International law firm Denton Wilde Sapte has launched a Markets in Financial Instruments Directive (MiFID) website to provide a legal guide to the legislation and what actions firms must take to meet it.
MiFID will introduce a single market and regulatory regime for investment services across the member states of the European Union (EU) and comes into force on 1 November. The new directive has wide-ranging IT implications ranging from data retention to use of communications.
Robert Finney, banking partner at the London-based law firm said the new legislation will have wide ranging affects.
"MiFID will impact on everyone in the financial sector and many industries that are connected to it. It will also effect every member of the EU, so it is essential that firms are aware of its scope and its rules," said Finney.
Denton Wilde Sapte has been assisting its clients with MiFID-related issues since the directive was drafted and adopted in 2004.
But Mike Gannaway, Denton Wilde Sapte marketing director told IT PRO the launch this week of a new website to promote awareness of the directive has been timed to offer a general overview to anyone who may need to update their knowledge of its implications.
"We still sense a real gap in the market for information on MiFID," Gannaway said. "It's often the case that information about legislation that is on the books for some time still needs updating, especially as it evolves and gets onto people's radars close to the deadline."
Gannaway added that the website would be particularly useful for any person in a company, as well as legal teams, who wants to update their understanding of the legislation. "The implications for MiFID, particularly IT systems and processes, go beyond the remit of legal counsel so we've tried to create a resource without being too prescriptive in who it is aimed at," he said.
The website also aims to give a comprehensive breakdown of how UK regulatory authorities will implement MiFID, as well as spelling out the FSA's deadlines leading up to the final cut-off date in November.
