PR & Media Centre

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19/06/2007

Four months left for IT outsourcers to ensure compliance with financial services regulation

Intellect publishes advice for those involved in IT for financial markets

The Markets in Financial Instruments Directive (MiFID) will come into force on 1 November, introducing new obligations on regulated financial services firms that will impact heavily on technology: both IT departments within financial services organisations and IT companies providing business critical outsourced services to the sector will be affected by the new regulation. 
 
John Higgins, director general of Intellect comments: "The new regulations will impact technology companies who have clients in the financial services sector, particularly those who are outsourced service providers. Also, the broad definition of outsourcing used by the FSA is likely to capture a far greater range of services than are usually classified as outsourcing. So, we have produced this advice to help our members make sure products and services they offer will allow their customers to be compliant.”

The paper also goes on to highlight ways that technology companies of all sizes can look at MiFID as an opportunity, and IT companies to stay on top of the latest developments in order to understand requirements firms will have.

In addition, Intellect has highlighted several areas of the regulation that need clarification from the FSA. Higgins adds: "We have identified a few grey areas relevant to technology suppliers that need to be better explained. If they are not addressed soon, leaving enough time to implement the changes required, both the IT industry and its financial services customers will remain confused and consequently may not be compliant by 1 November. I do hope that the FSA will engage with us to discuss and resolve these issues."

Click here to download the paper (pdf 119KB members only)

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