About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Getting Sidetracked on the Topic of MiFID

Subscribe to our newsletter

This week’s MiFID Forum debate was a case in point of how easy it is to go off track when discussing the current barrage of consultation papers released related to the MiFID review. Although some of the discussions were interesting from a bigger picture perspective, I expect that much more productive talks will take place when the group has been broken down into targeted subject matter expert groups.

David Doyle, EU policy advisor in financial services, provided attendees with a bit of scene setting with regards to the next incarnation of MiFID, including drawing attention to its connectivity to the Market Abuse Directive (MAD – the best regulatory acronym out there) update and the European Commission’s Packaged Retail Investment Products (PRIPs) proposals. He warned that far from representing a “routine check up”, the MiFID review process is likely to result in a whole host of new and stringent requirements aimed at increasing investor protection.

Doyle also suggested that industry participants pay close attention to what is happening across the pond in the US, as the desire for a degree of alignment between the US and Europe has been frequently articulated in Brussels.

Given the status of most of the information that has thus far been issued by the Committee of European Securities Regulators (CESR) and the Commission itself around MiFID, it is no surprise that there was a degree of detail lacking in the overall discussions at the event. The proposals are all at the consultancy stage, after all.

However, enough information has been issued (even if it is not definitive) for a serious debate to be had about the post-trade data requirements and what they may mean for firms if they are passed as a directive or direct regulation. There was brief discussion of the proposed client classification regime changes, but aside from noting that there is a lack of clarity, there was little time for in depth discussion about what these may mean going forward.

The panel debate got snared up in a discussion about why the European Parliament is interested in the space in the first place, which while quite entertaining, didn’t elicit anything in the way of practical advice or constructive criticism.

Hopefully the next event will have a more focused and structured approach. After all, every speaker was keen to provide feedback to the regulatory community and that requires constructive dialogue and recommendations.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: A practical guide to dual UK and EU regulatory reporting as the Temporary Permission Regime comes to a close

The Temporary Permission Regime (TPR) allowing capital markets participants in the European Economic Area (EEA) to continue to operate in the UK post Brexit will be withdrawn by the end of 2023, calling on firms that want to stay in the UK to gain full authorisation from the FCA and prepare to comply with both...

BLOG

Bloomberg Wins A-Team Group Award for Most Innovative ESG Data Solution

Bloomberg has won the award for Most Innovative ESG Data Solution in A-Team Group’s Innovation Awards 2022. The awards celebrate innovative projects and teams across vendor and practitioner communities that make use of new and emerging technologies to deliver high-value solutions for financial institutions in capital markets. Bloomberg’s ESG data solution was selected as a...

EVENT

TradingTech Summit Virtual (Redirected)

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.

GUIDE

ESG Data Handbook 2022

The ESG landscape is changing faster than anyone could have imagined even five years ago. With tens of trillions of dollars expected to have been committed to sustainable assets by the end of the decade, it’s never been more important for financial institutions of all sizes to stay abreast of changes in the ESG data...