There
continues to be a deluge of regulatory developments
issued by the regulators. What makes current legislative
changes even more challenging is
that much of UK financial services legislation is
now driven by EU directives. These EU directives
do not always fit well with UK regulated activities
and rules.
The Markets in Financial Instruments Directive ('Mifid') which was implemented
in November 2007 is considered
to be the biggest regulatory challenge since the
FSA was introduced as the UK’s sole regulator
in December 2001 (N2). Firms need to ensure that they have updated all of their procedures including:
- changing client classifications,
- suitability rules and
other conduct of business changes,
- updating systems and
controls including compliance arrangements and
- increased emphasis on
senior management.
Gem Compliance can brief
senior managers on the major impact of Mifid on
their organisation and explain why changes to senior management arrangements, systems and controls and compliance procedures were required. We can work with compliance functions to carry out a gap analysis
of the current compliance regime and controls.
We can work with the firm to implement revised
compliance procedures and arrangements and communicate the changes
to the staff impacted in your organisations.
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