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(Non-)complexity through the eyes of MiFID
Tijdschriftbijdrage - Tijdschriftartikel
The European Commission recently published legislative proposals to reform the Markets In Financial Instruments Directive (MiFID). This note elaborates on the proposed shift in classification of "structured Undertakings for Collective Investment in Transferable Securities (UCITS)". While MiFID I labeled all UCITS "non-complex", MiFID II deems all structured UCITS "complex". We propose a logical and consistent framework to refine this dichotomy and identify a limited number of product types amongst the various kinds of structured investments. The classification is traceable, comprehensible and is proposed as the basis of a "complexity indicator" that surpasses the current generalisation.
Tijdschrift: European journal of law and economics
ISSN: 0929-1261
Volume: 37
Pagina's: 477 - 488
Jaar van publicatie:2014