MiFID Connect was established by eleven trade bodies in January 2006 with the specific objective of assisting regulated firms to come into compliance with some of the more difficult requirements of MiFID. More particularly, the group set for itself the following targets:
- producing a MiFID Survival Guide;
- issuing industry guidance on key areas of implementation;
- holding periodic seminars;
- producing regular updates on MiFID-related issues.
With the committed support of Clifford Chance and various practitioner committee and working groups, those objectives have now been achieved.
As for the future of MiFID Connect, it has been agreed to maintain the group for the time being in order to address any post-implementation problems identified by firms, respond to a number of regulatory "hangovers" (i.e. transaction reporting, the forthcoming CESR reviews), and keep the MiFID Connect guidance up-to-date.
Anthony Belchambers, chairman of MiFID Connect said:
"While there have been ‘sturdy’ rounds of negotiations on various issues, the need for securing implementation consensus with FSA has always been a paramount objective of MiFID Connect. This collegiate approach, coupled with strong industry input, has been critically important in helping to ensure that implementation is, so far as possible, market-sensitive, practical and flexible."
