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MiFID II Delayed? – Prepare Now!

Posted 10/02/16

Although the revised MiFID II securities market reforms are due to come into play January 2017, a possible delay has been predicted on the European Commission’s implementation of the overhaul, due to calls by Investment Associations to postpone the date.

ESMA chairman, Steven Maijoor, described the January 2017 timetable as “unfeasible”, given the scope of the changes needed in market participant’s IT shops. Delaying the implementation date for MiFID II would be a welcome recognition of the fact that it willnot be practicable for much of the technology and reporting to be put in place by 3 January 2017.

It has been suggested that the simplest and most legally sound approach would be to delay the whole package by one year.

Though it may seem a long way off, it is increasingly important that financial institutions start preparing for the MiFID II demands now.

– Mandatory recording and retention of all voice and e-communications for a minimum of 5   years on a secure storage infrastructure

– Monitor collection of records

– Effectiveness of process to be monitored with clear oversight for management.

– Custodian / BAU / Legacy Retrieval

With risks of substantial fines and reputational damage, there is a need to stay one step ahead and ensure there are comprehensive automation, monitoring and reporting tools in place to deal with archiving, accessing and retrieving volumes of data.

With the Nxtera Automation suite, including Proof, Parity, Reflect & Retrieve, in place, organisations are mitigating the compliance regulations, by proactively testing and flagging potential quality issues, recording failures or missed calls, before they occur or  lead to any kind of regulatory or compliance exposure.

For more information on simplifying your call recording infrastructure for significant time and cost savings, contact Nxtera Ltd.

Source: MiFID II Delayed? – Prepare Now! | Cathy Adcock | LinkedIn

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