Will You be MiFID II Compliant?
Will you be MiFID II compliant? Part 1 of IMP's MiFID II Video Series covers an introduction, timeline, and touches upon the five main focus areas of MiFID II including Investor Protection, Best Execution, Trading Transparency, Post Trade Reporting and Unbundling Research.
Future short videos will cover topics including:
• Areas of business/systems impacted
• Trade publication vs. transaction reporting
• Programs & policies impacted
• Impact on order flows
MiFID II Preparation for US Asset Managers: Brace for Impact
The original MiFID (Markets in Financial Instruments Directive) impacted UK and European firms, primarily on the sell side. MiFID II, however, not only impacts the buy side, but it casts a wide net that catches any firm servicing clients in the Eurozone or marketing products there. The effort involved in the new reporting requirements varies with the US Asset Manager’s involvement in the Eurozone, but unless your firm is US domestic only, you are likely to be affected.
Contact IMP Consulting to learn more about what buy-side firms will need to do to prepare for MiFID II regulations.
If you’re in compliance, specifically with a Non-EU asset management firm, you may be prepared to sit back and enjoy the show that MiFID II has produced among those firms servicing clients in the European Union. It can be hard enough to keep up with the ever-changing landscape of regulations at home, never mind keep an eye on what goes on across the pond.
However, don’t get too comfortable just yet. With refinements being released as recently as July, MiFID II seems to always have something new in store. Compliance professionals need to understand the changes taking place in the front, middle and back office as well as the potential impact to the systems that support them. To some firms, this has meant strengthening the role of the compliance officer in anticipation of increased regulatory scrutiny.
IMP's Suggested Timeline
If your firm is just getting started, or you’re just figuring out that you may actually be subject to MiFID II, IMP has developed a timeline to help you to quickly identify your next steps, and propel you from today, to January 3, 2018, when MiFID II and MiFIR go in to effect.
If you aren’t on track, or just getting started, contact IMP Consulting to help. IMP provides workflow assessment, coding, testing, and reconciliation, and can help you integrate the appropriate fields into your OMS, FIX transmissions, accounting system or proprietary tools. Request a follow up.
Webinar: MiFID II, US Asset Managers Brace for Impact
IMP's Jane Stabile and Jon Gold joined Yanay Lehavi of PIMCO as well as the National Society of Compliance Professionals (NSCP) for a live webinar event to discuss the effects of MiFID II on buy-side asset managers. NSCP has made a recording of the entire presentation and Q&A session available on their website. Click below to get caught up on MiFID II.
This webinar is suited for operations, traders and compliance professionals who are looking for a high-level overview of the key trading requirements, expected impact on order flows, and the implications for US Asset Managers.
IMP MiFID II Offerings:
- Search & Selection - if your current vendor can't help you with MiFID, IMP can help you to find a new vendor for upgrades.
- Enrich data in your current OMS.
- Extend data, and help with reporting, including the ability to build reports outside of the system.
- Verify that your firm is MiFID compliant, including data compliance.
- Check compliance rules to check if they meet MiFID requirements.
- Sync compliance library with relevant requirements or trades. If any issues, IMP can help to update the compliance rule library.
For an initial consultation, please fill out the form below to schedule a call with IMP Consulting