MiFIDII - Suitability & appropriateness, Practical guidelines for investment services

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In recent months there have been numerous publications about MiFID II, the new regulatory framework for investment firms. However, a publication that dives deep into the practical consequences of this new framework did not yet exist. Ronald Janssen (Ortec Finance), Arthur Kilian (PwC) and Tom Loonen (VU) have now written a whitepaper with guidelines that will fill this gap.

MiFID II is expected to come into force on January 3, 2018 and aims to increase the efficiency and transparency of the European financial markets and enhancing the protection of private investors. Investment companies will have to gain a much better insight into the financial situation of individual clients. This includes the client's investment knowledge and experience and the client’s wishes and objectives. Acquiring this insight demands frequent interaction with the client and consultation of various systems in order to form a properly substantiated financial overview. This way of working has to be done in an environment with often out dated IT-systems and a company culture where client interaction is usually fairly product-driven. Kilian: ‘Implementing MiFID II will be challenging for investment firms. The capturing of data and the reporting to the regulators is a complex task. Also the internal change in culture will be a challenge. The services of investment firms should more than before focus on the demands and interests of clients. To do this in an efficient way and at acceptable costs will not be easy’.

MiFIDII - Suitability & appropriateness, Practical guidelines for investment services

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Jochen Blaffert
Partner, PwC Netherlands
Tel: 31 (0)88 792 1097

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