Over one-third of financial services firms are unaware if their organisation is ready for the implementation of MiFID II, with less than 30 days before the legislation comes into force.
A recent survey, conducted by managed cloud service provider Timico, found 39% of UK financial firms are unaware whether their organisation is compliant with the new regulations, while just 8% of companies said their employees were fully aware of MiFID II's legal implications and had received relevant training.
The study also found 14% of staff were unaware of what processes are required to be compliant but 37% are in the process of initiating a training programme.
Chief technology officer at Timico Kevin Linsell said: "With just under a month to go and Christmas holidays in between, it is clear many businesses are massively unprepared for MiFID II, despite having had the last 12 months to prepare for the impending legislation."
MiFID II also puts strict controls on all communications, with regulated firms obliged to record all communications that are intended to result in a transaction.
However, Timico found 42% of respondents said their firms do not currently have a mobile compliant platform in place to record calls, a quarter said they are not yet compliant with recording requirements and 29% are still going through the compliance process.
Linsell said this was "highly concerning" as companies can be fined up to €5m, or 10% of annual turnover, for non-compliance.
He said: "We know from our own financial clients that a large section of the workforce conduct business on mobiles, as teams are constantly travelling between markets and working remotely.
"It is essential companies get compliant systems in place for not only mobiles, but across all communication platforms to ensure they meet the January deadline."
MiFID II, which comes into force on 3 January 2018, places new transparency requirements on implicated firms across a wide range of business functions, such as research acquisition and trade reporting.
Regulators have already delayed the regulation's implementation twice to give financial firms more time to adapt their businesses to meet the new requirements, but have stressed that this will not happen again.
For all our recent articles on MiFID II, click here.
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