert such claim.

Bank of America hereby grants to Client a worldwide, non-exclusive, non-sublicensable, non-transferable, non-assignable, personal right and license to access and use the Sites solely for Client’s internal use in accordance with the terms of this Agreement. Client accepts the right and license granted herein to access and use the Sites solely in accordance with this Agreement and any rules or restrictions or procedures published by Bank of America on the Sites from time to time. Client acknowledges and agrees that the Sites, and all intellectual property and proprietary rights therein and thereto, anywhere worldwide, including such rights in copyrights, trademarks, service marks, trade dress, patents, patent applications and trade secrets and other proprietary and/or confidential information (collectively, “IP”), are the valuable property of Bank of America and/or its affiliates and licensors. Other than the license granted hereunder, Client obtains no rights to the Sites. Client may not access or use the Sites in any way that may infringe any IP right of Bank of America or its Affiliates or licensors. Client promptly shall notify Bank of America of any actual or threatened infringement or misappropriation of IP, or any portion thereof, of which it becomes aware. Client acknowledges and agrees that it will not use, or allow the use of the Sites in contravention of, and will comply with, any applicable laws, rules, regulations or interpretations (collectively, “Applicable Law”).

Client agrees that it will not, and will not authorize or permit any person (“Authorized Person”) under its control, under any circumstance to:

  • sell, lease, transfer, recirculate, republish, redistribute, make available or otherwise provide access to the Sites, or any portion thereof or data thereon, to any person other than its Authorized Persons, including through oral, written, or electronic means whether as a demonstration or otherwise;
  • photocopy, download or otherwise reproduce in any medium any portion of the Sites, except that Client may download into Client’s internal computer system, or print a hard copy of, content on the Sites, in whole or in part, provided that, in each case, all copyright and other proprietary notices are retained and complied with; or
  • alter, decompile or reverse engineer any software component of the Sites.

All cost and expense of equipment, operating platforms, and software necessary to access and use the Sites, and the maintenance thereof shall be the sole responsibility of Client.

No provision of these Terms and Conditions shall restrict Client from taking any action required by any Applicable Law, any self-regulatory organization or any governmental entity to which it is subject. Prior to taking any such action, Client shall, to the extent reasonably practicable given the then-current circumstances, notify Bank of America in writing thereof and consult with Bank of America regarding the steps to be taken to ensure compliance with Applicable Law.

CLIENT ACKNOWLEDGES AND AGREES THAT IT WILL BE RESPONSIBLE TO ENSURE THAT ANY ACTIVITY UNDERTAKEN BY CLIENT OR ITS AUTHORIZED PERSONS IN ANY JURISDICTION AND WITH ANY PERSON IN WHOLE OR IN PART ON OR THROUGH THE SITES IS IN COMPLIANCE WITH APPLICABLE LAW.

Client agrees to provide Bank of America with all information, cooperation and assistance, documents and data as shall reasonably be requested by Bank of America in order to enable Bank of America to comply with any and all Applicable Law. Client understands and agrees that Bank of America may report such information to regulatory authorities to the extent necessary, in its reasonable discretion, to comply with Applicable Law.

SECURITY

Bank of America shall assign to each Authorized Person a unique User ID (“User ID”) and a corresponding password and/or other access codes (each, an “Access Code”) to enable Authorized Persons to access and use such functions within the Sites as Client shall authorize. Client shall (i) maintain, (ii) take appropriate steps to ensure that its officers and employees maintain, and (iii) inform all Authorized Persons of Client’s obligation to maintain, the confidentiality of User IDs and Access Codes and the security of the Sites. Client shall not permit any person other than an Authorized Person to access or use the Sites on its behalf or to use any User ID or Access Code and shall educate and familiarize those Authorized Persons who access and/or use the Sites with Client’s obligations under this Agreement. Client acknowledges and agrees that Client and/or its Authorized Persons may access the Sites through the World Wide Web or other Internet service which is not necessarily secure, and Bank of America does not warrant that such system is secure. Client agrees to be bound by all communications (and the consequences thereof) placed on, executed through or facilitated by the Sites that are accompanied by a valid User ID and a valid Access Code assigned to Client or an Authorized Person. Upon becoming aware of, or if Client suspects, a technical failure or any improper access to or use of the Sites or Access Codes by any Authorized Person or other person, Client shall promptly notify Bank of America of such occurrence, and shall, as promptly as practicable, to the extent any improper access or use is by an Authorized Person, take immediate actions to terminate such Authorized Person’s access to and use of the Sites. Bank of America reserves the right to limit or terminate Client’s or any Authorized Person’s access to and use of the Sites immediately and without notice.

