What is MiFID II?

MiFID II is a complete reworking of the original Markets in Financial Instruments Directive (MiFID), taking into account the advancement in financial markets from a technological and regulatory point of view.

The new Directive is broader and more prescriptive, bringing greater granularity than the original Directive.

New firms are also drawn into the new Directive, with increasing complexity due to the overlapping of other EU Directives.

The FCA published its final policy on the implementation of MiFID II on the 3rd July 2017. Some of the key areas of change include:

  • Client Categorisation
  • Best Execution
  • Product Governance
  • Complaint Handling
  • Inducements
  • Transaction Reporting
  • Disclosure Requirements
  • Research
  • Suitability
  • Telephone Recording

For a detailed look at some of the key areas of interest flowing from this FCA policy announcement, click here

How will your Firm be affected?

MiFID II is a tremendously complex piece of regulation that affects firms in different ways. For example, the impact on the asset management sector differs to the impact experienced by banks, sell-side firms and commodities houses. If you do not know how the regulation affects your business, then you should seek advice as soon as possible to ensure that you meet the deadline of 3rd January 2018.

How can CCL help with your MiFID II preparations?

With our skills, experience and updated policies and procedures, we are able to help your organisation make a smooth transition to the deadline. Specifically, CCL can help you in the following areas:

  • Assessing how the FCA’s final MiFID II implementation policy impacts your business model
  • Providing technical advice on an ongoing or ad hoc basis to ensure an effective and compliant implementation result
  • Supplying resource to help tackle elements of your MiFID II project, such as updating your policies and procedures
  • Undertaking compliance reviews to provide assurance that your project approach will deliver compliant outcomes in time for the deadline

We have a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your Firm.