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Dentons launches online MiFID II compliance tool

Online law firm tools are fast becoming a good indicator of the complexity of legislation and we have another MiFID II/MiFIR tool to report on this week, this time from Dentons, which has launched the very aptly named MiFID II Manager.

Online law firm tools are fast becoming a good indicator of the complexity of legislation and we have another MiFID II/MiFIR tool to report on this week, this time from Dentons, which has launched the very aptly named MiFID II Manager.

MiFID II is the revised Markets in Financial Instruments Directive, which was introduced in response to the financial crisis to create a more competitive and integrated EU financial market. MiFIR accompanies that directive, and adds new transparency requirements, trading obligations and clearing requirements.

MiFID II Manager  – available at www.mifidiimanager.com    combines a searchable database containing relevant regulations, discussion and consultation papers and final reports with a project management tool to help companies ensure compliance at each step.

Bernd Geier, co-head of Dentons’ Europe Financial Institutions sector group, said: “The MiFID II deadline of 3 January 2018 is fast approaching, and financial institutions, funds, as well as corporations are in a race to the finish to implement the complex technical requirements on time. Many institutions face challenges following multiple laws and evolving regulatory requirements, so this online platform will help them navigate the latest regulatory developments.” A two week free trial of MiFID Manager is available by registering at www.mifidiimanager.com.

The announcement follows a similar move by Clifford Chance and Neota Logic, who have developed an automated client toolkit to help financial institutions assess and address the impact of MiFID II. Using Neota Logic’s sophisticated decision tree software, the Clifford Chance application allows firms to filter thousands of pages of regulation and legislation by their business type, clients and products, streamlining the review process and providing draft clauses for adoption in their documentation.

NB: We’ve contacted Dentons to find out if this tool has been built internally or with an external supplier and will update the story when we hear back.