MiFID II certification servicepdf
APC Time launches new compliance and certification service for the financial industry
The Markets in Financial Instruments Directive (MiFID) is the EU legislation that regulates firms who provide services to clients within the financial instruments field – such as shares, bonds, units in collective investment schemes and derivatives. It also covers the venues where those instruments are traded.
MiFID was introduced in the UK in 2007 and was later revised by MiFID II, which came into effect in January 2018. Its aim was to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection.
The MiFID II regulations mandate that trading venues and their members/participants establish and demonstrate a system of traceability to Universal Co-ordinated Time (UTC). There is a requirement to synchronise the business clocks used to record the date and time of any reportable event and that reviews of compliance must be performed yearly.
APC Time has partnered with Edge Networks, a provider of field-based support services and managed network solutions, to bring clients within the financial industry a way to prove compliance. With over 15 years’ experience, access to specialist test equipment and unrivalled knowledge of timing networks APC Time’s certification service aims to ensure that all relevant systems and documentation are compliant, ensuring resilience, traceability and full certification for 12 months.
The new service is an ideal bolt-on to APC Time’s existing Timing SLA service, launched in June. Together, both services offer a cost-effective, long-term approach to network auditing and compliance.