• 19-SEP-2012

  • SOURCE: PricewaterhouseCoopers LLP

PwC survey highlights the need for more financial services firms to act now on MiFID II

Just over half of firms within all financial services industry sectors are considering MiFID II within the context of the wider regulatory change landscape, according to a PwC European-wide survey. The report, "Are you taking control of the MiFID II agenda?" published today by PwC, also reveals that although it is too early for firms to establish the cost of MiFID II, over half have allocated budget to undertake some initial activity in 2012.

Ullrich Hartmann, financial services partner at PwC said:

"Despite MiFID II deadlines being pushed back, it remains a key component of wider regulatory reform. Our survey findings show that a number of firms have already set up working groups and are raising internal awareness, conducting initial high level impact assessments and undertaking analysis of the potential scenarios of MiFID II outcomes. Financial services firms are right to act sooner in order to set their future strategy and develop related systems and processes to prepare their business for MiFID II. "