Firms need to be thinking and preparing now to ensure they are ready to meet the requirements
By Robert Powell, global head of
compliance at Etrali Trading Solutions
January 2017, when the MiFID II rules come
into law in the European Union member states, is the date
representing the most significant change in governance across
the financial markets. Advice concerning trading communications
and record-keeping makes up only a small section of the
Directive, but it is clear that MiFID II will still result in
major changes in the way that communications are recorded and
Firms need to be thinking and preparing
now to ensure that they are ready to meet the requirements. The
most recent technical standards released by ESMA in September
2015 provide advice and guidance on doing so, but for many
firms and market participants there is still uncertainty and a
lack of clarity around the technical details when it comes to
the impact of MiFID II on records retention.
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