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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.
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Contact us
Cécile Liégeois
Regulatory & Compliance Advisory Services - Banking - Partner, PwC Luxembourg
Tel: +352 49 48 48 2245
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