{"id":46,"count":2,"description":"MiFID (Markets in Financial Instruments Directive) je sm\u011brnice Evropsk\u00e9 unie, kter\u00e1 vstoupila v platnost v listopadu 2007 a jej\u00edm\u017e hlavn\u00edm c\u00edlem je harmonizace regulace kapit\u00e1lov\u00fdch trh\u016f \u010dlensk\u00fdch st\u00e1t\u016f EU. Sm\u011brnice zav\u00e1d\u00ed jednotn\u00e1 pravidla pro poskytov\u00e1n\u00ed investi\u010dn\u00edch slu\u017eeb, transparentnost obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji a ochranu investor\u016f. MiFID tvo\u0159\u00ed z\u00e1kladn\u00ed r\u00e1mec pro \u010dinnost obchodn\u00edk\u016f s cenn\u00fdmi pap\u00edry, bank a dal\u0161\u00edch subjekt\u016f, kter\u00e9 p\u0159\u00edmo \u010di nep\u0159\u00edmo vstupuj\u00ed do obchodov\u00e1n\u00ed na organizovan\u00fdch trz\u00edch, v\u010detn\u011b burz a multilater\u00e1ln\u00edch obchodn\u00edch syst\u00e9m\u016f.\r\n\r\nJednou z kl\u00ed\u010dov\u00fdch novinek MiFID je zaveden\u00ed povinnosti klasifikovat klienty podle jejich zku\u0161enost\u00ed a finan\u010dn\u00ed situace do t\u0159\u00ed kategori\u00ed \u2013 profesion\u00e1ln\u00ed klienti, detailn\u00ed znalci a drobn\u00ed investo\u0159i. Tato kategorizace ur\u010duje \u00farove\u0148 poskytovan\u00fdch informac\u00ed, rozsah konzultac\u00ed a z\u00e1rove\u0148 limity, v jak\u00e9m rozsahu je subjekt opr\u00e1vn\u011bn prov\u00e1d\u011bt obchody za klienta bez p\u0159edchoz\u00edho ov\u011b\u0159en\u00ed, zda rozum\u00ed v\u0161em rizik\u016fm spojen\u00fdm se zvolen\u00fdmi finan\u010dn\u00edmi n\u00e1stroji. Takov\u00fd p\u0159\u00edstup v\u00fdznamn\u011b posiluje ochranu m\u00e9n\u011b zku\u0161en\u00fdch investor\u016f.\r\n\r\nDal\u0161\u00edm v\u00fdznamn\u00fdm aspektem MiFID je zv\u00fd\u0161en\u00e1 transparentnost obchodov\u00e1n\u00ed, zejm\u00e9na prost\u0159ednictv\u00edm po\u017eadavku na p\u0159ed- a post-trade transparency. Poskytovatel\u00e9 obchodn\u00edch syst\u00e9m\u016f a obchodn\u00edci s finan\u010dn\u00edmi n\u00e1stroji musej\u00ed zve\u0159ej\u0148ovat konkr\u00e9tn\u00ed informace o cen\u00e1ch, objemech a \u010dasech obchod\u016f, co\u017e p\u0159isp\u00edv\u00e1 k efektivn\u011bj\u0161\u00edmu stanoven\u00ed tr\u017en\u00edch cen a redukci informa\u010dn\u00ed asymetrie. Transparentnost je podporov\u00e1na i centralizovan\u00fdm reportov\u00e1n\u00edm obchod\u016f do \u00fast\u0159edn\u00edch datab\u00e1z\u00ed (Approved Reporting Mechanisms \u2013 ARM), kde jsou data p\u0159\u00edstupn\u00e1 regula\u010dn\u00edm org\u00e1n\u016fm.\r\n\r\nS p\u0159\u00edchodem revize MiFID II v lednu 2018 do\u0161lo k roz\u0161\u00ed\u0159en\u00ed p\u016fsobnosti sm\u011brnice na nov\u011bj\u0161\u00ed kategorie obchodn\u00edch platforem a deriv\u00e1tov\u00fdch kontrakt\u016f a ke zp\u0159\u00edsn\u011bn\u00ed pravidel ohledn\u011b odm\u011b\u0148ov\u00e1n\u00ed investi\u010dn\u00edch poradc\u016f. Nov\u011b byly zavedeny limity na inducementy (zejm\u00e9na provize a dal\u0161\u00ed finan\u010dn\u00ed benefity), aby byly z\u00e1jmy poradc\u016f slad\u011bny se z\u00e1jmy klient\u016f. MiFID II rovn\u011b\u017e p\u0159inesla povinnost podrobn\u00e9ho monitoringu elektronick\u00fdch komunika\u010dn\u00edch kan\u00e1l\u016f a hlasov\u00fdch z\u00e1znam\u016f pro zv\u00fd\u0161en\u00ed d\u016fkazn\u00ed s\u00edly a p\u0159edch\u00e1zen\u00ed nekal\u00fdm praktik\u00e1m.\r\n\r\nImplementace MiFID i MiFID II p\u0159edstavuje zna\u010dnou administrativn\u00ed a technickou v\u00fdzvu pro finan\u010dn\u00ed instituce. Vy\u017eaduje investice do IT syst\u00e9m\u016f pro sb\u011br, zpracov\u00e1n\u00ed a reporting dat, \u0161kolen\u00ed pracovn\u00edk\u016f a \u00fapravu intern\u00edch proces\u016f. P\u0159esto\u017ee n\u00e1klady na adaptaci jsou vysok\u00e9, v\u00fdsledkem je transparentn\u011bj\u0161\u00ed trh, zv\u00fd\u0161en\u00e1 ochrana investor\u016f a pos\u00edlen\u00ed d\u016fv\u011bry v evropsk\u00fd finan\u010dn\u00ed sektor, co\u017e m\u00e1 dlouhodob\u011b pozitivn\u00ed dopad na stabilitu a konkuren\u010dn\u00ed schopnost evropsk\u00fdch kapit\u00e1lov\u00fdch trh\u016f.","link":"https:\/\/cryptodnes.bg\/cz\/tag\/mifid\/","name":"MiFID","slug":"mifid","taxonomy":"post_tag","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CryptoDnes Czech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptodnes.bg\/cz\/tag\/mifid\/\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"CryptoDnes Czech\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"CollectionPage\",\"@id\":\"https:\/\/cryptodnes.bg\/cz\/tag\/mifid\/\",\"url\":\"https:\/\/cryptodnes.bg\/cz\/tag\/mifid\/\",\"name\":\"MiFID \u0410\u0440\u0445\u0438\u0432\u0438 - 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