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How to make sure your sales proposals comply with MIFID II

Dimitriya Paunova


The MifID II regulations come into force on 3 January 2018.

While many of the updated rules apply to a firm’s operations, many also affect client/prospect communications, like sales proposals.

How can you make sure your proposals comply with the new rules – and can using a checklist help?

What’s changing under the new directive?

Our recent blog explained how you will need to change your sales presentations under MiFID II. If you want more background on the new regulations, read about what you need to do to be compliant.

What does this mean for sales materials?

From your point of view, a key change is that communications to professional clients will now be classed as financial promotions. This brings with it a whole raft of demands:

  • Your presentations and proposals will need to meet existing FCA financial promotions requirements
  • They will also need to comply with all the new FP rules coming in under MiFID II
  • And they’ll need to be reviewed and signed off by your Compliance team

All of this adds time and work to your sales process – which you could do without when you’re up against a pitch deadline.

How can a checklist help?

Checklists can come in for a bit of a hard time.

‘Taking a checklist approach’ can be used to describe doing the bare minimum; taking a tick-box approach and not looking at the big picture.

This might be true – but there are times when a list can come in very useful. And we believe this is one of them.

When you’re faced with a load of new demands you haven’t had to meet before, it can be very useful to have a list. You can identify what needs to be done and check that you’ve dealt with everything.

But in isolation, it’s true that a checklist can sometimes lead to a slightly ‘disjointed’ approach. Looking at the component parts without seeing the big picture isn’t often a recipe for success.

You need to make sure you fully understand the new rules and your obligations. Once you’ve done this, a checklist can help to make sure you meet them.

We’ve worked with compliance expert Chris Hall, of LS Consultancy, to produce not just a MiFID II checklist but also a downloadable summary of MiFID II requirements. Together, they can help you to ensure your approach to MiFID II is compliant.

Ensuring your sales proposals comply with MiFID II

So how can you make sure you comply?

  1. 1. Get a full understanding of the new rules. Download our summary and read our past blogs on what you need to do to be compliant and the changing rules on FPs.

  2. 2. Talk to your Compliance team – they will have a clear view of the new requirements and can help you to meet them.

  3. 3. Identify the actions you need to take for your proposals to meet the upgraded requirements. There are new rules around performance data – for past, future and simulated past performance – as well as on risk warning and prominence.

  4. 4. Consider using an online slide library or automated workflow tool. They can make it easy for you to find the accurate data, up-to-date information and compliant content you need. Storing pre-approved slides can significantly reduce the time you take to produce proposals and have them approved. And online reviews and approvals can save time and minimise the risk of compliance breaches.

  5. 5. Use a list to double-check that you’ve met all the requirements

Download our free MiFID II requirements summary and checklist

If you want to understand the new Directive and make sure your proposals comply, download our Requirements Summary and Checklist. They’re free and can help you to make sure you’re on top of the new rules.

MIFID II Checklist

Topics: Sales

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