The FSMA issued on 18 July 2017 a communication related to the MiFID II Directive, entering into force in January 2018. This communication focuses on the aspects related to the rules of conduct.
First of all, this communication gives an overview of all relevant regulations and laws on a European level. The transposition of the texts into Belgian law will be communicated to the parliament in the very near future. The MiFID II directive will be transposed by means of a Royal Resolution that will be published at the same time than the texts transposing the MiFID II Directive. These different texts, published at the same time than the texts transposing the MiFID II Directive. These different texts, whether European or Belgian, will be applicable as from 3 January 2018. As from that date, your entity must comply with all obligations resulting from the regulation; no transitional period is foreseen.
The MiFID II Regulation brings very significant modifications to the existing MiFID I framework, aiming to strengthen the protection of investors. The FSMA specifically highlights following topics:
- Governance of products
- Investment advice, notion of independent advice included
- Best execution and best selection
- Information to customers, included reporting
- REgistration of Phone conversations and electronic communications
- Knowledge and experience of staff members
Furthermore, the communication draws attention to the necessity of drafting an action plan based on a full analysis of the MiFID II provisions on your business model and on your organisation, and this as soon as possible. Such an action plan should result from an assessment of the administrative organisation and the ativities of your entity, in particular a gap analysis, in order to identify the remedial actions to be taken to Ensure compliance.
We remain at your disposal for any question or if you wish assistance to prepare a MiFID II action plan based on a gap analysis of you entity.
Communication relative à la préparation à l'entrée en vigueur de la directive MiFID II (pour les aspects liés aux règles de conduite)
Mededeling over de voorbereiding van de inwerkingstreding van de MiFID II-richtlijn (voor de aspecten in verband met de gedragsregels)
Philippe de Harlez
Partner Mazars Réviseurs d'Entreprises - Bedrijfsrevisoren
Cindy Van Humbeeck
Partner Mazars Advisory Services
Nele Van Laethem
Director Financial Services