Browsing by Subject "http://www.yso.fi/onto/yso/p10967"

Tiivistelmä/Referat – Abstract In January 2018 The EU implemented the largest reform in financial market regulation in decades. Markets in Financial Instruments Directive (2014/65/EU), from here on identified as MiFID II. During the financial crisis of 2008, the deficiencies of the EU’s financial market regulation became apparent. The primary research question of this study asks, whether the Policy Cycle is a relevant angle for analysing EU financial policy making. The second question seeks to find out why it has taken so long for MiFID II to be implemented? The Policy Cycle theory has already been used successfully to understand EU policy making, and financial policy making. It is the conclusion of this study, that even with its clear drawbacks, the Policy Cycle theory can successfully be used in this case study to understand EU policy making further. The second research question posed why it has taken so long to implement the directive? The answer found in this study is simply the enormous size of the directive and the large technical implications that follow. Developing new systems of compliance will always take time. Financial regulation is often complex and EU policy making is often difficult to follow, with several decisions going on at once. The use of Policy Cycle will help give structure to an otherwise complex process.