Few areas of investment firms’ activities or operations will remain untouched by the Markets in Financial Instruments Directive (MIFID2) and its attendant regulation (MiFIR) (together MiFID II).
This includes how they trade, how they develop new products, how they communicate with clients, counterparties and regulators, as well as their internal governance policies and organisational arrangements.
The broad scope of MiFID II means it will have wide-ranging effects across financial markets in Europe and will also impact non-European Economic Area (EEA) firms that offer investment services into the EEA.
MiFID II is one of the most significant and far reaching regulatory change initiatives faced by the financial services industry in recent years with its breadth and depth touching all parts of the investments lifecycle. The new regime is expected to cause significant change in support of greater investor protection and value.
BNY Mellon recognises the need to ensure the MiFID II readiness of our own business models, legal entities and activities as well as the need to support our clients with their deliverables.
We continue to advocate and engage key stakeholders where there are areas of regulatory uncertainty to facilitate timely implementation of MiFID II.
BNY Mellon is closely coordinating with key stakeholders (including our peers), engaging in industry fora and continues to maintain dialogue with regulatory bodies.
Are You Ready?
- Are you aware of the impacts of MiFID II on governance and organisation of regulated firms, investor protection, regulatory powers and trading rules?
- Do you have operations in the European Economic Area (EEA) which will be impacted by MiFID II?
- Have you applied for a Legal Entity Identifier (LEI) which will identify you or your Funds under the MiFID II transaction reporting requirements?
- Do you know how to leverage your third party providers to maximise efficiencies to meet MiFID II requirements and obligations?
BNY Mellon is here to help.
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