mifid ii paradigm shift

Article

The MiFID II paradigm shift

IM industry

Despite the fact that MiFID II is not directly legally applicable to investment management companies or AIFMs, a brief overview of the asset management industry after MiFID II implementation demonstrates beyond doubt that the new rules will have a profound influence on its products, structures and future. As instruments, funds are subject to MiFID II and are therefore affected by the MiFID II framework on every possible level.

Executive Summary

MiFID II: one era ends and another begins

Although the entry into force of MiFID II and MiFIR (hereafter referred to as “MiFID II”) on 3 January 2018 affected all entities in Luxembourg, it is clear to us that institutions have approached MiFID II very differently. Specifically, when we consider asset management, despite the fact that MiFID II is not directly legally applicable to fund industry management companies or AIFMs—thanks to an explicit exclusion in the regulation—the products, structures and future of the industry will be heavily influenced by the new MiFID II rules. As instruments, funds are subject to MiFID II and are therefore affected by the MiFID II framework at every possible level.

Until now, as is often the case at the start of a trend, the changes have not necessarily been obvious to asset managers, oftentimes because of their focus on their large institutional clients, which obscures the fact that these clients are themselves intermediaries to retail clients.

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Inside magazine issue 18, June 2018

Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.

Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).

PDF - 11.2MB
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