QUMAS MiFID Bulletin

With just over one month left before the Markets in Financial Instruments Directive (MiFID) comes into force, firms will need to ensure that they comply with the requirements of the directive before the November 7, 2007 deadline.

MiFID is predominantly focused on the tactical or operational changes that will need to be dealt with to ensure compliance. It proposes that investment firms be required to establish permanent compliance functions together with effective policies and procedures. Furthermore, the firms must ensure that the effectiveness and adequacy of internal policies and procedures are monitored on an ongoing basis.

Have you implemented systems that will maintain your data and prove compliance over-time?

If your compliance operations are limited to policies and procedures that are scattered around the organization within isolated document repositories or Web-based intranets, how can you ensure a proactive and robust regulatory defense?

The QUMAS Policies & Procedures Solution is the first of a series of pre-configured compliance solutions specifically built for business-critical and heavily-regulated environments and falls within the robust framework of the QUMAS Compliance Closed-Loop Process™. QUMAS recognizes Policies and Procedures as a part of a larger framework to support broader governance and risk management initiatives. The QUMAS Compliance Suite comprises of a solution for integrated policies and procedures with risk assessment, robust workflow, monitoring and investigations. The QUMAS Policies & Procedures Solution is but one component in the QUMAS Compliance Solution.

To maximize responsiveness to inquiries and audits, compliance professionals are realizing the advantages of the QUMAS Policies & Procedures Solution, a single, all-encompassing P&P management solution that automates and centralizes the creation, distribution, review and version control of policies and procedures across the department, group or enterprise.

This comprehensive Solution is comprised of integrated, best-of-breed solutions including:

• Regulatory content management system - ensures enterprise-wide consistency and compliance within a single, controlled repository.
• Point-in-time reporting - easily find and assemble historic information on the policies and procedures in effect at the time of an adverse event.
• Browser-based collaborative review and authoring - ensures a secure and structured environment for multiple and remote collaboration.
• Document loading - import and export large collections of documents and/or file folders on an ongoing basis while leveraging your existing systems with minimal complexity and training.

Click here to download the QUMAS Policies & Procedures Solution Brochure.

It is important to realize that there is more to MiFID than meeting regulatory compliance requirements. There are commercial benefits available to investment firms who seek to maximise opportunities beyond purely compliance drivers. The European Commission claims the directive will "change and improve the organisation and functioning of investment firms, facilitate cross-border trading and thereby encourage the integration of EU capital markets".

The success of your compliance program depends on having the right information in the right place, at the right time. Find out how QUMAS can work with your firm to build a sustainable, repeatable and cost-effective compliance program. Contact info@qumas.com for further information.