(„Research Unbundling“) – Nach der MiFID II-Richtlinie müssen Wertpapierfirmen Kosten für die Finanzanalyse und die Kosten für die Aus- führung von Aufträgen gesondert ausweisen ("Research Unbundling“). Wollen [...] Trennung von Kosten für Finanzanalysen und Kosten für Ausführungsdienstleistungen ("Re- search unbundling"), - Anforderungen an den Handel mit Derivaten. – Die Änderungen sollen den Verwaltungsaufwand [...] gefährdet die Stabilität des Finanzsystems nicht. Contra: – Vorschlag: Die Vorschrift zum „Research Unbundling“ sollte vollständig abgeschafft werden. Es reicht aus, von den Wertpapierfirmen die Offenlegung
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amount of the bonds and the net present value of the coupons. ► Unbundling of research costs and execution costs (“research unbundling rule”) – MiFID II requires investment firms to unbundle research [...] prefer. What is more, repealing the unbundling rule only for small issuers and fixed in- come instruments – that indisputably have suffered most from the unbundling rule in recent years as research on [...] - requirements to separate costs on investment research and trade execution costs (“research unbundling rule”), - requirements on the trading of derivatives. – The amendments shall reduce the admi
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end customer supply. ► Unbundling of network operators – The Commission can report that progress is being made in the unbundling of network operators. Ownership unbundling from energy supply operators [...] gas transmission networks. – However, the Commission still criticises that - the functional unbundling of distribution system operators has so far been too slow and - that more than half of the Member [...] Member States exempt distribution system operators with less than 100,000 customers from legal unbundling requirements. ► Cross-border integration of gas and energy markets – The Commission stresses
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(„Research Unbundling“) – Nach der MiFID II-Richtlinie müssen Wertpapierfirmen Kosten für die Finanzanalyse und die Kosten für die Aus- führung von Aufträgen gesondert ausweisen ("Research Unbundling“). Wollen [...] gefährdet die Stabilität des Finanzsystems nicht. Contra: – Vorschlag: Die Vorschrift zum „Research Unbundling“ sollte vollständig abgeschafft werden. Es reicht aus, von den Wertpapierfirmen die Offenlegung [...] Trennung von Kosten für Finanzanalysen und Kosten für Ausführungsdienstleistungen ("Re- search unbundling"), - Anforderungen an den Handel mit Derivaten. – Die Änderungen sollen den Verwaltungsaufwand
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During the reporting period, some progress was made on the unbundling of network operators. At the distribution level, functional unbundling became compulsory in all Member States as of 1 July 2007. [...] implement functional unbundling effectively. This applies to both electricity and gas DSOs. Moreover, Member States continue to make extensive use of derogations from unbundling at distribution level: [...] from legal unbundling requirements, both for electricity and for gas. At transmission level, some Member States have gone beyond the present requirements of legal and functional unbundling. Ownership
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full "ownership unbundling", - use of an "independent system operator" (ISO) or - use of an "independent transmission operator" (ITO). – So far, VIEs have verified the unbundling of 96 of "approximately [...] electricity transmission cables or gas pipelines. For this purpose, they have to choose between three unbundling options (Art. 9 Internal Electricity Market Directive 2009/72/EC, Art. 9 Internal Gas Market Directive [...] 100" transmission operators (p. 8). Most commonly, VIEs have chosen the model of full ownership unbundling. – Since 2011, the Commission has brought infringement proceedings against several Member States
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EN 39 EN 7. UNBUNDLING Table 7.1 Unbundling of Network Operators: Electricity Transmission Unbundling implemented? TSO with network assets Ownership unbundling Public Ownership [...] and access charges: Gas 7. UNBUNDLING Table 7.1 Unbundling of Network Operators: Electricity Transmission Table 7.2 Unbundling of DSO in Electricity Table 7.3 Unbundling of Network Operators: Gas T [...] .................... 38 7. UNBUNDLING ........................................................................................................ 39 Table 7.1 Unbundling of Network Operators: Electricity
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amount of the bonds and the net present value of the coupons. ► Unbundling of research costs and execution costs (“research unbundling rule”) – MiFID II requires investment firms to unbundle research [...] prefer. What is more, repealing the unbundling rule only for small issuers and fixed in- come instruments – that indisputably have suffered most from the unbundling rule in recent years as research on [...] does not endanger the stability of the financial system. Contra: – Proposal: The research unbundling rule should be completely repealed. It is sufficient to require investment firms to disclose potential
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regulation at EU level is therefore absolutely necessary. The Commission’s disclaimer of an ownership unbundling of infrastructure managers and transport services as requested by some market participants and [...] sufficiently independent, the Commission would have to submit a legislative proposal for the ownership unbundling of infrastructure managers and transport services. Conclusion An effective regulation of [...] necessary. The proposed restriction to an organisational separation rather than an ownership unbundling of infrastructure managers and transport services is appropriate (only) if it ensures non-dis
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