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About the Author
Peter Sherriff
Principal Architect, Charles River Development
Articles Published
Showing results 1 to 1 of 1
Best Execution - Regulatory or Fiduciary?
Often touted in the press as the most significant financial regulatory change to impact Europe in recent times, the Markets in Financial Instruments Directive (MiFID) inevitably requires a response. For ... Read moreOften touted in the press as the most significant financial regulatory change to impact Europe in recent times, the Markets in Financial Instruments Directive (MiFID) inevitably requires a response. For the buy side, MiFID mainly pertains to harmonisation and transparency. In this white paper, it is interpreted in terms of best execution; how it is audited and proven. MiFID makes best execution a regulatory mandate. However, most would agree that the drive to achieve best execution is not new. MiFID's requirements are an extension of the Financial Services Authority's (FSA) existing guidelines for fund managers in relation to trade processes, portfolio management and principles. While MiFID is directly relevant to European fund managers, it also has serious ramifications in Australia, where local institutions and fund managers are increasing their allocation to European investments. This paper outlines the steps that can help fund managers address and understand the new regulation.
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