MIFID II norms and IT implications
This paper discusses the norms proposed by the MIFID II regime and how they impact IT systems of the firms under scope. MIFID II follows the MIFID regime which was implemented in 2007. MIFID, which was brought into force to promote competition, ensure investor protection and improve transparency could not adequately achieve these objectives. MIFID II supplements MIFID requirements by expanding the scope more comprehensively and also includes new requirements which address the shortcomings exposed during the financial crisis. Like MIFID, MIFID II impacts a host of functions - IT being one of them. Firms need to ensure that the impact on the important IT systems be carefully analyzed, new requirements meticulously captured and solutions comprehensively validated so that the systems fit the new regulatory setting.
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