Legal and Regulatory Implications for IR

Ronan White

40 years: Capital markets and investor relations

In this video, Ronan White discusses the ever-changing legal and regulatory environment and the impact of MiFID II and Market Abuse Regulation (MAR) on the IR team of small and large cap companies.

Capital Markets

In this video, Ronan White discusses the ever-changing legal and regulatory environment and the impact of MiFID II and Market Abuse Regulation (MAR) on the IR team of small and large cap companies.

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Legal and Regulatory Implications for IR

9 mins 48 secs

Key learning objectives:

Outline the 5 key areas impacted by MiFID II
Understand the impact of MiFID II on the IR function
Understand the impact of MAR on the IR function

Overview:

A modern IR practitioner is integral to the overall business and strategic direction. Hence the IR team must be aware of the ever-changing legal and regulatory environment. The implementation of MiFID II and MAR has resulted in a lot of changes in the way companies engage with investors. It is imperative for the IR team to understand these changes.

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Summary

What are the key areas of MiFID II?

MiFID II came into effect in 2018 and the directive has extended over five key areas: markets infrastructure and transparency, product governance, transaction reporting, rules on inducements and unbundling of research, and investor protection and best execution.

What is the impact of MiFID II on the IR community?

MiFID II has had a significant impact on the IR function especially with regards to changes in approach to corporate access and research fees. The unbundling of research from execution services has had the most significant impact on the IR community, particularly for IR practitioners in large cap companies. Many brokers and investment banks have had to review their approach to corporate access, as they can no longer pay brokers from trading commissions for connecting them with companies. This has resulted in a shift toward fee-based models for corporate access.

What is the impact of MAR on the IR community?

MAR, came into effect in 2016. It has introduced new rules and requirements for the disclosure of inside information, market manipulation, and the maintenance of insider lists. IR practitioners must ensure that they are familiar with these rules and have processes in place to comply with them. This includes the development and implementation of effective insider trading policies and procedures, as well as the training of relevant employees on the requirements of MAR.

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Ronan White

Ronan has over 30 years’ experience in senior management roles across the financial services sector in Ireland and the UK. His career spans treasury, capital markets, investor relations, corporate lending, corporate communications, marketing, and compliance. He currently works in Dublin with InCol Limited a mortgage sector, financial solutions business focusing on the UK, Irish and Benelux markets, and with its sister company, DFinitive Capital, a financial aggregator originating capital markets funding for the social and affordable housing sector in Ireland. Ronan serves as Non-executive Chairman of Moneycorp Technologies Limited (MTL), the Irish based regulated subsidiary of Moneycorp Group. MTL operates the group’s EU business. Prior to InCol and DFinitive Ronan worked with National Australia Bank in London and prior to that he was with Anglo Irish Bank (Dublin and London), the Woodchester Group (a consumer finance business owned by GE Capital and before that by Credit Lyonnais) (Dublin and London) and with Allied Irish Banks (Dublin). Ronan is a Fellow of Chartered Accountants Ireland having trained with KPMG where he specialised in reconstruction and insolvency assignments. He is a graduate of University College Dublin with a B. Comm. He holds the FT Non-Executive Director Diploma.

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