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MiFID II: understanding and practical preparation – an ACA Compliance (Europe) series of client communications prepared by ACA Compliance (Europe) Ltd to help our clients understand this significant reform of the European regulatory landscape and work out the direct and indirect implications for their own businesses. Over the next two years we will be providing a number of written notes and verbal presentations as the legislation develops and becomes effective.
The Markets in Financial Instruments Directive (“MiFID”), which came into force in 2007, represented the European Union’s first attempt to regulate its financial markets. It introduced harmonised rules for authorisation, conduct of business and investor protection, competition between new categories of trading venues, and new requirements for transaction reporting in equities. MiFID II represents the first comprehensive enhancement to this regime – if the pattern set by UCITS is followed (now on Directive V), it may not be the last.
How ACA will support you through MiFID II
The main structure of the MiFID II reforms is now in place, but some of its biggest potential impacts lie in the detail of implementing measures. As the procession of consultations, delegated acts, technical standards and Q&A’s (from ESMA, the Commission, the FCA and HM Treasury) gathers pace over the next two years, we anticipate a series of client communications to help our retained clients understand the major potential impact areas on their business.
Within an appropriate timeframe prior to implementation day, we will help our clients with necessary revisions to compliance documentation and monitoring programmes.
On 10 February 2016, the European Commission confirmed its long anticipated one year delay to the MiFID II timetable. The new target for implementation day is thus 3 January 2018
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