It took effect in January 2018 but will impact businesses for the foreseeable future. I’m naturally talking about the Markets in Financial Instruments Directive II (MiFID II). This major EU rule update affects nearly every aspect of the financial services industry.
If you’re finding it onerous and complex, you’re not alone. After all, MiFID II has over 1.7 million paragraphs of provisions. MiFID II builds on its 2007 predecessor to bring greater transparency and harmonisation to a larger number of asset classes. Things like fixed income and over-the-counter derivatives. Although the implementation date for MiFID II has passed, we recognise from talking to our clients that many still have work to do.
Based on our experience, some were only able to implement a tactical solution to ensure a measure of compliance within the timeline. This was instead of the comprehensive model they aspired to. Consequently, there are aspects of MiFID II that still need attention.
Our work within MiFID II has varied greatly, which has enabled our consultants to develop their knowledge and expertise extensively. For example, using our Regulation Accelerator compliance methodology, we’ve helped clients to consider MiFID II’s impact across their business divisions. We’ve assisted other clients by drafting impact reports; or developing good practice case studies. Also, we’ve constructed TOMs; and initiated discussions across business divisions to agree data requirements. In all of these cases, we see the constant refinement of processes and technology as inevitable and necessary.
To underpin our services, we utilise an independent board of subject matter experts (SMEs). They help us provide the correct technical information and data modelling to our clients. This means we can provide them with assurance around their MiFID II compliance.
Are you looking for assurance for your MiFID II arrangements? If so, our assurance process has already helped financial institutions and we are confident it will help yours. Get in touch for an initial discussion.