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Impact of the new EU rules on activity of the professional parties of third-world countries: analysis of MiFID II and MiFIR
Abstract.The law of the European Union always strongly affected the activity of corporations outside of the Union, and to a certain extent served as an example for the “third-world countries”, in other words, states that are not part of the EU. Currently, special relevance and importance acquires the regulation of the financial market. Result of the large-scale reform of the European Union in the area of finances, which was finally implemented in January of 2018, became the MiFID II “Markets in Financial Instruments Directive” and MiFIR “Markets in Financial Instruments Regulation”. The authors examine the indicated legal acts that generalize and complement the requirements specified for the corporations from the third-world countries. The article applies the dialectical and systemic methods of cognition, as well as the comparative and formal legal methods that allowed to meticulously analyze the law of Russian and EU in the area of regulation of the market of financial services. It is underlined that the European Union established certain norms for the corporation of the third-world countries that realize their activity in the EU or cooperate with the legal entities of the European Union. The commencement of MiFID II and MiFIR significantly matters for the professional parties registered outside of EU. At the same time, it is important whether or not the legal regime of the third-world country is recognized as equivalent to the EU acts.
Keywords: cross-border investment, financial services market, legal entities, European Financial Law, European law, regulations MiFIR, MIFID II directive, EU, professional participants, financial markets
Article was received:28-03-2018
This article written in Russian. You can find full text of article in Russian here .