European securities legislation to increase CIO's personal compliance accountability

Di Giammarino, P.J.
November 2005
Computer Weekly;11/22/2005, p24
Trade Publication
The article presents the author's views on the evolving European regulation called the Markets in Financial Instruments Directive (MiFID), which will be delivered in less than two years if, as expected, the European Parliament puts out an approved version of the directive's wording before Christmas. According to the author, MiFID will introduce a single European securities market for all financial instruments. It means big changes for businesses and for CIOs. Across 73 articles, this extensive regulatory framework will change the way business is done in a bid to make Europe "the most dynamic and competitive knowledge-based economy in the world" by 2010. The legislation is very explicit about controls, organisation structures, reporting lines and business continuity plans, all of which must now be visible to a much wider group than in the past. It is also clear that senior management will be responsible for compliance and compliance policies. Failure to conform will leave the firm open to being fined or sued, plus the threat of jail for anyone found culpable of grievous mismanagement.


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