The European Securities and Markets Authority (ESMA) has proposed a number of amendments to the Markets in Financial Instruments Directive (MiFID), including provisions aimed at protecting against mis-selling that will force investment firms to significantly improve their record-keeping arrangements.
ESMA has suggested that investment firms should “ensure that record-keeping arrangements are designed to enable the detection of failures regarding the suitability assessment, such as mis-selling”.
This proposal has been branded “unnecessarily burdensome” by both the Investment Management Association (IMA) and the European Fund and Asset Management Association (EFAMA), who both feel that the reporting requirements should be relaxed. Although the requirement to keep records is well understood and appreciated, neither of these industry groups believes that there is a need to keep records under constant review in competent and well-managed firms.
Other amendments to the MiFID suggested by ESMA relate to investment suitability, including a requirement for all investment firms to collect information relating to clients in relation to their financial situation and objectives.
RDR VAT guidance from HMRC
HM Treasury publishes discussion paper on AIFMD
ESMA speech on AIFMD
Responses to EMIR Discussion Paper published
http://www.esma.europa.eu/consultation/Consultation-Draft- Technical-Standards-Regulation-OTC-Derivatives-CCPs-and-Trade- Reposi#responses
Finalised guidelines on structured UCITS