NO OFFERS

Unless specifically identified as an offer to sell or a solicitation of any offer to buy, under no circumstances should any information on the Sites be used as or considered to be an offer to sell or a solicitation of any offer to buy the securities or any other instruments of Bank of America or any other issuer. Offers can only be made where lawful under applicable law. Any information, services, or securities offered via the Sites are intended to be available only to residents of Argentina, Brazil, Canada, France, Germany, Hong Kong, Ireland, Japan, Italy, Korea, the Netherlands, Singapore, the United States and the United Kingdom. The viewing or distribution of the Sites may be restricted by law in certain jurisdictions. Persons using the Sites are required to inform themselves about and observe any legal restrictions on the use of the Sites and any restrictions set forth in the Sites. The Sites do not constitute an offer of, or a solicitation to purchase any securities in any jurisdiction in which such offer or invitation would be unlawful. If you wish to obtain further details about any information contained through the Sites, there are several areas on the Sites that will provide you with contact information.

DISCLOSURE OF INTEREST

Affiliates of Bank of America may make a market or deal as principal in the securities mentioned in these Sites or in options based thereon. In addition, Bank of America or its Affiliates, their shareholders, directors, officers and/or employees, may from time to time have long or short positions in such securities or in options, futures or other derivative instruments based thereon. One or more directors, officers and/or employees of Bank of America or its Affiliates may be a director of the issuer of the securities mentioned at these Sites. Bank of America or its Affiliates may have managed or co-managed a public offering of, or acted as initial purchaser or placement agent for a private placement of, any of the securities of any issuer mentioned on the Sites, or may from time to time perform consulting, advisory, lease, loan solicitation, investment banking or other services for, or solicit investment banking or other business from, mentioned companies.

ACCOUNT INFORMATION

Certain information from Client’s account(s) at Bank of America or its Affiliates is accessible on the Sites and can be downloaded by Client (“Account Information”). While Bank of America and its Affiliates believe that this Account Information will be accurate at the time of access and/or downloading by Client, this information may have certain technical flaws, typographical errors or other inaccuracies. Additionally, the Account Information is subject to immediate change resulting from market conditions, price fluctuations and other related factors. Bank of America and its Affiliates expressly disclaim any responsibility or liability for the accuracy or use of such Account Information upon its being downloaded by Client and will not be liable for any difficulty, damage or inaccessibility of such information due to hardware or software incompatibility.

PRICING AND MARKET INFORMATION

Actual prices can be obtained only on a real-time, expressly agreed-upon basis. Any indicative valuations on the Sites are provided for information only. They are not an offer to enter into, transfer and assign or terminate any transaction, or a commitment by Bank of America or its Affiliates to make such an offer. An indicative valuation may differ substantially from an actual value. Such estimates do not necessarily reflect Bank of America’s or its Affiliates’ internal bookkeeping or theoretical model-based valuations. Certain factors, which may not have been assessed for purposes of these valuations, including, for example, notional amounts, credit spreads, underlying volatility, costs of carry or use of capital and profit, may substantially affect a stated valuation. Indicative valuations may vary significantly from indicative valuations available from other sources. While Bank of America and its Affiliates have obtained the information on which these evaluations are based from sources they believe are reliable, Bank of America and its Affiliates make no representations or warranties with respect to any indicative valuations. Prior to the execution of a Transaction based upon the Content of these Sites, Client is advised to consult with its broker or other financial representative to verify pricing information.

