MiFID
Launching in November 2007, MiFID (the EU Commissioners' Markets in Financial Instruments Directive) is a key measure with wide-ranging implications, leading to the creation of a single European market in financial services.
MiFID is applicable to:
- investment firms
- investment advisors
- banks that conduct investment services
- alternative trading systems
- recognised exchanges
MiFID replaces and extends the coverage of the Investment Services Directive but also makes significant changes to the regulatory framework to reflect changes in the financial services industry. It introduces new and more extensive requirements in particular concerning conduct of business and internal organisation.
There's no doubt that meeting MiFID’s resulting regulatory requirements will be a challenge, but we believe the difficulties shouldn’t prove insurmountable, and companies that implement the MiFID rules early will reap significant rewards.
Beyond making the necessary changes, we think CEOs and CFOs should also be focusing on the potential opportunities after MiFID takes hold.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/hr/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.