Nick Bayley Speaks to Investment Week About MiFID Regime Challenges Fri, Jan 3, 2020

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Nick Bayley, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, recently discussed the challenges investment firms face under MiFID II new regime with Investment Week.

According to the FCA, numerous asset and wealth managers are still accommodating the new supervisory regulations under the MiFID II regime, despite the new regulation being implemented in 2018.

The preliminary requirement is to ensure investment firms comply with Senior Managers & Certification Regime (SM&CR) and include environmental, social and governance (ESG) factors in their reporting for clarity. 

Nick has reviewed information from the FCA and at least a fifth of all investment firms have contacted the FCA regarding reporting errors. 

“In light of the number and size of public actions the FCA took under MiFID I and the relatively low hurdle that the FCA now applies when referring cases for enforcement, we could see several referrals of transaction reporting cases in 2020. However, the FCA enforcement machine is crowded with other cases at present and we may not see any actual public outcomes on transaction reporting until the following year," Nick commented.

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