On 20 October 2011, the European Commission adopted a legislative proposal for the revision of the Markets in Financial Instruments Directive (MiFID). After more than two years of vigorous debate, the revised Directive on Markets in Financial Instruments and a new regulation (commonly referred to as MiFID II and MiFIR), were adopted the the European Commission on 15 April 2014. The first application date of the MiFID II Directive was set on the 3rd January 2017. On 10 February 2016, European Commission announced that the application date for MiFID II and MiFIR would be extended by 12 months. This means that the entire MiFID II package will now come into effect on 3 January 2018.
MiFID II and MiFIR are both pieces of legislation originating from the European Commission and; together, seek to provide a European-wide legislative framework for regulating the operation of financial markets in the EU. MiFID II/MiFIR represents a major overhaul of the existing law, building on and extending the scope of the MiFID I. The legislation has several core objectives, including: (a) increased investor protection; (b) alignment of regulation across the EU in certain areas; (c) increased competition across the financial markets; and (d) introduction of reinforced supervisory powers. In seeking to achieve these objectives, MiFID II contains a broad range of complex provisions.
MiFID II will have a significant impact on the Financial Market Ecosystem and it presents a set of both, strategic and commercial challenges. Organisations in the financial services sector will need to re-think their approach to clients, products, markets and business delivery model to maximise future commercial opportunities in a MiFID II/MiFIR compliant manner. PwC can help you understand the impact of MiFID II on your organisation. To this end, we have developed the document attached below which provides information on the key MiFID II/MiFIR themes and the way we can help you, by using our in-house developed tool, the PwC Regulatory Navigator Tool.
PwC Cyprus has a dedicated team of local experts with experience in the implementation of MiFID II/MiFIR, who work closely with our global network of specialists to provide you with tailored advice and support on how to respond to the implications that this global regulatory reform will have on your business:
Gap Analysis – Perform a gap analysis to identify the gaps in the existing business and operating model in relation to MiFID II/MiFIR regulations. We will be using the PwC Regulatory Navigator Tool (described in the attached document) in the performance of the gap analysis.
Implementation – Assist in the implementation of enhanced and compliant processes and procedures. This will include enhancement of your business processes, technological systems and tools as wells as project management.
Trainings and tailored workshops - Provide training and tailored workshops for management and employees on MiFID II/MiFIR topics and its impact on your organisation.