ManCo - Spotlight on MiFID II - Board of Directors
Despite resurgent confidence in the eurozone, our barometer has fallen to a new low this month due to poor morale among Luxembourg manufacturers.
MiFID II
The Markets in Financial Instruments Directive
Following the global financial crisis, the European Commission (Commission) decided to review the MiFID framework. The resulting revised Markets in Financial Instruments regime (MiFID II/ MiFIR) will be a challenge to all those operating in the European securities markets while presenting significant opportunities as well.
With over two years to prepare and many details still not in place, the temptation is to wait. However, market players should start to understand the MiFID II/ MiFIR regulatory framework/timeline and the impacts on their business to ensure that they are ready for the new regime.
Technical Summary
MiFID II (Directive)
The MiFID II Directive encompasses the rules and guidelines on governance, products, investor protection and information disclosure. In addition, the requirements for third country firms to access the EU market are addressed. The contents of the Directive are subject to Level 2 and Level 3 measures as well as, potentially, to national implementation specifics by EU Member States, as far as allowed.
MiFIR (Regulation)
The MiFIR Regulation encompasses the rules and guidelines on execution venues, transaction execution as well as pre- and post-trade transparency. The contents of the Regulation are subject to Level 2 and Level 3 measures and will immediately come into force in the EU member states without possibility of national implementation specifics.
How we can help
Our modular approach tailored to your needs
Business structuring and product lifecycle management
In a post-MiFID II environment the market players will undergo major changes which are not limited to the 'compliance with technical requirements'. In fact, the ban on inducements, the introduction of distinct product lifecycle rules as well as the definition of 'independent advice' and 'cost of advice' will introduce shifts in the revenue streams and product shelves of the banks, distributors and other financial intermediaries.
PwC can support you in understanding the multi-layered and diverse impacts and interactions on your organisation. We have set-up a core team of professionals in each EU core Member State as well as for each discipline (tax, strategy consulting, regulatory consulting and product engineering experts) we consider critical to design the adopted or new business models.
Operations change management
MiFID II and MiFIR II are encompassing a variety of technical details and compliance requirements. The impacts span from the pre-transaction compliance and product selection, to the appropriateness/suitability review as well as the best execution of transactions, to the post-trade transparency and reporting. Our experts have been implementing MiFID I as well as the core banking (e.g. CRD III) and markets regulations (e.g. EMIR). We can support your teams to facilitate the impacts assessment and critical challenging of current processes and organisation. Also, we have experienced professionals that can directly support or re-enforce your teams in the implementation of the requirements and gaps recommendations.
Training & awareness
PwC has developed since 20 years a dedicated facility, PwC's Academy, focusing on trainings and tailored subject matter workshops. We propose a combination of professional learning facilities combined with experienced subject matter expert instructors from our implementation teams.
Videos
ManCo - Spotlight on MiFID II - Contracts
In view of MiFID II regulation, understanding what Administration and Service Level Contracts are, as well as the distribution agreements and when to issue them, is key to management companies. This PwC Luxembourg's video explains you more on MiFID II.
ManCo - Spotlight on MiFID II - Research
In view of MiFID II regulation, ManCos need a clear cost/research policy. Discover other points Management Companies need to consider to carry out portfolio management research
ManCo - Spotlight on MiFID II - Target market
Management Companies will have to get ready with the new regime coming into force on 3 January 2018. Discover through this podcast what is target market, the new concept introduced by MiFID II.
Publications
MiFID II and MiFIR: A new regime and a game changer for the financial services industry
Following the global financial crisis, the European Commission (Commission) decided to review the MiFID framework.
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Are you taking control of the MiFID II agenda?
PwC's latest point of view outlines the strategic and commercial impacts of MiFID II for asset managers, retail banks and broker dealers as well as the operational and technological impacts.
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Gearing up for MiFID II
MiFID II is at the heart of a global regulatory reform which aims at establishing a safer, sounder, more transparent and more responsible financial system working for the economy and society as a whole.
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Understanding MiFID II: Driving change in the European securities markets
The review of the Markets in Financial Instruments Directive (MiFID II) will impact investment firms and the overarching European securities markets structure fundamentally.
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News
MiFID II - watch out for the VAT implications
The revisions to the European Union (EU)’s Markets in Financial Instruments Directive (MiFID II) finally came into force on 3 January 2018, a year later than originally planned.
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ESMA issues guidelines on target market assessment under MiFID II
The Directive 2014/65/EU on markets in financial instruments ("MiFID II") has introduced product governance requirements to ensure that investment services firms that either manufacture or distribute financial instruments and structured deposits, act in the clients' best interests during all the stages of the life-cycle of products or services.
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The European Commission adopts the new rules on Collateral Exchange under EMIR
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MiFID II/MiFIR - Surfing the wave of level 2 measures!
The dust now settles after the publication in the Official Journal of the EU on 30 June 2016 of the one - year delay for application of the MiFID II/MiFIR framework across the EU.
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