What should you be doing today?

Although changes proposed need to be enacted formally, the general orientations of the reform are clear and we suggest getting prepared right now. Over the coming months, you can focus on the main priorities within MiFID II in light of the following:

Strategy:

• Identify any business threats and strategic opportunities, eg UCITS reclassification as complex products

Impact on business model:

• Determine revenue/business structure impacts, eg abolishment of trailer fees

High level planning:

• Measure key milestones and “must do now” activities plus early indicative IT budgeting

Regulatory priority:

• Look for inter-dependencies with other regulatory changes to prioritise key work-streams and identify implementation efficiencies

Public policy:

• Link business impact analyses into public/lobbying policy

Education:

• Deliver knowledge of the changing landscape early