Red Box Reveals 73% of Organisations Not Ready for MiFID II
MiFID II is Coming in January 2018
Red Box Recorders’ research released today has found that 73% of ITDMS and senior compliance managers are not completely ready for MiFID II. Furthermore, one in five (21%) are still not fully aware of the regulations coming into effect on 3rd January 2018. With just weeks to go, levels of education on the regulations’ implications and urgency to comply remain low.
Commissioned by voice recording specialists Red Box Recorders, the report takes a temperature check of the following. They have checked attitudes, preparedness and concerns around the regulation. Needless to say, the results show as much confusion as ever:
•Over half (53%) admitted that they don’t know the exact date of the implementation.
•Only 15% said they would describe their knowledge as complete.
•A quarter (25%) admitted that they were not fully aware of the increased financial penalties.
•43% were not fully aware of the requirements on client communications. Nor on how long they should be retained.
When MiFID II becomes law in January 2018, financial service providers will be required to capture, retain and reconstruct all communications between buyers, sellers and investment intermediaries.
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