MiFID II – Less than 60 days!
There are now less than two months until the MiFID II package (including MiFIR) comes into force throughout the European Union (including the United Kingdom).
MiFID II and MiFIR have provisions that deal with third country firms (including those in the Channel Islands) providing investment services and activities into the European Union. The in-scope services include (amongst others):
- Reception & transmission of orders in relation to financial instruments
- Execution of orders on behalf of clients
- Portfolio management
- Investment advice
Many firms in Guernsey provide services into the EU, however no regulations have been implemented locally as compliance with the regulation will depend on the provision of services to in scope clients. It should also be remembered that some countries extend the requirements to services beyond those mandated by the directive (for example the United Kingdom includes certain services relating to pension schemes).
The European Union is the nearest large market to the Channel Islands, it therefore makes sense that local firms will want to continue dealing with clients in the EU. Understanding the requirements of the directive and how your firm can work within them is key to ensuring ongoing access to this large and affluent market. Alternatively, if your firm wants to remain out of scope, understanding the regulatory perimeter is equally important.
How can Midshore Help?
Midshore have a set of services, including Workshops, Scope Checks and Consultancy Please see the attached flyer for the packages available. We have also included a number of key European Union countries on the launch release of our Compass:InvestmentServices product.
Please contact us if you would like to book onto our Workshop (view flyer) or Scope Check (info on workshop flyer) or to further discuss your requirements.