Devil in the detail
The systems and controls elements of the Markets in Financial Instruments Directive is the core of the EU legislation. Compliance officers and operational risk managers alike need to check the detail to ensure they don't get caught out in November. Victoria Pennington reports
The systems and control (SYSC) element of the Markets in Financial Instruments Directive (Mifid) encompasses the entire range of issues relating to everyday business practices for financial services firms. It covers conflicts of interest, outsourcing, compliance and internal audit, risk control, record keeping and business continuity planning (BCP), alongside general organisational requirements, including good corporate governance and senior management responsibilities. Although many firms may
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