O regime de governo de produto da DMIF II

• Autor(a) principal: Senra, Ana Lúcia Faria
• Data de Publicação: 2019
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/63046
• topic: DMIF II; governo de produto; produtor; distribuidor; investidor; estratégia de distribuição; mercado-alvo; serviço de investimento; MiFID II; product governance; manufacturer; distributor; stakeholders; distribution strategy; target market; investment service; Direito

This internship report is based on a study of the changes of the regulatory framework of the financial system, focused on the implementation of MIFID II. This legislation is based on the idea of a globalized financial system, having as gears of the regulatory policy, the investor protection and the safeguarding the of the market efficiency. In the recent decades and because of the economic and financial crisis, several studies were conducted to determine its causes. Among some findings, the main conclusion was the need for development of regulatory policy and oversight supervision. Being the MiFID II is a very embracing legislation, the main purpose of this report is the study of the product governance regime and its dimensions, as measures to mitigate selling and settlement practices for information asymmetries and financial illiteracy. In this sense, as the rules of the product regime increased the perspective about on the financial instruments and their negotiation process, always adjusted to its life cycle. The actors involved are: the producer, the distributor and the investor. The legislator as reformulated and emphasized the actual rules, highlighting the three dimensions of the product governance regime: (i) the distribution strategy; (ii) the definition of the target market and (iii) the investment service. The demands of each dimension and the connection between them imply a relation of interdependence in the fulfillment of the MiFID II emerging norms. To understand the actual rules, it was necessary a reflection through the past. The analysis of a case study, in particular a jurisprudence situation, the considering proven facts and the court decision, allows to understand in which aspects the legislator intends to act looking forward to an evolution of the financial system control, and its practices.