MIFID II Implementation
Gibraltar successfully transposed MIFID II legislation into law in July this year within the ESMA deadline. The industry is now working hard in conjunction with the Gibraltar Financial Services Commisssion (GFSC) to pave the way for the implementation of the directive on 3rd January 2018.
A working group made up of representatives from the various industry associations affected by this directive, was set up by the GFSC in 2016 to start tackling the issue of MIFID II. VFS was fortunate to have one of its directors, Joanne Sene chosen to represent the asset management industry in the working group and so has been able to influence and become heavily involved in the planning and legislative stages. The working group is currently drumming out the final detail in the directive and discussing logistical concerns regarding some of the more stringent requirements.
At the same time, Raymond Joubaud, Managing Director of VFS, is heading the MIFID II transaction reporting working group, which was set up to deal specifically with what is probably the most onerous requirement of the directive. The GFSC and industry participants are already involved in testing the transaction reporting system so that any problems can be identified before it goes live at the start of 2018.
The GFSC has put in place a fast track application system so that existing MIFID firms can transition easily from one regime to the other as long as they can demonstrate that they will be compliant with the new requirements of MIFID II by the start of 2018. It is hoped that all the hard work that has been put into the preparations for MIFID II will bear fruit once we enter the new year.