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MiFID II and MiFIR

Q&A with Schulte Roth & Zabel’s London office

Hamlin Lovell: Regulators are under no illusion about the magnitude of the challenges ahead. MiFID II has already been delayed, and ESMA is well aware that firms may need to spend substantial amounts of money on new technology and additional staff. Why is MiFID II so onerous for asset managers?

Anna Maleva-Otto: MiFID regulates investment firms and market infrastructure. As a result, many of MiFID II provisions are designed with sell-side firms in mind. Asset managers that are authorised as MiFID firms will be subject to MiFID II in the same way as sell-side firms, although they may not necessarily have the infrastructure and resources to comply with, for instance, transaction and trade reporting requirements. Managers authorised under AIFMD are technically out of scope, except for certain provisions that apply to their MiFID (e.g. managed account) services (if they provide such services). However, the FCA has decided to goldplate MiFID II and apply some MiFID II provisions (such as telephone taping, best execution transparency and inducements rules) to AIFMs.

HL: MiFID impacts multiple areas, including technology hardware and software, call recording and time-stamping trades, human resources, client reporting, and the investment process. A wide variety of experts are advising hedge funds and others in the ecosystem. Where do the lawyers fit in and which other service providers are helping to ready clients for MiFID?

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About The Hedge Fund Journal

Informing the Hedge Fund Community. With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.