As we enter the final countdown to MiFID II, you may find it increasingly difficult to focus on what truly matters for your business. We see part of our role as facilitating communications with regulators and helping our clients get answers to small but significant details. To help you navigate the regulation, we are publishing regular briefings to assist you in getting ready for the January 2018 deadline. This is the first such briefing.
Earlier this summer, we held a workshop with Stephen Hanks from the FCA's markets policy team. He answered a wide range of questions posed directly by our clients.
There were a number of questions where Stephen promised to respond, once he had conferred with his colleagues. One of these concerned whether an email notification to clients telling them that their periodic statement had been updated online would meet the MiFID II requirements concerning client communications.
Stephen has now confirmed that "where an email notification is provided, a firm does not need to be able to track whether the client then accesses the statement (although there is nothing to stop them doing so if they so choose)."
He added: "Obviously, if a firm is using electronic means for providing statements, it needs to be in compliance with the conditions in Article 3 of the delegated regulation that it is appropriate to the context in which the business between the firm and client is conducted and the client has specifically opted for the information to be provided in that form rather than on paper."
- The Personal Investment Management & Financial Advice Association (PIMFA) is updating its implementation guidelines, following recent regulatory and working group updates.
- TISA is moving to approve the European working groups template for product governance and costs and charges data.
ESMA has issued an update to its guidelines on transaction reporting - level 3 paper Guidelines on Transaction reporting, order record keeping and clock synchronisation under MiFID II, originally published on 10/10/2016.
How we can help
Partnering with our clients to support them in achieving regulatory compliance is a key feature of our service. Many of our clients have told us how much they value this service and the level of partnership we offer on regulation.
For more information on working with us and our regulatory services, please contact me.