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MiFID and Reg NMS: A test-case for 'substituted compliance'? ECMI Policy Brief No. 8, July 2007

Lannoo, Karel. (2007) MiFID and Reg NMS: A test-case for 'substituted compliance'? ECMI Policy Brief No. 8, July 2007. [Policy Paper]

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    Abstract

    This paper explores whether MiFID and Reg NMS could be accepted as equivalents by regulators on both sides of the Atlantic. Apart from many similarities, the most important one being that the main purpose of both measures is to enforce best execution in equity trading, there are many differences as well in the definition of best execution, the structures of the markets, and the role and powers of supervisory authorities. It calls upon the European Commission to make a detailed comparison between both measures and to take the opportunity to negotiate a mutual recognition agreement with the US.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > harmonisation/standards/mutual recognition
    EU policies and themes > Policies & related activities > law & legal affairs-general (includes international law) > compliance/national implementation
    EU policies and themes > External relations > EU-US
    EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECMI Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 03 Oct 2009
    Page Range: p. 8
    Last Modified: 15 Feb 2011 18:16
    URI: http://aei.pitt.edu/id/eprint/11735

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