Virginie Blaise, Product Management Director at FRSGlobal, commented: âOf all the legislation to come out of the EUâs Financial Services Action Plan (FSAP) over the last five years, it is MiFID that is likely to have the greatest impact on the marketplace as a whole. However, it is still not clear which countries will be ready. Although some countries such as Luxembourg have granted a six-month period of parallel running, investment firms are highly recommended to implement a solution before the 1st November deadline in order to take a leading position on the European market. Reporting is often last on the list during the preparation for incoming regulatory changes, but all banks, whether regional, global or private, must comply with MiFID and come November 2nd reporting will be at the top of the agenda.â
This follows the announcement that FRSGlobal has joined the Financial Services Technical Special Interest Group (TechSIG) which is part of JWG-IT Group Limited.
This new industry group of major technology vendors will provide reference solutions for regulatory change based upon 1,000+ requirements from top financial institutions. Through joining this group FRSGlobal will pass on its expertise of regulatory reporting for MiFID and other implementations, and join forces with complementary vendors to create âecosystemsâ offering complete MiFID solutions that address the regulators requirements.
PJ Di Giammarino, CEO, JWG-IT Group Ltd said: âTransaction reporting remains one of the top concerns for MiFID implementers. We are very pleased FRSGlobal has joined TechSIG and is working collaboratively with other technology providers to define innovative and cost effective ways in which firms can meet new, complex EU transparency obligations. With approximately 30 members, and many more in the pipeline, TechSIG participants are now well positioned to deliver practical value and insight to their customers.â
Under the MiFID Transaction Reporting directive (cf.Art.25 Directive 2004_39_EC) all investment firms will be required to submit their transaction reports in a standardised, electronic (XML) format on a daily (T+1) basis.