Global asset managers struggling with Mifid preparations

Less than a third are confident they’ll meet November 1 implementation deadline

An Ernst & Young poll of 381 global asset managers has revealed that less than a third (30%) are confident they will definitely meet the November 1 deadline for implementing the European Union’s Markets in Financial Instruments Directive (Mifid).

Some 8% of those polled said they would not be able to comply by the deadline, and almost two-thirds (62%) are unsure that they will.

Asset managers must accelerate the pace of their Mifid preparations to ensure they are as compliant as possible with the directive – or if not, at least to ensure they keep pace with peers. Only 6% of the asset managers polled thought their organisation was ahead of peers in implementing the programme, less than a third (29%) thought they were in line, and 57% were not sure how they compared.

“This poll makes interesting reading,” says Ratan Engineer, global asset management leader at Ernst & Young. “Although some asset managers have already engaged with the real business issues that Mifid presents, such as relations with clients, distributors and brokers and the operational impact, many are just getting started.”

“Continuing regulatory uncertainty does not help, but it is essential for managers to maintain the pressure on their Mifid implementation plans. Ignorance will not be an acceptable excuse on November 1, but sensibly advanced plans and programmes should certainly help mitigate any regulatory wrath,” he adds.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Financial crime and compliance50 2024

The detailed analysis for the Financial crime and compliance50 considers firms’ technological advances and strategic direction to provide a complete view of how market leaders are driving transformation in this sector

Investment banks: the future of risk control

This Risk.net survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

Op risk outlook 2022: the legal perspective

Christoph Kurth, partner of the global financial institutions leadership team at Baker McKenzie, discusses the key themes emerging from Risk.net’s Top 10 op risks 2022 survey and how financial firms can better manage and mitigate the impact of…

Emerging trends in op risk

Karen Man, partner and member of the global financial institutions leadership team at Baker McKenzie, discusses emerging op risks in the wake of the Covid‑19 pandemic, a rise in cyber attacks, concerns around conduct and culture, and the complexities of…

Moving targets: the new rules of conduct risk

How are capital markets firms adapting their approaches to monitoring and managing conduct risk following the Covid‑19 pandemic? In a Risk.net webinar in association with NICE Actimize, the panel discusses changing regulatory requirements, the essentials…

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here