Navigating the minefield of regulatory requirements for financial services
Fully understand and be compliant with MiFID, MiFIR, Twin Peaks II, AML/KYC, AIFMD, New Banking Law, EMIR, etc.
And, as importantly, are you compliant with those that apply to you?
Just as your company expands and moves forward so does the regulatory environment. Do you stay up to date with adaptions to existing laws and regulations, and the introduction, transposition – and development of – new regulations by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA)? Given the nature of the industry, it’s a minefield; one wrong step and you’re facing fines, possibly sanctions and certainly reputational damage.
Looking to introduce a new service or product?
Don’t just think business development and marketing. You may need to acquire a licence and consider and apply a myriad of related regulations.
Proactively preventing non-compliance or failure to adhere to NBB regulations is a firm-wide responsibility. A robust governance framework can help you make sure that roles and responsibilities in relation to these regulations are clear within your organisation, and it helps embed change.
An impact analysis study will give you a comprehensive picture of the impact of regulations, such as:
With our legal, risk and controls specialists involved in every project, we consider everything from strategy to commercial activities, and IT infrastructure to product distribution, not forgetting the impact on your internal control system.
We consider dependencies across intra-group relationships
Thanks to our PwC network, we can advise, for example, on implications for data flow between processes and cross-entities operating in different countries and subject to differed regulations. Our approach encompasses all applicable requirements from A to Z; from guidance and analysis through to practical implementation. All within the context of your specific business.
A gap analysis study will very quickly identify where you stand with regards to regulations. Where shortcomings come to light, we can help you set priorities for action and identify synergies to ensure you close gaps using the best possible solution for your business.
We can also help you benchmark your performance against your competitors.
We can help you create regulatory awareness throughout the organisation, starting with setting the tone from the top. We can help design a governance framework that fits your business and advise on and guide your entire change management process from the outset to company-wide implementation.
With laws and regulations evolving all the time and the need for anticipation, we can also help you keep up to date with changes that will impact your business.
in the Markets in Financial Instruments Directive (MiFID)
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