24 November – LAWFUEL – The Law News Network – International law firm Norton Rose is calling on banks and investment firms across Europe to act now in putting together an implementation strategy for the Markets in Financial Instruments Directive (MiFID).
The call comes as the UK Financial Services Authority publishes its guide, entitled Planning for MiFID, which highlights some of the key areas where MiFID will have an impact, and the types of compliance and business issues that are likely to arise.
Jonathan Herbst, partner in the Norton Rose Financial Services Group in London, says:
“Although it now seems likely that MiFID will not come into effect until 1 November 2007, this does not change our view that we are now entering a critical phase in the implementation of MiFID.
“Banks and investment firms need to take some key strategic decisions soon if they want to ensure sufficient time for effective implementation. Firms which fail to take those decisions at an early stage will severely limit their options, and for them MiFID may become little more than a damage limitation exercise.”
Norton Rose has put together a programme, known as IMPLEMENT, for firms to get the most out of the opportunities that MiFID presents.
“Through our IMPLEMENT programme, we can advise firms on how best to address the wide-ranging changes that MiFID will bring,” commented Jonathan Herbst.
The Norton Rose Financial Services Group has published a briefing on the latest state of play on MiFID, which sets out some of the key areas of change and focuses on the steps firms should now be taking.