Objectives
To improve transparency and increase investor confidence by ensuring comparability between similar products and harmonize the framework of administrative and financial penalties on a Europe‐wide basis.
MiFID Solutions
MiFID (Markets in Financial Instruments Directive), in place since November, 2007, has been a European financial services regulation meant to assist fair competition in the EU’s markets and ensure a consistent level of consumer protection.
While MiFID applied solely to equity products, MiFID extends to other asset classes and has more specific and wide-ranging reporting execution and record keeping requirements. For the first time, products like bonds and derivatives that trade over-the-counter will be subject to certain reporting requirements to create price transparency and supervisory oversight.
MiFID Functions and Benefits
MiFID mandates an unprecedented level of transparency with the express aim of making European markets more fair, safe and efficient. However, fully understanding and then implementing policies and practices that comply with this new regulatory regime will be challenging for most firms.
Under MiFID, member states require investment firms to undertake all sufficient steps to obtain, when executing orders, the best possible result for their clients while taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.
Financial services companies and individual professionals are being directed to develop or obtain the technology needed to provide a higher level of detail on where, why and how trades are executed.
PRIIPs
Packaged Retail Investment and Insurance Products
PRIIPs, or packaged retail investment and insurance-based products, refers to a broad category of financial assets that are regularly provided to consumers in the European Union through banks or other financial institutions. Many US firms with European activities fall within regulatory oversight.
Revopex Solutions has created an expedited regulatory offering for clients with funds that fall under upcoming PRIIPs disclosure requirements.
Our Solution
Easy-to-implement features that will fulfill your PRIIPs transaction cost reporting requirements
Simple 3-year lookback extraction & post-implementation PRIIPs services
Automated delivery of PRIIPs transaction cost summaries for internal or 3rd party 'KID' aggregate forwarding
Self-generating report capability with measurement carve outs that accurately provide transaction costs for Market Close and ETF activity
Summary aggregate portfolio and detailed transaction-based exports
Key Compliance Points
Products in Scope
Asset managers, UCITS, structured products, guaranteed capital/return products, all investment funds.
Insurance
Unit linked life insurance and certain pension products.
Requirements
Obligation for firms selling investment products to provide investors with Key Information Documents (KIDs) prior to any proposal or contract.