MiFID: The Markets in Financial Instruments Directive


The Challenge

MiFID, the successor of the Investment Services Directive (ISD), was adopted in April 2004. MiFID, one of the key measures of the EU Financial Services Action Plan, is designed to fill the gaps and remove the remaining barriers to a single and secure market in financial services across the EU.

With its 73 articles and detailed level 2 implementation measures, MiFID will result in a number of significant alterations to the current rules and business practices. These changes will affect different parts of the business including client facing functions, trading functions, IT and operations, compliance, etc. The scope of transformation induced by MiFID is such that the industry has lobbied and persuaded the European Commission to postpone to November 2007 the effective date of application of the Directive originally foreseen for April 2006.

Operating in a centre of excellence in investment and wealth management, most players in Luxembourg, including banks, PFS and, in certain instances, management companies will be impacted by MiFID.
In view of this changing environment, it is critical for market participants to rapidly identify the opportunities and competitive advantages the Directive could offer them as well as to perform a gap analysis and define a comprehensive plan to ensure compliance with the Directive by November 2007.

PwC Solution

Our solutions have been designed to be flexible and pragmatic in order to rapidly deliver added value to our clients.

  • Raising awareness and building knowledge within your organisation
    • MiFID trainings organized in cooperation with PwC Academy - click here for an example
    • Tailored Executive Workshops
    • Assistance in the definition of your MiFID project governance structure

  • Assessing the readiness of your organisation
    • Gap analysis between MiFID standards and your organisation,
    • Review strategic opportunities brought by MiFID
    • Structured workshops built around our 7 key business issues
    • Analyse pre- and post-MiFID implementation scenarios

  • Preparing your organisation to be compliant with MiFID
    • Developing of company wide MiFID change management program
    • Tailoring a Project Initiation Document
    • Training key staff

  • Implementing a MiFID compliant organisation
    • Program and project management support
    • Definition and enhancement of policies and procedures
    • Definition of system specifications for IT enhancement

What’s in it for you

Based on our rich experience of successfully delivering tailor made solutions to industry wide challenges, we have setup a multidisciplinary team of professionals in regulatory compliance, business processes and system matters to design a comprehensive but pragmatic approach to accelerate your readiness to meet MiFID's challenges. This team is linked to our European MiFID Group to ensure knowledge and best practices are shared on a European basis for your benefit and that assignments covering different territories are coordinated.

Why PricewaterhouseCoopers?

We do consider MiFID as a business challenge and not as merely a compliance issue. The implications of the Directive are far reaching and necessitate a comprehensive and organised approach involving most business areas and supported by regulatory, business and change management expertise. As a local and global leader in professional services to the financial services industry, we have the wealth of resources and expertise to assist you in addressing the various challenges posed by MiFID.