The long-awaited deadline on MiFID II - the regulation that is supposed to increase transparency by disclosing trading data and harsher reporting requirements on transactions – has come into force on 3rd of January. MiFID II is the most complex regulation financial services seen so far and required months and months of work across all financial institutions.
Albany Beck held numerous MiFID II sessions before the go-live date and we thought it would be very helpful for our clients to talk about all the post-implementation challenges in a less formal atmosphere. Hence, few weeks after the 3rd of January, we held another MiFID II session, hosted 35 people around the table and discussed Post-Implementation of MiFID II and the impact on Organisations across Europe.
Our discussions were led by Stephen Hanks (FCA) and Julian Allen-Ellis (AFME) who both are in the very centre of the MiFID II implementation and are always a great addition to the table with their thoughts and advice for the attendees.
From what we can see so far, financial institutions have gone across the line somehow smoothly but experienced “teething problems” that should be sorted over the course of coming months. In addition, MiFID II deadline date has not been a cause of any significant operational disruption in the marketplace.
MiFID II is very much a work in progress, rather than something that finished on 3rd of January, and therefore the majority of this year would be spent on embedding the new processes and making sure everything works smoothly. Of course, this would be done alongside, other major projects, such as GDPR, SMCR, PSD2, Brexit, Benchmark Regulation and so on.
The regulatory landscape is always changing and we are looking forward to hosting another informative session and helping our clients with the implementation of the changes along the way.