HYPOTHETICAL OR PAST PERFORMANCE

Hypothetical or simulated performance results have inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight. Past performance is not indicative of future results; no representation is being made that any account will or is likely to achieve profits or losses similar to those shown.

MATERIAL IN ITS ENTIRETY

All materials at these Sites are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, or any copyright or proprietary notices. Any disclaimers, restrictions, disclosure or hedge clauses apply to any partial document or material in the same manner as they do to the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.

LINKED SITES

Certain hyperlinks on the Sites may link websites maintained by the Affiliates, which are not to be considered a part of the Sites. Certain other links on the Sites to non-affiliated third-party sites may contain information over which we have no control. We take no responsibility for the content, accuracy, content, completeness, timeliness, current value or any aspect of the information on these sites and disclaim any liability to Client for it or for any consequence of your decision to use the links provided or your use of such information. Links to non-Bank of America sites do not imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such sites. We also disclaim all liability and make no representations or warranties for any products or services sold or provided to Bank of America or its Affiliates by any third party. Your purchase of products or services through one of those other sites is subject to agreements and/or the terms and conditions in effect between Client and the providers of products and services at those other sites. Client agrees that it shall not bring a suit or claim against Bank of America or its Affiliates arising from or based on your purchase or use of products or services through those other sites. Links do not imply that Bank of America, its Affiliates or the Sites sponsors, endorses, is affiliated or associated with, or is legally authorized to use any trademark, trade name, logo or copyright symbol displayed in or accessible through the links, or that any linked sites is authorized to use any trademark, trade name, logo or copyright symbol of Bank of America or its Affiliates.

CONTENT AND SERVICE AVAILABILITY

Bank of America or its Affiliates may make changes to the Sites and reserves the right to do so without prior notice to you. Client acknowledges that not all products and services listed or discussed in the Sites are available in all geographic areas. Your eligibility for particular products and services is subject to final determination and acceptance by Bank of America or its Affiliates.

You agree to receive certain documents and information provided by Bank of America and its Affiliates through the Sites and/or through email provided to you via the Sites. This delivery will generally consist of certain Content on the Sites, and certain other documents relating to Bank of America and its Affiliate’s business. This electronic provision and delivery will be regarded by you as appropriate delivery pursuant to any delivery requirements under the various statutes and rules, where applicable, of the Securities and Exchange Commission, the National Association of Securities Dealers and any state or other jurisdiction. You acknowledge that you have the appropriate technological equipment to use the Sites and to receive email via the Internet and understand that your use of the Internet may incur certain operational costs such as monthly fees for a service provider. You agree to notify Bank of America or the applicable Affiliate in the event that you no longer desire to receive content through this delivery procedure and will allow a reasonable amount of time to permit proper delivery to you through other means.

NO WARRANTY

Client acknowledges that any information provided through the Sites is not intended to be a recommendation, offer or solicitation of any particular products or services. In addition, all research, analysis and similar market information from non-affiliated third parties provided represent the views and opinions solely of the author or the indicated source. Bank of America and its Affiliates do not independently verify the accuracy or completeness of such information, nor does Bank of America and its Affiliates endorse any particular views expressed therein. Except for offering memoranda, Bank of America and its Affiliates disclaim any liability to Client for this information or for any consequence of your decision to use it. Client agrees that it shall independently confirm any such information presented through the Sites before relying on such information. Bank of America, its Affiliates and their respective employees, contractors, agents and various contributors to the Sites have no duty to correct or update any inaccurate or out-of-date information on the Sites.

Client acknowledges that it is acting for its own account, and it has made its own independent decisions to enter into a Transaction and as to whether a Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. Client is not relying on any communication (written or oral) of Bank of America or its Affiliates as investment advice or as a recommendation to enter into a Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. Further, Client has not received from Bank of America or its Affiliates any assurance or guarantee as to the expected results of a Transaction.

COMPLIANCE WITH LAWS AND INDEMNITY

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MiFID II

The Markets in Financial Instruments Directive is the EU legislation that regulates firms who provide services to clients linked to ‘financial instruments’ (shares, bonds, units in collective investment schemes and derivatives), and the venues where those instruments are traded.

