Chris Pickles Manager, Industry Relations, BT Radianz
Chris Pickles Manager, Industry Relations, BT Radianz

Countdown to MiFID – are you compliant?

Chris Pickles examines compliance and other issues as we approach the run-up to the implementation of the directive later this year.

First Published: e-Forex Magazine 27 / Standards / April, 2007

In some seven months from now around 7,000 investment firms across 30 European countries are supposed to be compliant with MiFID – the EU Markets in Financial Instruments Directive. The chances of all of them being compliant in time are close to zero.MiFID is not just a compliance issue – it is a question of competitive survival. It has been created with the specific goal of increasing market competition in the interest of investors, which means changing the current landscape of the European financial services sector.Best executionIn MiFID, the term “investment firm” doesn’t just mean brokers and sell-side firms – it also includes the buy side, including any firm involved in activities such as portfolio management. MiFID, and the new national regulations that will result from MiFID, places a new set of requirements on investment firms to provide “best execution” for their clients. A very simple way of describing “best execution” is that it...continued

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