Sweeping changes to the European securities markets are looming ever larger on the horizon with substantial revisions to the EU Markets in Financial Instruments (MiFID) rules.
The MiFID II regime goes live on 3 January 2018. The vast majority of the rules are finalised, with some technical issues outstanding at Level 2. The next important step is for EU countries to introduce the substantial changes set out in the revised Directive into their national legal frameworks, and also ensure that national rules do nothing to impede the effective operation of binding rules introduced by the Markets in Financial Instruments (MiFIR).
We already know that the way capital markets operate in Europe will change fundamentally. Learning both from the deficiencies of the original regime and from the financial crisis, the key goals are to radically strengthen both market integrity and investor protection, while ‘future-proofing’ the regime where possible.
All areas of the securities markets will be affected, some dramatically. All market participants and users, whatever their role, interest or size, will be impacted. Understanding how much, as early as possible, will be essential for making the right strategic and operational choices which maximise the opportunities while minimising the cost. The bottom line is that this is not a compliance exercise: it’s going to affect - and challenge - the whole business.
PwC can partner you through the coming months, providing insights and perspectives as the full regime comes into focus. We can mobilise multi-disciplinary teams bringing together skilled strategy, change management, operational efficiency, IT, tax, legal and regulatory specialists with extensive knowledge of global and European securities markets to help you address the challenges and realise opportunities of MiFID II.