MiFIDzone Solutions
- MiFID:Project Management
- MiFID: Policies and Procedures Management
- MiFID: Information Repository
- MiFID: Client Classification
- MiFID: Client Information and Reporting
MiFID:Project Management
MiFID requirements cross multiple disciplines within an organisation and it is vital that a holistic single view of the level of compliance against each article of MiFID is available – together with the ownership details, status, and the actions being taken to fill the compliance gaps. The first step is to complete a high level impact analysis in order to assess the size and scope of the changes that will be required as a consequence of the MiFID directive.
ten® MiFID Programme Manager addresses these issues, and provides an on-line view of the status, across all Business Units, Entities, Product Classes and Products. By having this view – and reminders of overdue actions - it ensures that energies are firmly concentrated on the areas of potential high impact, and compliance gaps.
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MiFID: Policies and Procedures Management
MiFID requires a firm to establish adequate Policies & Procedures (Article 13) to ensure compliance ……………. MiFID requires the regular monitoring of the compliance (Article 26) by its users with its rules ………… Ensuring that new regulations are communicated to the right audience in a timely manner – and making certain that the contents have been understood - is a huge undertaking, especially as “M” day is just a few months away.
CONFORM™ is designed to automate the process of creation, dissemination, audited electronic delivery and understanding measurement of Policies & Procedures such as those affected by the MiFID regulations, and the imminent changes to the FSA NEWCOB. Just having Policies & Procedures in place, posted on the corporate intranet, sent in paper form or by email, is simply no longer sufficient. They must be read and you must be able to provide evidence that they have been securely communicated, received and crucially, understood.
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MiFID: Information Repository
MiFID requires firms to retain – and keep available – client transition data for a minimum of 5 years (Article 25), as they must be able to prove (post-trade transparency) that executed orders complied with their stated trading policies and that best execution Is fulfilled. It should be stored in a manner that cannot be tampered with. MiFID amends and increases the data required to be reported to the regulators for market abuse surveillance purposes. As the content of the reports relate to client transactions, they should also be retained for five years. MiFID requires investment firms to obtain and retain sufficient information regarding client’s investment knowledge and experience, financial situation as well as investment objectives before they can provide investment advice.
DataStore®32 Information Repository is a secure digital archive, already deployed in over 100 Financial Institutions throughout the world. It provides the ability to capture, securely store, manage, immediately retrieve and distribute all forms of regulatory business critical Information, including KYC, AML, correspondence and transaction history. DataStore®32 has the ability to store and retrieve scanned documents, Word, Excel, PDF, Research documentation and system output such as Statements, Reports, Contact Sheets and Valuations within a single repository, accessible via a single search. Retention periods (Information Lifecycle Management) may be applied automatically.
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MiFID: Client Classification
MiFID requires Institutions to classify clients as Retail Clients, Professional Clients, and/or Eligible Counterparties.
Singularity Process Platform is a powerful Business Process Management (BPM) engine, designed to assist the automation of the complex process of Client On-Boarding, KYC requirements and validation of Client upgrades.
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MiFID: Client Information and Reporting
MiFID requires that Client Information provision and Reporting is completed within the prescribed timescales.
IDEL Electronic Document Delivery is a solution that is designed to ensure fast, accurate and audited delivery of electronic documents, rather than relying on a postal service. This will be of particular interest to corporate and overseas clients. Customer service levels are significantly improved, providing access to information 24 hours/day, and costs (printing, paper/envelopes, postage) are substantially reduced. Documents are retained in their original format, for ease of viewing. Having preregistered for electronic document delivery, Clients receive an email containing a URL when a document is ready for collection. Once securely logged on, the customer may download not only the current document, but also archived copies.
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