The Influence of Financial Instruments Directive (MiFID) on the Macedonian Capital Market

  • Kristina MISEVA Univesity Goce Delchev- Shtip, Faculty of Law, Macedonia
  • Marko ANDONOV

Abstract

The securities market, as an integral part of the financial market, is a mechanism that allows for the allocation of long-term financial assets, by the legal and natural persons who own the assets, to those subjects that need additional assets for financing their investments plans and programs. A basic precondition for creating a competitive and profitable securities market is having favorable financial environment, which means primarily a quality legal framework, stable currency, as well as “healthy” public finances.

The actual Macedonian Securities Law was adopted in 2005. With several amendments and modifications that were made in the meantime. Some provisions in the current law complies quite closely with MIFID – (Markets in Financial Instruments Directive)

The aim of this paper is to determine the current level of compliance with regard to some crucial provisions, regulated by the Securities Law, and simultaneously to analyze the MIFID provisions regarding this issue, that should be implemented yet. In this direction, we consider that, based on actual research, we would be able to determine the effects of the implementation of MIFID to the securities market participants, as well as overall effects of MIFID to the existence and development of regulated Macedonian securities market. Thus, we would be able to contribute to the process of the standardization of the Macedonian legislation related with the securities market, with the hope that the appropriate and proper implementation of EU directives will give a positive impulse to the functioning of the Macedonian Capital Market.

Key words: MIFID, securities market, Securities Law of the Republic of Macedonia, implementation, regulative

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Author Biography

Kristina MISEVA, Univesity Goce Delchev- Shtip, Faculty of Law, Macedonia
Faculty of Law, University "Goce Delcev"- Shtip, MAcedonia

References

Skinner, Chris.: The future of investing in Europe`s markets after MiFID, John Wiley & Sons Inc., Chichester West Sussex, 2007;

Casey, J.-P. and Lanoo, K.: The MiFID revolution, Cambridge University Press, Cambridge, 2009;

Understanding the impact of MiFID, City of London Economy Development, London, 2010;

Securities Law (Official Gazette of R. M Закон за хартии од вредност Службен весник на Р. Македонија бр: 95/2005; 25/2007; 07/2008; 57/2010; 135/2011; Decision of the Constitutional Court of R. Macedonia U.бр. 48/2006-0-1 from 07.11.2007;

Investment Services Direktive 92/22/EZZ , OJ No L 141 of 11.6.1993;

Directive 2004/39/ЕC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, OJ L 145 of 30.4.2004;

Directive 2006/31/EC of the European Parliament and of the Council of 5 April 2006 amending directive 2004/39/EC on markets in financial instruments, OJ L 114 of 27.4.2006;

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Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), OJ L 331, 15.12.2010;

http://ec.europa.eu/internal_market/index_en.htm ;

http://www.nbrm.mk/ ;

http://www.sec.gov.mk/

Published
2013-06-28