MIFID casts a wide net. Not only does it touch every aspect of the transaction lifecycle in every EU country where you operate – from marketing, through customer acceptance, trade execution, transaction reporting, record keeping and organisation systems and controls. It also broadens the definition of financial instruments and includes investment advice.
This means MIFID is a real challenge for every financial services institution – particularly for those not used to rigorous regulatory oversight who must now manage a new relationship, a new set of requirements and a substantial amount of organisational change across every business function and in multiple jurisdictions. Even those running a tight regulatory ship should review the effect that principles based regulation might have on their business and to match up with MiFID governed clients and counterparties.
In order to accelerate and confirm your MIFID strategy is on track we will:
-
Run workshops for your executives to recap the requirements, benchmark your progress and ensure top level buy-in to the MIFID change programme
-
Conduct an impact assessment to determine the effects of MIFID on your business and shine a spotlight on the areas where change is needed as a matter of priority
-
Provide a gap analysis indicating what progress needs to be made in terms of client classification, policy management, reporting and best execution and highlighting the changes needed to systems and controls
-
Produce an opportunity map outlining the business opportunities from streamlining your approach to regulation, for example what could be outsourced or where offices should be located for maximum efficiency
Our MIFID 3D toolkit helps us to speed up your MIFID compliance strategy and quality map your change programme against the regulatory requirements. It also helps you understand the effects of MIFID on individual business lines and identifies the impact on operations, systems and documentation. The outcome is an efficient and cost effective programme that meets MIFID’s 1 November 2007 regulatory requirements.
Contact Chris Collins or Nikki Lovejoy for more information on strategic assessment or to find out more about our toolkit.
|
