The Alternative Investment Management Association (AIMA), the global representative of alternative investment managers, has published a guide for investment managers to help them understand and implement the requirements of the European Union’s updated Markets in Financial Instruments Directive (MiFID2), which will apply from January 2018. The guide received significant input from leading law firm Schulte Roth & Zabel, who are also sponsors of the guide.
AIMA’s MiFID2 Guide aims to provide investment managers with a better understanding of which aspects of MiFID2 are relevant to them, what the rules require and what practical steps they can take to ensure compliance with the new framework.
MiFID2 represents the most significant overhaul of European securities trading rules of recent years. It will bring many changes for investment managers, including how they pay for research, what they must report to regulators, taping of telephone calls and best execution. Any firm that trades on European venues or interacts with European counterparties will be impacted by MiFID2 to some degree, regardless of where that firm is established.
AIMA’s CEO Jack Inglis said: “We know that MiFID2 is now top of the list when it comes to members’ regulatory implementation work in Europe for 2017 and hope that the guide will help them make sense of MiFID2 requirements and what they should be doing right now. With January 2018 now visible on the horizon, there is much for the industry to do, so our hope is that this will be a central resource for our members.”
Anna Maleva-Otto, Partner at Schulte Roth & Zabel, said: “MiFID2 is going to dominate compliance agendas in 2017. We were delighted to work with AIMA on producing the MiFID2 Guide which includes an overview of the reforms applicable to EU and non-EU asset managers and practical recommendations for the implementation of the new compliance obligations."