What is MiFID II ?
The Markets in Financial Instruments Directive II (the “Directive”) is a comprehensive set of amendments to the Markets in Financial Instruments Directive that has been in force since late 2007. The new Directive came into force on 3rd January 2018.
The Directive is not directly applicable to fund managers. However, it very likely is applicable to their distributors. Distributors will not be permitted to distribute a fund manager’s products unless they receive the product information that MiFID II requires. Because only they can provide that information, fund managers will indirectly be subject to the Directive’s product information requirements. (see Relevance to UCITS and AIF Managers)
Most if not all fund managers will find meeting many of these requirements a significant challenge in terms of the collection and processing of data, the production of content and the dissemination of information they are required to provide to their distributors.
This MiFID II Microsite explores at a high level the nature and extent of some of these challenges. You can get our full white paper at the link below.