TIBCO

"MiFID: Achieving Compliance and Competitive Advantage" Whitepaper (May 2006)

The MiFID: Achieving Compliance and Competitive Advantage whitepaper details ten critical points that all financial services organizations need to know about MiFID, including:

  • What is MiFID?
  • The implementation process
  • Key timelines
  • Who is affected?
  • Which financial instruments are covered?
  • What threats and opportunities will MiFID bring?

The whitepaper also includes a section that covers the technology implications of MiFID, and overviews how a Real Time Enterprise Architecture (TIBCO Software's combination of an Event Driven and Service Oriented Architecture), together with Business Process Management can help institutions achieve MiFID compliance.

MiFID represents the biggest change in financial markets legislation that Europe has experienced. MiFID will introduce a single market and regulatory regime for financial services across the European Union (EU), replacing the existing Investment Services Directive (ISD). It aims to ensure that market participants can interact freely with counterparties in other EU countries on the same terms and conditions as they transact business in their home country. MiFID was adopted by the European Parliament and Council on April 21, 2004 and was originally planned to come into force on April 20, 2006.  However, in January 2005 the European Commission announced an implementation delay of one year to April 30, 2007. During its presidency of the EU, the UK government proposed a further delay in MiFID implementation to November 1, 2007.  This delay has been agreed by the EU, however the resulting amendment to the MiFID directive now sets a date of January 31, 2007 for the transposition of Directives and Regulations into national law.  There is, therefore, a period of nine months for organizations to complete their compliance following the finalization of national laws.

The Committee of European Securities Regulators (CESR) published draft Level 2 measures on February 6, 2006, which will be ratified by the EU parliament in July 2006.

During the second half of 2006, national regulators and governments will work to transpose MiFID into local legislation and regulation ahead of January 31, 2007.

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