The Markets in Financial Instruments Directive (MiFID) is the framework of European Union (EU) legislation for:

  • investment intermediaries that provide services to clients around shares, bonds, units in collective investment schemes and derivatives (collectively known as ‘financial instruments’)
  • the organised trading of financial instruments

MiFID applied in the UK from November 2007, and was revised by MiFID II, which took effect in January 2020, to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection. MiFID II extended the MiFID requirements in a number of areas including:

  • new market structure requirements
  • new and extended requirements in relation to transparency
  • new rules on research and inducements
  • new product governance requirements for manufacturers and distributers of MiFID ‘products’
  • introduction of a harmonised commodity position limits regime

Level 1

MiFID II is made up of MiFID (2020/65/EU) and the Markets in Financial Instruments Regulation (MiFIR – 600/2020/EU).

As an EU regulation, MiFIR is binding in its entirety and directly applicable, its content becomes law in the UK without the need for domestic legislative intervention.

MiFID II enables the European Commission to make secondary legislation in several places. That legislation takes the form of a combination of delegated acts, regulatory technical standards (RTS) and implementing technical standards (ITS). These can be accessed on the European Commission’s website.

Key publications

The Treasury legislation implementing MiFID II is set out in the following statutory instruments (links to statutory instruments relate to the instrument when made and users may need to update their searches of the relevant legislation):

Overcoming MiFID II Requirements

Industry participants across the buy- and sell-side gathered in London recently at an ICE Data Services / The Trade event to discuss how firms can overcome the key data challenges presented by MiFID II, and what the future is for fixed income markets as investment firms begin to take firmer grasp on data.

Panel Highlights

‘No LEI, no trade’

Expand To See Full Details >

‘No LEI, no trade’

Expand To See Full Details >

As arguably one of the more complex components of MiFID II, the transaction reporting requirements go many steps further than the original MiFID rules, bringing in a wide scope of different reporting fields, instruments, and investment firms responsible for reporting.

Whereas MiFID I covered equities and some equity exchange derivatives and only 24 data fields to report on, MiFID II engulfs nearly the entire universe of financial instruments and requires a far more comprehensive 65 data fields.

Expansion of Reporting Rules

MiFID II has expanded the scope of the transaction reporting rules to include financial instruments that also fall under the traded on a trading venue (TOTV) regime. It is here that this new concept of Legal Entity Identifiers (LEIs) for the fixed income world is likely to cause major challenges to the industry, according to panellists. The regulation states buy-side firms subject to the transaction reporting rules should not execute a trade on behalf of their clients who do not have an LEI in place.

Just over half a million LEIs have been issued globally, however a large portion of fixed income instruments are absent from this.

David Bullen, founder, Bullen Management highlighted that around 90% of sovereign issue bonds and between 50-75% of all corporate bonds do not have an LEI.

“These are not insignificant numbers, and it is about the creation of them [LEIs]. It is a massive implementation problem, and some people have to go out and create them, and clearly apply them to the fixed income world. There has never been a requirement to have the LEI at the time of the trade, but after January 2020, you need to know it exists before executing a trade. Otherwise you will be unable to report that transaction and you may well be penalised”.

The Global Impact

The LEI mandate is a global one, applying to all market participants carrying out business with European counterparties. However, the LEI regime is absent in Asia, where only 3% of global LEIs have been issued.

This could mean a large portion of Asian investors will not be able to trade in Europe, Chris Johnson, senior product manager, market data, HSBC Securities Services explained.

“A key challenge for those firms that have not used LEIs beyond derivatives, is that there are many entities that must have an LEI for MiFID II such as the executing entity, the buyer and seller decision makers, order receiver, entity which submitted the order, the counterparty, the fund manager etc.”

The panel then discussed how ready the industry is, as Adrian Gill, regulatory compliance specialist, NEX Abide Financial, highlighted his concerns that firms are still ‘plugging the gaps’ over their reporting analysis.

