- Regulatory framework governing buy-side set to undergo a major change in the history of the modern financial sector
- RIMES to host dedicated event to discuss critical implications and the necessary action needed from the buy-side
RIMES, the leading provider of managed data services for the buy-side, is hosting its inaugural Regulatory Seminar on June 9 in London. The Seminar will bring together compliance managers from within the buy-side industry, who are fast approaching months of significant regulatory change.
This seminar has attracted speakers from market participants and advisory firms, including the European Fund and Asset Management Association, the Financial Markets Law Committee, Deloitte and PwC. At this seminar, a particular focus will be placed on the EU Benchmark Regulation and its potential impact on the administrator regime. Additionally, MAD II, which comes into force in a matter of days, and MiFID II, which will follow in early 2018, will also be touched upon.
According to RIMES, these two directives combined with the imminent EU Benchmark Regulation, mean that the buy-side will face compliance challenges unlike any they have faced before.
Bruno Piers de Raveschoot, COO of RIMES’ new Regulatory Division, said, “The regulatory framework governing buy-side companies is going through what is definitely a major change in the history of the modern financial sector.”
“These regulations demand nothing less than a complete change to the way in which market trades and transactions are monitored and reported and will involve a level of complexity that some firms might struggle to meet. There is no time to wait. With the implementation of MAD II just weeks away firms need to start planning now or risk falling foul of the regulator.”
“As the sell-side did ten years ago, buy-side firms need to recognise that compliance monitoring is now a core part of their operational requirements. Firms must take a fresh look at transaction and order monitoring systems capable of handling the increasing scope of instruments. This is a huge change and one that buy-side firms must start planning for immediately.”