Presentation by the Financial Regulator to Industry on "MiFID Implementation in Ireland "
The Financial Regulator gave a presentation to investment firms at a breakfast briefing held on 23 October 2007.
• Click here to download Industry Presentation.pdf (338.67 KB PDF)
MiFID Implementation Structure
In recognition of the far-reaching nature of the MiFID , the Financial Regulator has involved four separate departments within the organisation in its implementation - Markets Supervision, Financial Institutions and Funds Authorisation, Consumer Protection Codes and Investment Service Providers Supervision.
Each of these departments within the organisation is charged with the implementation process of relevant parts of MiFID. The Financial Regulator has also put measures in place to seeking to ensure that no provisions of the MiFID are overlooked and that implementation is carried out in a co-ordinated fashion. These measures include oversight of the overall project by legal and organisational advisers.
The Financial Regulator has established fourteen separate workstreams to deal with the implementation. The areas that each workstream covers plus contact details are set out below:
Workstream Contact
Transaction Reporting jack.grehan@financialregulator.ie
Systematic Internalisation helen.ward@financialregulator.ie
Pre and Post Transparency jack.grehan@financialregulator.ie
Regulated Markets helen.ward@financialregulator.ie
Multilateral Trading Facilities helen.ward@financialregulator.ie
Transposition michael.hennigan@financialregulator.ie
Client Assets connie.oconnor@financialregulator.ie
Organisation and Internal Controls noel.thompson@financialregulator.ie
Mapping of Authorisations and Passports tim.mcdonagh@financialregulator.ie
CESR michael.hennigan@financialregulator.ie
Conduct of Business deirdre.norris@financialregulator.ie
Authorisations annemarie.pidgeon@financialregulator.ie
Registers fiona.strain@financialregulator.ie
Outsourcing fiona.mcmahon@financialregulator.ie
Client Asset Requirements under MiFID
Amendment to Client Asset Requirements
Please note that the Financial Regulator has included a definition of ‘held’ and ‘nominee’ in section 8 of the Client Asset Requirements to reflect the clarification made by Regulation 158(2) of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. 60 of 2007) (as amended by the European Communities (Markets in Financial Instruments) (Amendment) Regulations 2007 (S.I. 663 of 2007)), and by Section 11 of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007. These amendments clarify that where client funds or client instruments are held in the name of a nominee of the firm, they are deemed to be held by the firm.
Section 2- 2.1.5 has also been amended to reflect these changes.
Please note also that an investment business firm that currently controls assets and has been subject to the Financial Regulator's existing Client Money Requirements will be required to submit a Section 52 report to the Financial Regulator covering the period up to 31 October 2007.
• Client Asset Requirements under S.I. No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 (640.50 KB DOC)
Books and Records
List of Minimum Records required by Article 51(3) of EC Directive 2006/73/EC and Regulation 40(5) of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. 60 of 2007)
Regulation 40(5) of the Regulations requires the Financial Regulator to draw up and maintain a list of the minimum records that investment firms and credit institutions are required to keep under the Regulations and any other measures implementing the MiFID Directive into Irish law including the European Commission Regulation (EC) 1287/2006. The attached list has been prepared by the Financial Regulator in accordance with CESR Recommendations on the list of minimum records.
• List of Minimum Records required by Article 51(3) of EC Directive 2006/73/EC and Regulation 40(5) of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. 60 of 2007) (47.50 KB DOC)
CESR guidance on MiFID
A letter was issued on 6 July 2007 by the Financial Regulator on the Committee of European Securities Regulators (CESR) guidance on MiFID.
• Letter on CESR Guidance (34.00 KB DOC)
Joint Financial Regulator / Industry Forum on MiFID
In July 2006 the Financial Regulator established a joint forum with Industry to work on the implementation of the MiFID in Ireland and it has met on four occasions to date.
The fifth meeting of Joint Financial Regulator / Industry Forum on MiFID took place on Friday 14 September 2007.
Minutes of the 4th Meeting of the Joint Financial Regulator / Industry Forum on MiFID on 24 May 2007
• Minutes of the meeting of 24 May 2007 (32.00 KB DOC)
Minutes of the 3rd Meeting of the Joint Financial Regulator / Industry Forum on MiFID on 9 March 2007
• Minutes of the meeting 9 March 2007 (36.00 KB DOC)
