Less than a third (30%) of asset managers are confident that they will definitely meet the 1 November deadline for implementing the European Union’s Markets in Financial Instruments Directive (MiFID), a new poll by Ernst & Young has found.
The firm polled 381 global asset managers and as a result of the poor levels of confidence warned that they must accelerate the pace of their MiFID preparation.

Another worrying statistic was that only 6% of the asset managers polled thought that their organisation was ahead of peers in implementing the programme; while less than a third (29%) thought they were in line and 57% were not sure how they compared.

Ratan Engineer, Ernst & Young global asset management leader, said: ‘This poll makes interesting reading. Although some asset managers have already engaged with the real business issues that MiFID presents, such as relations with clients, distributors and brokers, and the operational impact, many are just getting started.’
Further reading:

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