Capital Markets Law and Compliance
The Implications of MiFID

A practical guide to, and an analysis and critique of, the regulation of capital markets.

Paul Nelson (Author)

9781107404663, Cambridge University Press

Paperback / softback, published 22 February 2012

482 pages
23 x 15.3 x 2.8 cm, 0.74 kg

The Markets in Financial Instruments Directive (MiFID) is a detailed re-writing of the regulation of capital markets. To the extent those rules permit, the Financial Services Authority (FSA) is also introducing high-level 'principles-based regulation'. In response to this, Paul Nelson presents practical guidance on the regulation of the capital markets, ranging from new issues and IPOs to investment banking, broker-dealing and asset management. All laws and rules relevant to the regulation of the capital markets are explained and put into context within the economic operation of markets, institutions and products, the European Single Market, the FSA's policies and objectives, the historical evolution of the regulations and the general civil and criminal law. Drawing on 30 years' experience as a practitioner, and referring to a vast range of supporting materials, the author provides an insightful analysis and critique of the rules, the rule makers and the institutions.

Part I. Evolution of Capital Markets Regulation, FSA and the European Single Market: 1. Introduction
2. FSMA and the single market
Part II. Licensing and Rule Application: 3. Licensing
4. The application of FSA MiFID Rules
Part III. The Firm's Infrastructure: 5. Systems and controls
6. Conflicts of interest
7. Client property
Part IV. Conduct of Business: 8. Client classification and client documentation
9. Principles of conduct
10. Marketing investments
11. Advising clients
12. Improper behaviour in dealing and executing orders
13. Dealing and executing orders
14. Exchanges and MTFs
Part V. Application of MiFID to Particular Businesses: 15. Corporate finance
16. Broker-dealers
17. Asset managers
18. Trustees
19. Retail intermediaries.

Subject Areas: Financial law [LNP], Company, commercial & competition law [LNC]