Best Practices in MiFID Compliance
Since November 1, 2007, the MiFID Directive has been in effect for all investment related services in Europe. The Markets in Financial Instruments Directive (MiFID) is the European Union’s answer to the need to regulate the ever-growing investment market in Europe, and to protect investors. The impact of MiFID for companies that are affected is overwhelming. BWise, together with leading legal compliance experts, has now developed a solution to overcome the daunting task of MiFID compliance.
Proof of compliance
The BWise MiFID template provides clear direction during the implementation of the MiFID because of the included working program for the procedures that must be implemented. The template keeps track of the requirements that are covered in the organization, and unfinished items. The BWise MiFID template is connected to existing records that the organization already has in BWise. These records are used as proof for compliance.
The MiFID best practice solution is based on the principle that companies should register their documents only once, and use this information as evidence in every regulation that they should comply with. BWise also enables communication on compliance issues with all employees concerned, throughout the organization, providing direct and continuous visibility into important areas. In fact, BWise works as a communication tool within the organization, on the execution of MiFID and other compliance actions, providing constant insight into these procedures, by specified colleagues.
By using BWise for MiFID compliance, companies can save money, time and staff resources during implementation and control of the MiFID Directive. BWise will delivers deep and detailed insight in to the MiFID compliance of your organization. The MiFID best practice template is effective in two major ways; providing a quick start for MiFID implementation and enabling organizations to stay in control of MiFID compliance going forward.
Industry specific knowledge
The BWise MiFID Solution is the first in a series of integrated GRC solutions for the financial services industry, delivering true convergence of compliance efforts. With several hundred customers globally, BWise developed this solution, based on its best practices approach.