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A 10-point regulatory checklist for 2018

This year promises to be another big one on the regulatory front. We highlight 10 key periods to watch out for.

10 key regulatory points

The new year started with the implementation of the long awaited Markets in Financial Instruments Directive II (Mifid II).

It seemed that wealth managers, asset managers and other financial institutions had spent all of last year on preparing for the new regulation which came into force on on 3 January.

With a lot of money spent on systems upgrades and beefing up compliance departments, the go-live date appeared to pass without many hitches, but it will not be until enough data is actually collected at the end of 2018, that firms will know if these changes actually work.

Only two days before Mifid II, the Packaged Retail Insurance-based Investment Products regulation, or Priips, went into effect.

It resulted in Hargreaves Lansdown and Bestinvest having to remove hundreds of investment trusts and ETFs which did not have the required disclosure documents from their platforms. Some of these products might never be put back.

With the big two out of the way firms can breathe a sigh of relief; however, now is not the time to get complacent.

We highlight 10 key regulatory periods to look out for this year...

 

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Please sign in or register to comment. It is free to register and only takes a minute or two.

10 key regulatory points

The new year started with the implementation of the long awaited Markets in Financial Instruments Directive II (Mifid II).

It seemed that wealth managers, asset managers and other financial institutions had spent all of last year on preparing for the new regulation which came into force on on 3 January.

With a lot of money spent on systems upgrades and beefing up compliance departments, the go-live date appeared to pass without many hitches, but it will not be until enough data is actually collected at the end of 2018, that firms will know if these changes actually work.

Only two days before Mifid II, the Packaged Retail Insurance-based Investment Products regulation, or Priips, went into effect.

It resulted in Hargreaves Lansdown and Bestinvest having to remove hundreds of investment trusts and ETFs which did not have the required disclosure documents from their platforms. Some of these products might never be put back.

With the big two out of the way firms can breathe a sigh of relief; however, now is not the time to get complacent.

We highlight 10 key regulatory periods to look out for this year...

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Market Abuse Directive

Market Abuse Directive II/Market Abuse Regulation Certain provisions regarding OTFs, SME growth markets, emission allowances or auctioned products entered into force.

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Payment Services Directive

The compliance deadline for the Payment Services Directive, designed by the European Union, sets requirements for firms that provide payment services to improve consumer protection and level the playing field for providers.

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Distribution Directive

Application date of the Insurance Distribution Directive.

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Benchmarks

Application date of the EU Benchmarks Regulation.

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General Data Protection Rules

General Data Protection Rules (GDPR) goes into effect. The GDPR is aiming to strengthen data protection for individuals across the European Union. Non-compliance can cost companies penalties of up to €20 million (£17.7 million) or 4% of annual global turnover, whichever is higher.

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Senior Managers Regime

Final rules for the Senior Managers and Certification Regime’s extension beyond the banking sector is expected with implementation to follow later in the year.

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Systematic Internalisers

ESMA to publish the first set of data to enable Systematic Internalisers (SI) (tied to Mifid II) to comply with the SI regime.

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SI obligations

Deadline for investment firms to perform their first assessment and where, appropriate, comply with the SI obligations (including notifying the national competent authorities).

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Trade repository reporting

Trade repository reporting requirements begin to apply for investment firms, credit institutions, central counterparties, central securities depositaries, other financial counterparties and non-financial counterparties.

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KID

End of transitional period for Ucits, Ucits will no longer be exempted from preparing a KID (Key Information Document).

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