So Game of Thrones completed its penultimate series 7 recently and MiFID commences its second series in just under four months’ time. Authorised SMEs still have time to complete a mapping exercise against the new requirements and get everything in order prior to the commencement date of 3rd January 2018. Large firms have had teams working on this for months or even years.
Make no mistake, this is a huge piece of financial legislation and it will have an impact on your firm to a greater or lesser degree. For extra information on this, take a look at our frequently asked questions.
Experienced compliance practitioners will remember MiFID (1 as it is now known) nearly ten years ago. The older among us will remember the AFBD which was the first steps of compliance regulation back in 1986. MiFID III is already under discussion and, perhaps, the series will be extended to match the length of GoT, which will take us up to MiFID 8 – a sobering thought for the younger contingent.
Winter is most definitely on its way and can’t be avoided. Many firms will fall by the wayside because of a lack of updated compliance. Make sure that your firm will be one of the survivors by completing a mapping exercise sooner rather than later and implementing the new requirements in a timely fashion. Build your wall now against the white walkers and survive winter.