“There are still some firms that are doing gap analysis which is a bit worrying as we are fast approaching the go live date. If you are not with a solution provider already, this is not something you can just overlook, it involves a lot of key decision making and careful selection of providers”.

Readiness of the Reporting Supply Chain

Adrian Gill also questioned the readiness of the whole reporting supply chain, which includes the solution providers and the regulators.

“It is on both sides over how ready are you, so how ready are the solutions/ the regulators etc. We are seeing some of the reference data that is going to be needed is not going to be available right up close to implementation.” There are still lots of firms that are only just coming up to speed with all the complexities and nuances involved in the reporting process.”

The Importance of Data

However, the impending rules have forced buy-side firms to look more closely at their data and the information they have to provide to the regulator, said Hubert Deroubaix, business development director, ICE Data Services.

“What is clear is that there is a lot of scrutiny coming back on the transaction eligibility indicator that we provide because everybody is trying to ascertain what in their portfolio’s is transaction reportable,” “There are fairly complex criteria surrounding that as it is not just what is directly listed in Europe, there are ramifications through the underlines.”

The ‘no LEI no trade’ concept is an unavoidable one that investment firms will just have to accept and prepare for sooner rather than later. The panel agreed that there is no excuse for market participants not to prepare, however the industry can collectively work together to bring about solutions and ease implementation for everyone.

Директива MiFID (и MiFID 2) – Что это и как работает

Что такое MiFID и MiFID-2

MiFID – это разработанная Европейским союзом, при участии регулятивного биржевого органа Великобритании, директива, которая заменила собой действующие ранее рекомендации. Она является одной из составляющих, необходимых для реализации разработанного Европейским Союзом плана, целью которого является создание регулируемого единого рынка финансовых инструментов. Целью создания этого документа является регулирование операций на Европейской бирже, предоставляя при этом полномасштабную защиту биржевых игроков и остальных участников биржи. Несмотря на то, что создана она в 2004 году, реально в силу эта директива вступила в 2007 году.

Содержащиеся в MiFID указания действительны для государств, являющихся участниками Евросоюза, и обязательны к выполнению. Это относится также и к государствам, находящимся в Европейской экономической зоне.

На данный момент правила MiFID соблюдают 27 стран.

MiFID является ключевой частью сложнейшей системы, которая необходима для регулирования процессов на мировом рынке и согласовывается со всеми действующими во всём мире стандартами и нормами. Уже через относительно небольшой отрезок времени на европейском рынке наметилась положительная динамика развития. Особенно выделяется при этом заметное снижение стоимости финансовых услуг, что выливается в большую привлекательность рынка для инвестирования. Кроме этого, появилось, наконец, представление о том, как должен на самом деле выглядеть регулируемый рынок, что способствовало разработке новых правил, направленных на повышение уровня выполнения финансовых операций.

Взаимодействие участников рынка стало более прозрачным, к тому же теперь они обеспечены необходимым уровнем юридической защиты. Принцип действия MiFID заключается в создании привлекающего инвесторов сильного рынка, который возможен только при полной прозрачности сделок на бирже.

Со временем биржевая торговля приобретает всё большие масштабы, и в связи с этим появляется необходимость в доработке действующих законов и их эволюции. Для обеспечения этого, финансовой Европейской комиссией при участии членов G-20 были внесены некоторые изменения в существующую на тот момент директиву. После чего MiFID стала своеобразным последователем предыдущего документа, реализовав при этом несколько новшеств, и появившись 2020 году под наименованием MiFID 2.

Было создано несколько проектов юридического характера, основным направлением развития которых, в первую очередь, стало обеспечение защиты прав инвесторов. Был значительно расширен спектр услуг, предоставляющихся в сфере биржевых операций, изменены требования для институциональных инвесторов в плане предоставления отчётности. Дополнительно определены полномочия органов, осуществляющих регулирование финансового рынка, действие которых приходилось на территорию ЕС.

