Don't ask about the legal implications...
By Dan Ilett
Published: 22 November 2005 11:35 GMT
The UK Financial Services Authority (FSA) is urging companies to prepare for European compliance laws that are set to cost the banking industry $1bn in IT renewals.
The FSA is asking financial companies to prepare for the European Union's Markets in Financial Instruments Directive (MiFID) a regulation that will allow companies to provide services across borders and establish branches in other European states.
MiFID is planned to come into effect in the UK on 1 November, 2007. However, the FSA said it is unsure of the legal implications as the EU is still debating the regulation.
In a statement, Hector Sants, FSA managing director for wholesale business, said: "The implementation of the directive is a major challenge, both for the FSA and for industry and, while November 2007 may seem a long way off, preparing to meet the challenge cannot begin soon enough."
The remarks come as the FSA today published a MiFID guide for companies to follow.
Earlier this year, the FSA criticised the EU for imposing MiFID without carrying out a cost-benefit analysis.
Market analyst Tower Group believes that IT investment could exceed $1bn across the financial industry for companies to meet.
Solutions focus; displaying initiative by always aiming to find solutions and exceed expectations. This role requires a proactive, self-motivated ...
FSA Regulations Ability to understand and prepare management information e.g. Establish and maintain effective communication with business and IT ...
Report to and be accountable to the System Design Authority for specific aspects of the technical solution Prepare technical specifications and trade ...
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