MIFID II: Six months and counting – the clock is ticking!

Jun 14, 2017

Topics: Compliance | Regulation |

With just under six months to go until 3rd January 2018, we polled participants at our annual regulatory conference last week on their MiFID II preparations.

78% of representatives felt they were “getting there” with identifying all the MiFID II requirements applicable to their businesses. Broadly similar populations (11% and 12% respectively) were not very confident or very confident they have identified all the requirements.

Over 51% of respondents are still considering which types of technology they will use to help implement MiFID II. Recognising the far reach that MiFID II has across firms, 29% indicated they were impacted by MiFID II, albeit not technologically.

When questioned on who is leading their MiFID II projects, more than 64% of those polled indicated their projects are compliance-led, not business-led. This could indicate that firms still have work to do convincing their senior management of the breadth of MiFID II’s impact.

Panel discussion

The panel, ‘The clock is ticking’ included participants from Cordium, Knadel, McFarlanes and Bloomberg, who responded to the poll findings and outlined the key aspects of the regulation the participants should be focusing on. Here are some of those key aspects:

·       The fact that the potential for changing regulatory requirements such as the FCA’s rules are not yet finalized

·       The complex data challenges presented by the increased disclosure requirements, especially relating to transaction reporting, best execution, research payment accounts and telephone recording

·       The challenges and possible hedges when dealing with a fixed-deadline and shifting requirements

·       The contradictory messaging of the FCA around regulatory forbearance and regulatory frustration where firms show they do not meet MIFID II equivalent standards today

Cordium continues to work with firms on MIFID II implementations. We can help you with:

–       Programme management and oversight

–       Project stream planning, execution and delivery

–       Compliance documentation, policies and training

Feel free to contact me if you would like to discuss the result of this polling or would like Cordium to assist you with your MiFID II implementation.