New draft template aims to help distributors meet their MiFID II responsibilities

PIMFA, the UK wealth management and financial advice association and TISA, the investment and savings membership organisation have published their ‘MiFID II Feedback Template’ alongside a ‘Distributor Reporting Useful Guide’*.

The draft guide aims to give firms across Europe a clear way to meet their MiFID II responsibilities. In addition to the guide, a comprehensive Q&A document will help distributors make compliant returns to asset managers.

The draft template and guide have been developed by a cross industry working group consisting of PIMFA, TISA, the IA alongside leading asset managers and distribution businesses, chaired by First State with a deputy chair from Deutsche Bank Wealth.

Market feedback on the proposed template is open until the 12th July. Once all comments have been received, the working group will meet with the Financial Conduct Authority (FCA) and the European Securities and Markets Authority (ESMA) to ensure the regulators are aware of the approach before issuing the final versions.

TISA & PIMFA also announced their call for firms across the sector to join a user group to test the template and ensure that it can be meaningfully incorporated into firms.

Speaking at TISA’s MiFID II seminar where the template was unveiled, Jeffrey Mushens, TISA’s Technical Policy Director said:

“There is a critical need for a common industry template that can be used by businesses and distributors across Europe. The template has been subject to a number of preliminary trials by a sample of distributors to ensure it is ready to proceed to the testing stage and shared with the European Working Group (EWG) and it is clear that once refined and adopted it will provide huge clarity for the reporting process.”

Giulia Lupato, Senior Policy Adviser at PIMFA said:

“This is the result of months of collective effort to provide a clear and positive way forward for firms to be able to comply with a piece of regulation that is so open to interpretation. Once this project has been completed, it will standardise procedures and help minimise costs. As our mission is to create an optimal operating environment for our firms and their clients’, initiatives such as this are essential to ensure the ongoing success of our industry”.