MIFID II: How to eat the elephant

If there was some expectation that 2016 would be the year in which the regulatory tide facing banks would begin to recede, many will be left disappointed. A sense of regulatory fatigue within the industry is understandable, but if anyone thought that the regulatory challenge would become easier in 2016, then they are sadly mistaken.

Whilst there is some more certainty now regarding a delay to the enactment date for MiFID II, 2016 will be yet another year of intense effort and frantic planning to deal with the enormous demands of this vast regulation. Its introduction is still, without question, one of the biggest and most wide-ranging of all the regulatory changes that have taken place in recent years.

But how does one go about tackling the enormous challenge posed by MiFID II? Clearly, to eat such an ‘elephantine’ regulation, the answer has to be ‘one piece at a time!’ As daunting as MiFID II may appear, there is still enough time for banks to review and implement a MiFID II programme, to successfully tackle the directive piece by piece. However, there is no time left to delay.

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