Fenergo fuses intelligent rules logic with sophisticated case management and robust workflow solutions.
Coming into force on 3rd January 2018, the Markets in Financial Instruments Directive II (MiFID II) and its associated regulation, MiFIR (Markets in Financial Instruments Regulation), aims to provide a safer, more accountable and transparent global market by imposing greater regulatory obligations on those engaged in the dealing and processing of financial instruments
Transformational Approach Required to Comply with MiFID II
MiFID II brings into scope more firms and asset classes than its predecessor, impacting a wider range of systems, processes and people for financial institutions. Everything from entity data and document management, compliance, regulatory outreach, onboarding, client off-boarding and overall client lifecycle management will be impacted. MiFID II will demand a transformational approach to preparing for and solving its increased regulatory demands.
Solve MiFID II Obligations with Out-of-the-Box Compliance
Fenergo MiFID II Compliance solution brings together a host of technologies that enable financial institutions to comply with MiFID II obligations in line with overall Client Lifecycle Management demands, including:
MiFID II will demand the collection of more client and counterparty data and documentation needed to reclassify clients and products that have been newly brought into scope
02. The LEI Challenge
Under MiFID II, firms will no longer be able to execute a trade on behalf of a client who is eligible for a Legal Entity Identifier and does not have one
03. Regulatory Client Outreach
MiFID II will put many client outreach divisions in banks under enormous pressure as they seek to identify and communicate with thousands of clients now in scope
04. Data Remediation
The removal of certain exemptions for some entity types means all existing customers will require a remediation effort in order to ensure they are compliant with the new rules
MiFID II-The 6 Month Countdown
We review the key functional, operational and technical impacts that this wide-ranging regulation will have on client onboarding and lifecycle management processes for banks in Europe and all over the world.
Fenergo MiFID II Compliance solution brings together a host of technologies that enable financial institutions to comply with MiFID II obligations in line with overall Client Lifecycle Management demands
Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe
Emma Rey Gállego
Head of Customer Experience-Onboarding in CIB BBVA
We chose Fenergo’s solutions because they will enable us to meet the increasing complex regulatory frameworks with an efficient and client-centric onboarding experience.
Managing Director, Head of Capital Markets Operations SunTrust
Fenergo’s Regulatory Onboarding solution provides us with an additional level of flexibility and enhances our ability to prioritize our compliance initiatives.
Managing Director for Client Onboarding BMO Capital Markets