MiFID II

 

March 13, 2020
Compliance Alert
In light of the current COVID-19-induced market rollercoaster, firms are reminded of the MiFID II “10% rule”. This rule requires that firms providing portfolio management services to clients inform these clients if the overall value of their portfolio depreciates by 10% from the beginning of the last reporting period – and each 10% thereafter.
October 22, 2019
Compliance Alert - FCA
Following on from Market Watch 59, the FCA has just published Market Watch 62 where yet again it is taking aim at the numerous data quality issues seen in MiFIR transaction reports. The FCA’s persistent focus on the topic and the fact that many firms do not appear to be taking on board their observations make it increasingly likely that the FCA’s patience might be wearing thin.
October 9, 2019
Compliance Alert - FCA
Despite being pleased with progress so far around Research Unbundling, the FCA says it's a work in progress. The regulator will conduct another review in 18-24 months. What must firms consider to ensure their approach to research payments meets regulatory expectations? 
July 23, 2019
Compliance Alert
Whilst the FCA’s priorities appear, for the time being, to be on understanding the nature and scale of reporting data errors and how they are addressed, failings under MiFID I moved it to take several high-profile enforcement actions. It is imperative that firms get to grips with their MiFID II transaction reporting processes and data quality checks as soon as possible.
May 14, 2019
Webcast
Transaction reporting has been back in the news again with the largest fines levied by the FCA for failures under the MiFID I regime.
May 8, 2019
Compliance Alert - FCA
Hot on the heels of two well publicised MiFID I fines for transaction reporting failings, the FCA has published Market Watch 59, the content of which is totally monopolised by transaction reporting.  This signals that the regulator is now squarely turning its attention to failings under the MiFID II regime. The FCA once more reinforces the importance of complete and accurate transaction reports. 
April 25, 2019
Compliance Alert
We’re now 15 months into MiFID II and many firms, especially those who found themselves with a transaction reporting obligation for the first time, have been breathing a collective sigh of relief at a job well done. But that relief may be premature at best, and dangerously unfounded at worst.
April 25, 2019
Compliance Alert - FCA
Numerous firms who have undertaken complex, expensive and burdensome projects to build their reporting frameworks have mistaken the light at the end of the implementation tunnel as the end of the MiFID II challenge. Some firms are looking the wrong way down the tunnel, and others might well be watching the FCA enforcement train leaving the station.
February 28, 2019
Compliance Alert
Earlier this week, Andrew Bailey Chief Executive at the FCA, gave a keynote speech at the European Independent Research providers association.  During
January 3, 2019
Thought Leadership
As of today, 3 January, the EU’s Markets in Financial Instruments Directive II (MiFID II) has been live for a year. However, firms – and the Financial Conduct Authority (FCA) – are continuing to encounter challenges around the implementation of this significant package of changes.
December 13, 2018
Compliance Alert
The UK’s Financial Conduct Authority (FCA) is increasing its focus on market abuse at buy-side firms with new publications, activities and potential enforcement actions, according to panellists at an ACA Compliance Group (Europe) briefing held in London in mid-November.
September 26, 2018
Compliance Alert
FCA assess the impact of MiFID II by asking asset managers to provide detailed information 26 September 2018