MiFID II: Seven key implications for asset and wealth managers
5 Jun 15
EY’s seven ways MiFID II will affect asset and wealth managers
ESMA has provided a wealth of detail on the proposed transaction reporting requirements for asset and wealth managers under MiFID II.
Typically, to meet the new, expanded reporting requirements, firms will need to electronically capture new data.
As a result of this, EY says firms will need to assess the gap between their existing capability and the MiFID requirements now, if they want to be ready for the January 2017 implementation date.
“Whilst firms should start preparing for the new transaction reporting requirements they should also watch over trade reporting requirements,” it said. “Whilst we aleady know that the trade report will require asset managers to provide ‘flags’ for individual trades, the trade reporting fields will become clear in the next six months.”
