Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016 - (Page 29)

Why has the single Markets in Financial Instruments Directive been split into a Regulation and a Directive in MiFID II/MiFIR? The directive means that transposition in national law is required and national regulators can enhance the requirements laid out in the directive, leading to different approaches taken by the member states. The regulation, however, is applicable in the same way across the entire EEA. The new rules therefore take into account both the specificities of individual member states, while at the same time aiming to bring harmonised standards across the whole EEA. For example, investor protection and governance issues appear in the directive, as they could never be transposed without taking into account member states' specificities in their financial system. On the other hand, it would have been pointless to set up different transaction reporting templates, as the purpose is to monitor the activity across the EU for a single issuer, hence their presence in the regulation rather than the directive. As well as harmonisation across member states, there's also an important harmonisation activity being undertaken among other regulatory initiatives in relation with MiFIR. Certain realignment works have been made by regulators in relation to other reporting regimes (e.g. EMIR) and we can see a convergence in terms of reporting formats, technical processes and required data fields, as many pieces of information are the same across different regulations. However, it is impossible to completely harmonise the requirements given that the different reporting regimes exist for different purposes. For instance, given distinct nature of EMIR and MiFIR reporting, the information required to be reported is quite different and it would be hard to effectuate a joint reporting as it was initially planned. N°94 - The new rules therefore take into account both the specificities of individual member states, while at the same time aiming to bring harmonised standards across the whole EEA. LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE MiFID II and MiFIR are set to come into force in early January 2018. John Kernan, SVP at REGIS-TR, the European trade repository, explores how the new rules build on MiFID I, and what reporting requirements are implied by the new regulations. - JUL Towards reporting harmonisation? / AUG / SEP 2016 FORUM 29

Table of Contents for the Digital Edition of Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016

Table of contents
INTERVIEW Philippe Gelis - Kantox - Fintech and the future of banks
Lost in transformation
Everything has a price – a transfer price
Treasury Survey - an unprecedented picture of treasury activities in Luxembourg
The impact of negative rates on Treasury and Risks Management Systems
Towards reporting harmonisation?
Understanding the Treasury impact of BEPS
Impacts of Single Resolution Mechanism and Bail-in for European Banks
Supply chain? Not concerned?
Collateral management and the Corporate Treasury function.
Efficiently Managing Cross-Border Payments in Turbulent Times
How Mid-Market Companies Can Efficiently Manage Enterprise-wide FX Risk as they Grow
Investing surplus cash in repos
A wind of technology changes in the treasury management world
Invoicing can be fun….?
Comment améliorer la performance des fonds de pension européens

Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016