Trade Associations Collaborate on EU Regulation Implementation Handbook
Trade associations, including the Association of Private Client Investment Managers and Stockbrokers (APCIMs), the European Federation of Energy Traders (EFET), the Futures and Options Association (FOA) and the Wholesale Market Brokers’ Association (WMBA) have jointly developed a business-friendly guide to assist firms in complying with the complex set of new European-wide regulatory standards.
The associations said that ‘The EU Regulation Implementation Handbook’ will be a web-based comprehensive guide covering European Market Infrastructure Regulation (EMIR) and the related Markets in Financial Instruments Regulation and Directive (MIFIR/MIFID), the Market Abuse Regulation and Directive (MAR/MAD) and the related flow of standards and guidance being issued by the European Securities and Markets Authority (ESMA).
The legal work will be carried out by Clifford Chance, which has been retained by the four associations to develop the handbook and provide the updating service over an initial two-year term. KPMG will cover operational issues for associations using their services.
The handbook will:
“The tide of regulation coming from Europe has to be managed and absorbed by all APCIMS members, as well as by thousands of other firms in the financial services sector,” said Tim May, chief executive officer (CEO) of APCIMS. “This is no easy task, especially for smaller firms who will need as much assistance as they can get to avoid being overwhelmed and ensure they can survive and stay compliant as the often expensive regulatory changes begin to bite. The resource that the new guide will offer will help them, and indeed all firms, to understand how best to do this in the most cost-efficient manner.”