MiFID II is much more stringent than MiFID I and it is expected to be implemented around 2014/2015. The implications of the regulation for firms are complex and far-reaching.
Based on our experience in the industry and on specific data from our European-wide survey, we think that:
We outline the strategic and commercial impacts for asset managers, retail banks and broker dealers in our latest point of view, as well as the operational and technological impacts.
We also break down the impacts by industry sector, based on our European-wide survey, so you can see how you measure up to your peers.
Read our latest MiFID II point of view to get insights on how your industry sector is preparing to face the challenges posed by MiFID II. This point of view is informed by our conversations with members of the industry and our European-wide survey.
According to our recent European-wide survey, most firms will start strategic planning before the end of 2012. Some of our current conversations with clients are focused on the following critical questions:
Somewhat worryingly, only 56% of respondents in our survey said they were considering the draft legislation for MiFID II within the context of the wider landscape of regulatory change. By considering MiFID II in this way those firms will:
Our survey, conducted in early 2012, found that companies where business lines were closely engaged in preparing for MiFID II reflected that they were more advanced in their activities. Early involvement and ongoing input from business lines, helps firms to understand more effectively the implications on business strategy and operating models. The expected implementation date for MiFID II recently moved from 2012/2013 to 2014/2015. Leading firms are using the change in expected deadlines for compliance as an opportunity to get to grips with the strategic and commercial implications presented.
Use the options below to explore the answers to selected survey questions from different perspectives
How would you rate your firm's understanding of how MiFID II will impact on your business and operations?
Is your company planning to have or already have a MiFID II programme in place?
Have you or are you planning to establish a Working Group?
What percentage of your MiFID II budget do you expect to spend in 2012?
How significantly do you think MiFID II will impact your firm's IT systems?
How significantly do you think MiFID II will impact your firm's non-IT internal processes, policies and procedures?
To what extent has your firm assessed the strategic/commercial considerations arising from MiFID II?
How is your firm considering MiFID II in the context of the wider regulatory environment?
Source: PwC MiFID II Survey® Not all factors shown. Totals do not add up to 100%.