The Gibraltar Funds and Investments Association (GFIA) hosted its June training event last week. Financial Service Partner Joey Garcia spoke at the event covering the principle changes from MiFID to MiFID II with a focus on organisational requirements and the significant number of micro changes to the conduct of business rules. Notwithstanding the implementation date for the Directive having been pushed back the message from the speakers which included Heidi Bocarisa (Director of Strategy and Planning at the Gibraltar Financial Services Commission) and Lindsey Brown (of local MiFID firm GESFIN Limited) was that those firms, credit institutions or counterparties affected should be at the very least conducting their own gap analysis and seeking to understand how changes within MiFID II could affect their business models, in particular in relation to the new rules regarding inducements.
Joey Garcia and Lindsay Brown have also formed part of the Gibraltar MiFID II working group chaired by Heidi Bocarisa which has been considering MiFID II over the previous 6 months or so, focusing on the derogations available within the Directive and providing recommendations as to where these may be exercised.
The event was extremely well attended with around 90 guests at the seminar event hosted at the Sunborn. The event formed part of GFIA’s local training schedule which covers new and developing areas of financial regulation.
Following on from the event, GFIA is proposing to create a separate gathering of members to discuss the inducements elements of MiFID II. For more information please contact firstname.lastname@example.org