Jana Technology Services Blog

December 19, 2006

Getting ready for MiFID

Filed under: Technology — janats @ 8:36 pm

The Markets in Financial Instruments Directive (MiFID) is potentially the biggest and most far-reaching EU Directive to affect the financial services environment for the foreseeable future. The live date for compliance with MiFID is April 30, 2007 – leaving less than two years for firms to prepare.

Previously known as ISD2, MiFID will replace the current Investment Services Directive. It aims to provide a consistent and level playing field for both the supplier and buyer of financial services across all EU member states.

Now that CESR has met its deadlines and completed its Level 2 advice, both HM Treasury and the FSA are working to produce papers in the late autumn on the UK implementation timetable. The pressure is therefore on firms to quickly gain a full understanding of what MiFID requires, particularly in light of its complexity and scope. Uniquely among European directives, it has implications for most areas of a financial services organisation, including compliance, senior management, IT, legal, client services, HR, operations, trading execution, internal audit, custody, organised structure, buy-side and sell-side.

Jana and its Financial Service partners, which cover the UK and Europe are already working with firms to understand how this impacts their organisation and their internal applications.

There isn’t a lot of time to prepare for MiFID so for a free consultation on how Jana can help please contact us.

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