BusinessCompany NewsAsset managers struggling to meet MiFID deadline

Asset managers struggling to meet MiFID deadline

Worrying signs in Ernst & Young survey

Less than a third (30%) of asset managers are confident that they will
definitely meet the 1 November deadline for implementing the European Union’s
Markets
in Financial Instruments Directive (MiFID
), a new poll by Ernst & Young
has found.
The firm polled 381
global
asset managers
and as a result of the poor levels of confidence warned that
they must accelerate the pace of their MiFID preparation.

Another worrying statistic was that only 6% of the asset managers polled
thought that their organisation was ahead of peers in implementing the
programme; while less than a third (29%) thought they were in line and 57% were
not sure how they compared.

Ratan
Engineer, Ernst & Young
global asset management leader, said: ‘This poll
makes interesting reading. Although some asset managers have already engaged
with the real business issues that MiFID presents, such as relations with
clients, distributors and brokers, and the operational impact, many are just
getting started.’
Further reading:

Rush to MiFID ‘creating new threats’

Progress Software to offer ‘instant’ audits

FSA praised for adopting MiFID rules

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