A new study published today by HandySoft Global has revealed that almost two-thirds (60%) of European financial institutions are not expected to meet the EU Markets in Financial Instruments Directive (MiFID) by the deadline of November 2007. The research confirms that UK-based financial institutions are in a relatively more advanced state of preparation than the EU average, but nearly a third (27%) are still unlikely to comply in time. Based on telephone interviews with 100 European financial institutions and a further sample of specialist corporate lawyers, the study also found that only a third of European firms (33%) and just over half of UK firms (52%) have appointed a dedicated MiFID compliance officer, implying that little progress has been made since April 2006 when KPMG put the European average at just 29%. However, on a positive note, the research highlighted that around one in ten (9%) European financial organisations see “a great deal of overlap” between their MiFID implementations and other compliance tasks that they currently face. A further 23% are discovering “a fair amount of overlap” in transferable benefits, whereas the majority (68%) believe that the necessary work and IT implementations offer only “a little” overlap of re-usable benefits and technology with other compliance requirements.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
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Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.