Появление MiFID

Первые операции на бирже начали регулироваться в 1993 году, при этом применялся ряд соответствующих документов. Благодаря данной практике все крупные финансовые организации стали иметь возможность открывать свои представительства в других государствах и предоставлять свои услуги заграницей. Обязательным условием для осуществления деятельности являлось обязательное наличие регистрации компании в своей стране и осуществление регулирования её деятельности государственными финансовыми ведомствами.

Однако со временем происходило всё большее разрастание рынка и приобретение им разносторонности, что привело к необходимости создания свода документов, направленных на осуществление более детального регулирования.

Спустя время, появлялись новые правила и изменения в существующих законах, но наиболее существенные шаги по развитию инвестиционного рынка были сделаны Европой в 2002 году. Тогда Дания, являясь председателем Комиссии Евросоюза, инициировало созыв конференции, направленной на рассмотрение способов наиболее качественного регулирования сферы финансов. Естественным итогом этому стала разработка в 2004 году особой директивы в сфере финансов MiFID, внедрение которой произошло в 2007 году.

Плюсы MiFID и финансовые обязательства

После того, как была внедрена MiFID, была замечена положительная тенденция в развитии рынка ЕС. Нелишним будет рассмотреть положительные моменты от использования MiFID и предъявляемые директивой требования:

  • организации обязаны осуществлять разделение клиентуры на определённые категории. Для осуществления этого, компания должна узнать уровень осведомлённости клиентов в сфере финансов, что послужит основным фактором, необходимым для предоставления более подходящей услуги. Это способствует более качественному уровню защиты инвестиций;
  • все организации, предлагающие услуги, обязаны в полном объёме информировать клиентов об условиях торговли;
  • выполнение сделок должно осуществляться мгновенно, после направления запроса клиентом;
  • MiFID способствует созданию единого рынка, благодаря чему участникам предоставляются более выгодные условия;
  • основной целью директивы является развитие высокоэффективного рынка и защита прав инвесторов, согласно законам Евросоюза.
  • осуществляется регулирование услуг в сфере финансов. Рассматриваются основания для лицензирования организаций, имеющих разрешение на осуществление деятельности;
  • установление нормативов, обязательных к выполнению всеми финансовыми учреждениями. Внедрение стандартов, обязательных к организациям, для продолжения их работы в ЕС.

Текущая вариация директивы MiFID-2 аналогичным образом уделяет большую долю внимания фьючерсам на сырьевые и товарные активы. Единственный вид срочных контрактов, которые не контролирует данная директива – это деривативы, которые используются для хэджирования. ЕС уделяет крайне большое значение экологии и зеленым инициативам, поэтому квоты на вредные выбросы, также принадлежит сфере мониторинга MiFID-2. Это связано с повышенным уровнем мошенничества на вторичном рынке данных контрактов.

Энергетическая отрасль также подпадает под контроль директивы, поскольку энергогенерирующие компании имеют полноценную возможность продавать свои услуги посредством срочных контрактов на бирже. Данную деятельность протокол MiFID-2 может квалифицировать как инвестиционную, а, следовательно, полностью подчиняющуюся всем пунктам этой финансовой директивы.

В качестве исключения можно упомянуть следующую финансовую деятельность, специфика которой имунна к требованиям MiFID: валютные spot-сдел­ки, операции страховых агентств, операции непрофессиональных участников торгов, сделки и операции, проводимые центральным банком.

Классификация деятельности на финансовых рынках согласно стандартам ЕС

Если говорить о классификации той деятельности, которая попадает под контроль, то среди них можно выделить финансовые рекомендации брокерских компаний. Этот пункт является нововведением 2004 года. К сожалению, в российском законодательстве подобные функции в законе «О ценных бумагах» отсутствуют, и инвестор должен полагаться сам на себя в вопросах прозрачности финансовых рекомендаций инвестиционных компаний.

Текущий вариант директивы обязывает управляющие компании полностью раскрывать ключевую информацию о предлагаемых инвестиционных продуктах.

Так как решения в сделках принимаются на основе выработанных торговых стратегий и конечный финансовый результат клиента напрямую зависит от качества данных рекомендаций, управляющая компания либо обязана нести юридически обоснованную ответственность перед клиентом за качество предоставляемых услуг, либо оставлять конечное решение по проведению сделки непосредственно за самим инвестором. Все тонкости и детали этого вопроса освещает 2-ая глава текущего издания MiFID.

