Through its MiFID Competence Center, KPMG Switzerland supports Swiss banks and financial service providers during the evaluation and implementation of MiFID standards. The MiFID Competence Center puts KPMG in a position to take care of a financial institution’s needs by providing them with an interdisciplinary team of national and international technical specialists and offering comprehensive, customized solutions.
- Suitability and appropriateness of advisory services (i.e. “Suitability”)
- Customer classification according to their investor protection needs
- Appropriate and transparent client information and reporting
- Dealing with conflicts of interest and incentive payments / bonuses
- Best Execution of orders
- Organization and maintenance of risk management and compliance functions
- Eased provision of services within EEA markets (“passporting”)
Swiss financial service providers with a heavy focus on cross-border business within the EU are strongly affected by MiFID, especially within the private banking sector. Recently published FINMA analysis on the Madoff and Lehman cases signals a clear trend towards the assimilation of MiFID practices into Swiss supervisory practices. An increasing need to address MiFID is also dependent upon the client base as well as the business and operating model. Typically, financial institutions are confronted by MiFID in the following cases:
- Expansion into the EEA region
- Optimization of a cross-border operating model and consolidation of functions in Switzerland
- Firm wide convergence of processes and compliance standards, on reduction of the compliance costs and implementation of synergies
- As a guide for increased transparency and customer focused provision of services
- MiFID “Quick-Scan” Assessment
- Impact Analysis
- Gap Analysis
- Recommendation of action alternatives
- Assessment of existing projects and implementations
- MiFID Implementation
- Modular implementation of selected MiFID focus areas
- Support beginning with the technical conceptualization of detail specifications and directives through to concrete implementation and Change Management processes
