40 years: Capital markets and investor relations
In this video, Ronan White discusses the ever-changing legal and regulatory environment and the impact of MiFID II and Market Abuse Regulation (MAR) on the IR team of small and large cap companies.
In this video, Ronan White discusses the ever-changing legal and regulatory environment and the impact of MiFID II and Market Abuse Regulation (MAR) on the IR team of small and large cap companies.
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9 mins 48 secs
A modern IR practitioner is integral to the overall business and strategic direction. Hence the IR team must be aware of the ever-changing legal and regulatory environment. The implementation of MiFID II and MAR has resulted in a lot of changes in the way companies engage with investors. It is imperative for the IR team to understand these changes.
Key learning objectives:
Outline the 5 key areas impacted by MiFID II
Understand the impact of MiFID II on the IR function
Understand the impact of MAR on the IR function
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MiFID II came into effect in 2018 and the directive has extended over five key areas: markets infrastructure and transparency, product governance, transaction reporting, rules on inducements and unbundling of research, and investor protection and best execution.
MiFID II has had a significant impact on the IR function especially with regards to changes in approach to corporate access and research fees. The unbundling of research from execution services has had the most significant impact on the IR community, particularly for IR practitioners in large cap companies. Many brokers and investment banks have had to review their approach to corporate access, as they can no longer pay brokers from trading commissions for connecting them with companies. This has resulted in a shift toward fee-based models for corporate access.
MAR, came into effect in 2016. It has introduced new rules and requirements for the disclosure of inside information, market manipulation, and the maintenance of insider lists. IR practitioners must ensure that they are familiar with these rules and have processes in place to comply with them. This includes the development and implementation of effective insider trading policies and procedures, as well as the training of relevant employees on the requirements of MAR.
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