Home | Business News | Browse by Publication | T | The Banker

Special Supplement: MIFID - Time To Replace Talk With Action - Implementation Advice Is Coming From All Quarters And There Are Still Voices Of Dissent But Organisations Must Now Get On With Their Preparations For Compliance With MiFID, Says Michael Imeson.

Article Excerpt
Byline: Michael IMESON

Three months have passed since the European Commission (EC) published its draft 'level 2' implementing measures for the Markets in Financial Instruments Directive (MiFID). Once these measures have been given their stamps of approval by the European Parliament and the European Securities Committee, which are currently considering them, they will be formally adopted by the EC this summer.

Despite the fact that they are still drafts, the industry has not been standing idly by. Banks, other investment firms and their national regulators have been studying the texts, interpreting what the measures will mean for them and, where they can, incorporating them into their business models, compliance and risk manuals and IT systems.

The chief repository of knowledge and advice for the investment industry in the UK is MiFID Connect. This is a group of 11 trade associations that was put together last year to advise firms on as many aspects of implementation as possible. Members include the British Bankers' Association, the Association of British Insurers, the Futures and Options Association (FOA), the International Capital Market Association, the London Investment Banking Association - and the US's Bond Market Association (BMA), which joined in the past few weeks.

Why is a US association getting involved? Because many of its members have European operations. "The BMA has serious ambitions...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!