MiFID is a major part of the European Union’s Financial Services Action Plan (FSAP), which is designed to create a single market in financial services.
If a firm performs investment services and activities, it is subject to MiFID in respect of both these and also of ancillary services (and it can use the MiFID passport to provide them to member states other than its home state).
Responsibility lies with firms’ senior management to understand the issues and organisational challenges a firm may face and take the requisite action.
Organisational structure, governance oversight, policies and procedures and trading and infrastructure are of critical importance.
With the Optial platform organisations can:
- Define, assess and monitor the controls required for MiFID compliance
- Distribute regulations, policies and policies to relevant parts of the organisation for review and acceptance
- Record, assess, monitor and report on MiFID compliance related activity by organisational unit
- Implement internal audit policies and audit across the controls and within organisation units
- Define, assess and measure risks of non-MiFID compliance
- Analyse and report on risks, assessments, controls effectiveness, actions and findings.
This information is then available for internal and external audit purposes and provides the evidence required that the organisation is fully compliant.