MiFID II

Introduction to MiFID II

MiFID II comes into force on 3 January 2018 and standardises financial services legislation, which includes the trading of securities and brings transparency for investor protection rules across all members of the European Economic Area. For the UK market, some of the aspects covered in MiFID II will be familiar to UK Advisers from the Retail Distribution Review. However, there are elements that bring direct change and impact Adviser firms, platforms and providers.

In short, MiFID II is intended to increase competition and create a more transparent financial system that reduces the risk of market abuse and increases the efficiency of financial markets. Here at Novia, our focus is both to comply with these new regulations, whilst helping you to understand how MiFID II will affect your firm and your clients.

Information and interpretation of the requirements to implement MiFID II continue to evolve across the industry and Novia is contributing to industry working groups. We will update our content on these pages as matters become clearer. Keep an eye on the Novia Adviser updates for the latest too.


 

Extra information is required for investing under MiFID II for transaction reporting to the regulator


 

Establishing suitability change under MiFID II


 

Identifying target markets


 

Changes in relation to complex products


 

Independence under MiFID


 

Client categorisation


 

Changes to client reporting


 

Extra reporting for depreciation of portfolios


 

Recording telephone conversations