Last week the European Commission (EC) published a delegated directive, which defines some of the crucial details for MiFID II, which is due to come into effect and replace MiFID I on 3 January 2018.

The delegated directive provides details of execution fees and shows that the EC has largely followed the advice given by ESMA back in December 2014.

In a blog post, Christian Voigt, senior regulatory advisor at Fidessa, writes that the EC's paper outlines some of the added complexity that investment firms will have to comply with.

This might not affect corporate treasury directly, but treasurers need not feel too relaxed about the whole thing. An article in iTreasurer notes that MiFID reporting is “EMIR on steroids”, seeing as EMIR reporting contains 35 data fields, while MiFID reporting has 80. So it seems likely that many companies, whether non-financial corporates or investment firms, may want to outsource this process. The article states: “FXall is planning to provide MiFID reporting services, probably for a fee, and the DTCC is another likely reporting partner, especially if you already use them. Nonetheless, treasurers are still responsible for the accuracy.”

There are plenty of other regulations due to be introduced this year. According to iTreasurer, “the US Chamber of Commerce estimates that there will be 3000 new regulations coming in 2016, including what it calls “The Fatal Five,” which are: DOL’s Fiduciary Rule, DOL’s Overtime Rule, DOL’s Persuader Rule, OSHA’s Injury and Illness Rule, and OSHA’s Silica Rule.”

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CTMfile Take: Corporate treasurers are advised to stay informed of regulatory change and ensure they are prepared for compliance.