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FA Q&A: Does the FA Platform meet MiFID II/MiFIR requirements?

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FA Platform FA Platform is a modern, web-based software platform for investment management. It is a solid base for building your investment management business as it allows you to have everything in a single system from back, middle and front office to end clients. With FA Platform you can manage your business...

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by FA Solutions
| 10/04/2019 12:00:00

When starting out a new client case, our team at FA Solutions is always asked a lot of questions about the product and how it can make business processes more efficient. We have decided to start publishing the best and most popular questions, along with our answers to them. Hopefully, you find it useful, and please don’t hesitate to reach out to us directly if you’d like to discuss them in more detail!

Does the FA Platform meet MiFID II/MiFIR requirements?
Yes, these regulatory requirements have been implemented long before they were required by FSA within the FA Platform. Our existing clients have been using the developed processes and are surprised how little effort it took from their end to become compliant.

For example, as part of the recently strengthened MiFID II/MiFIR regulations, asset management companies must provide extensive trade and transaction reporting to increase transparency, including a clear trace of who was involved in each trade order. To that end, within FA Platform we provide AML checks where we identify the client and make sure they are not engaged in suspicious activities by verifying they are not part of any PEPs and sanctions database.

The FA Platform also includes a thorough transaction reporting tool that will help your company comply with the EU-wide reporting requirements under MiFIR. There are currently over 60 fields to report on – if your portfolio management tool does not automate this process the way FA Platform does, providing the required information manually would be incredibly inefficient.

Additionally, MiFID II requires that your company keeps a detailed record of activities to monitor compliance. The Audit trail functionality of the FA Platform adds transparency and records all actions without any extra effort from the user.

It is also mandatory under MiFID II/MiFIR to disclose all costs and charges to the client. For that, we provide an Ex-Ante/Ex-Post reports which include the following:

  • Ongoing charges
  • Transaction charges
  • One-off charges
  • Ancillary services
  • Third-party payments
  • Incidental costs
  • & other costs

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