MiFID II and MiFIR Assurance

The revised MiFID and MiFIR (collectively known as MIFID II) was probably the largest and most complex piece of regulation ever to affect the European capital markets.

It brought sweeping changes in many areas, such as market structure and transparency, investor protection, regulatory reporting and algorithmic trading.

Although implementation was ultimately delayed by the European authorities for a year until January 2018, the scale and scope of MiFID II meant that many firms had to implement the changes under significant time pressure.

There is significant complexity in some aspects of MiFID II, such as MiFIR transaction reporting, transparency obligations, algorithmic trading, disclosure of costs and charges and product governance.

There is also ongoing uncertainty about regulatory expectations and industry best practice amongst firms because the legislation is still relatively new and the guidance provided at Level 3 by ESMA continues to develop.   

How Duff & Phelps Can Help

Since MiFID II became applicable in January 2018 many clients have sought our help in providing assurance that their implementation of the wide range of new regulatory obligations has been effective. 

Our highly qualified team of former regulators and experienced consultants can provide assistance, remediation and assurance in relation to all aspects of MiFID, for Boards, Risk, Compliance, Internal Audit functions and for Senior Managers with accountability for the various aspects of MiFID II. 

Whether firms need Subject Matter Expertise in relation to questions or a deep-dive review of key elements of MiFID II, the experts at Duff & Phelps are well equipped to help. 

Nick Bayley, who heads Duff & Phelps’ London Regulatory Consulting team, led the MiFID Policy Project when he was with the Financial Conduct Authority, so he and his team are well-placed to help clients with the new regulations.

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by Peter Ray