Implementation of the Markets in Financial Instruments Directive (MiFID) has been underway for sometime now. The Directive will come into force on 1 November 2007. It is one of the corner stones of the European Union (EU) strategy to establish pan European capital markets and it replaces and expands upon the Investment Services Directive.
The impact of MiFID is far reaching as it encompasses not only products and asset classes that have not been subject to regulation before bit it also introduces changes to the existing regulatory environment across the EU.
Most institutions have now initiated projects to assess the impact on their business and the resources required to deliver compliance with MiFID, although some have made more progress than others.
How PwC can help?
| Where you are on MiFID? |
How PwC can help |
| We want to take advantage of the strategic opportunities MiFid offers |
We can work with you to review the opportunities presented by MiFID for:
- Reviewing or renewing your business model
- Strategic change
- Process improvement
- Controls optimisation
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| We have begun implementing our response to MiFID |
We can support you through:
- Working with you to review and consolidate the MiFID project plans
- Checking for completeness so you are confident that you have captured all aspects of MiFID
- Providing project management specialists
- Providing professional input and advice where needed
- Provide resources to assist with MiFID implementation
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| We have a gap analysis but are not feeling confident about the way forward |
We can work with you at a group or divisional level to review your gap analysis to check that it:
- Contains all relevant business lines and products
- Is complete in its understanding of the scope of MiFID
- Has a realistic project plan
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| We have not yet started on MiFID |
If you have been waiting for further regulatory guidance or believe that it will be easy to implement MiFID you are behind your peers. We can:
- Run workshops
- Develop heat maps to help you understand the main impact areas
- Work with you to develop a gap/impact analysis
- Develop project plans based on the impact analysis
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