На самом деле изменения, вносимые редакцией MiFID-2 несли гораздо более серьезные изменения, чем это могло показаться на первый взгляд.

В частности, все торговые площадки, зарегистрированные как MTF (multilateral trading facility) обязаны быть перерегистрированы как OTF (organised trading facilities). Для чего это происходит? В силу несовершенства законодательства, MTF имели возможность подменять реальные котировки на финансовые инструменты. Именно с такой проблемой на текущий момент сталкиваются клиенты FOREX-брокеров на территории России и других развивающихся стран. В Европе эту проблему решили путем ужесточения законодательства и вступления в силу второй редакции MiFID-2.

Важной деталью является тот факт, что специалисты OTF не имеют права инвестировать свои средства в ходе исполнения ордеров, полученных от клиентов. Однако данное положение все еще остается слишком широким для применения на практике и в будущем ожидает переработки.

Данная размытость во многом является преднамеренным допущением, которое должно обеспечить временную гибкость для работы с такими сложными финансовыми инструментами, как деривативы на ценные бумаги с фиксированной доходностью. Считается, что именно OTF в будущем должны стать лидерами по числу сделок с передовыми финансовыми инструментами, такими как фьючерсы и опционы. На текущий же момент основная задача OTF это внесение прозрачности в сделки на финансовых рынках.

В MIFIR персонализируются отличия между двухфакторной системой, или системой S.I. (systematic internaliser – «Систематизированный контрагент»), многообразным режимом торговли OTF, и тем, как эти структуры могут оказывать свои услуги клиентам. Брокерская компания, исполняющая ордера своего клиента, но использующая при этом свой собственный капитал в сделках, считается систематизированным контрагентом и уже не сможет сводить сделки в интересах третьих сторон.

Измененная редакция MiFID-2 открывает возможность проводить сделки при помощи крайне широкого спектра программного обеспечения. Единственным критерием для данного ПО все также является прозрачность сделок. Также терминал не должен иметь технических ограничений на торговлю по каким-либо инструментам. Это касается в том числе облигаций и деривативов.

Национальные биржи, MTF, а теперь еще и OTF обязаны регулярно отчитываться о текущих ценах на финансовые инструменты и объемах спроса на них. Крайне важным считает публикация информации о росте интереса к бумагам эмитентов, проводящих IPO.

Требования MiFID-2

Брокерские компании – профессиональные участники рынка RM, MTF или OTF должны хранить всю информацию о проводимых операциях в течении пяти лет, до востребования правоохранительными органами.

Сами отчеты должны быть сформированы при помощи системы АРА (Approved Publication Arrangements). Данная архитектура позволяет собирать и систематизировать отчеты от брокеров и уполномоченных корпораций на необходимом операционном уровне. Для использования данной системы профучастники обязаны пройти соответствующую аттестацию. В среднем детализация брокерских отчетов через систему АРА благоприятно повлияла на их качество.

Евросоюз продолжает работать над снижением влияния крупных монополий на финансовые рынки. Для этого MiFID вводит специальное понятие «SME» – малые и средние корпорации. К данным предприятиям причисляют тех участников рынка, чья ры­ночная капитализация не превышает 100 млн. евро.

Подобные инвестиционные компании будут иметь приоритет при регистрации на торговой площадке. В первую очередь это касается MTF. MiFID призвана стандартизировать существующие подходы к биржевой торговле среди подобных небольших компаний, учитывая специфику работы каждой корпорации.

Наличие небольших и заинтересованных профессиональных участников рынка делает его более устойчивым и независимым. Для сохранения паритета между брокерами данная инициатива имеет критическое значение. Существуют определенные параметры, которым должны соответствовать претенденты:

  • эмитенты должны быть небольшими компаниями и не являться монополистами в области своей деятельности;
  • постоянный доступ к финансовой отчетности эмитентов и его регулярное обновление;

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