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Meeting your MiFID II documentation obligations

Organizations must rehearse and be prepared for the advent of MiFID II early next year. Photographer: Marko Djurica

An unprecedented volume of documentation needs to be drafted or amended by the MiFID II regulatory deadline of 3 January, 2018. Is your organization prepared?

Most seasoned attorneys will agree that remediating an enormous amount of documentation in order to ensure regulatory compliance is no easy feat.

Find out how Thomson Reuters can help you meet your MiFID II obligations

The volume of repapering necessary for compliance with the new rules governing margin requirements for non-centrally cleared derivatives — Uncleared Margin Rules (UMR) — highlighted this challenge.

It exposed structural weaknesses, and provided many lessons which can be applied to any documentation remediation effort, including MiFID II.

Watch video — MiFID II: The obligations, the challenges and looking ahead post implementation

Missed deadlines

Many UMR initiatives encountered significant hurdles that contributed to delays and missed deadlines.

Common among these were the dearth of talent and experience and the limited use of technology and data management solutions.

Download white paper — Repapering for Regulatory Change from UMR to MiFID II

The sheer volume of documents that will need to be repapered for MiFID II means that organizations who did not address these hurdles for UMR could face non-compliance with their regulators and significant disruption to business as usual processes.

Organizations will need a large operational team to draft amendments, handle client outreach and negotiate updated terms of business with counterparties.

MiFID II documentation obligations quote

Find out how Thomson Reuters can help you meet your MiFID II obligations

Technology-enabled processes

Thomson Reuters is here to help if your organization doesn’t have the internal resources or technology-enabled processes to handle a large-scale document remediation and client outreach project of this nature.

We have deep experience in assisting large organizations in massive repapering projects, including extensive work helping ensure compliance with UMR.

For example, in a repapering project, it is important to create your processes and policies effectively.

Documents and playbooks embodying business processes and policies governing how repapering can be conducted must be ready prior to launch.

Watch video — John Mason on MiFID II and its impact on the global financial markets

Upfront investment

An upfront investment on playbooks pays huge dividends throughout the initiative by minimizing the need for questions and guiding negotiators through preferences and fallbacks when remediating documents.

Find out more by reading our whitepaper on Repapering for Regulatory Change.

MiFID II documentation obligations quote

Whitepaper topics include:

  • Lesson learned from UMR repapering projects
  • How to assemble a strong repapering team
  • Supplementing a remediation project with external resources
  • The dangers of counterparty and internal apathy

Download white paper — Repapering for Regulatory Change from UMR to MiFID II

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