Global investment managers, particularly those with subsidiaries based in the European Union (“EU”), have been challenged by the recent increase in regulatory reporting mandates from European regulators, particularly the Markets in Financial Instruments Directive (“MiFID II”). Given the scope of these requirements, ACA recognizes the need for U.S. investment managers to adopt technology solutions that can help ease the burden of complying with current regulations while also getting ahead of future regulatory changes.
The MiFID II deadline is fast approaching and many firms are in the midst of implementing the proper operational and regulatory changes necessary to comply with the new European directive. How do you know your implementation is in-line with your peers and you have the balance right between commercial expectations and compliance with the directive? Have you independently tested what you’ve done to ensure you’ve covered every last detail?
Last week, the Alternative Investment Management Association (“AIMA”) released the text of a letter it received from Stephen Hanks, Head of Market Policy at the FCA. The letter was dated July 19, 2017, but sent a week ago. The letter is a response to one sent by AIMA back in April, asking the FCA to clarify their position on how MiFID II requirements should be extended to non-European Union ("EU") delegates (e.g., those acting as sub-advisers), including its new rules on paying for research.
On 3 July 2017, just hours before MiFID II’s transposition deadline passed, the FCA published its Markets in Financial Instruments Directive II Implementation – Policy Statement II (PS17/14). In this document, the FCA sets out its final position on the conduct of business rules, many of which will significantly impact the way your firm carries out its commercial activities.
ACA Technology Solutions (ACA), a leading provider of investment management and regulatory technology solutions, has enhanced its trade surveillance product, Decryptex®, to assist global clients in meeting the EU’s current Market Abuse Regulation (MAR) requirements and the EU’s upcoming revision to the Markets in Financial Instruments Directive (MiFID II).
On Thursday, February 4, 2016, James Andrews and Martin Lovick, both Principal Consultants with ACA Compliance (Europe) Limited, hosted a webcast entitled “MiFID II: Paying for research and other recent developments".
During the presentation, James and Martin discussed and answered questions on the details of the MiFID II reforms currently being worked through by the European Commission, ESMA and the FCA, and the practical consequences that firms need to start addressing now. Topics included:
ACA Compliance (Europe) has issued a series of papers and webcasts to help our clients understand the significant reform of the European regulatory landscape and work out the direct and indirect implications for their own businesses. Below are links to our new white paper and registration information for our upcoming webcast.