Compliance with banking and finance regulations
Financial services organisations are under increasing amounts of pressure to prove their compliance with the Markets in Financial Instruments Directive (MiFID) and Basel II, the second of the Basel Accords which makes recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision.
MiFID, which introduces a single market and regulatory regime for investment services across the European Economic Area, comes into effect on 1st November 2007. The three pillars of Basel II, updated in July 2006, cover the maintenance of regulatory capital covering a bank's three major areas of risk.
Basel II concerns itself with the practices and costs of risk management and firms must be able to demonstrate that they comply with its terms and are able to regularly and effectively review their positions with respect to the organisations they trade with.
As the deadline for MiFID compliance draws closer, firms are realising that the real benefit above and beyond regulatory compliance is a tangible competitive advantage that comes from a broadened European financial services market.
How you can comply with Basel II and MiFID
An infrastructure that supports your compliance with Basel II and MiFID, and contains information validating those organisations you trade with, is critical to being able to bear scrutiny and prove that you don't constitute a risk for your investors and customers. Being able to demonstrate the integrity and completeness of the data you hold, as well as show how often it is updated or what conditions apply to a particular trading relationship, means you can conduct your business within legally binding frameworks designed to eliminate fraud and identity theft.
How QGate can help you comply
QGate have for several years been working with leading financial services organisations in the UK, Ireland and South Africa to ensure that their IT infrastructure supports their compliance with the Basel II framework and MiFID. Our consultants have been specialising in the delivery of robust, secure and customisable databases that future proof these organisations against updates to Basel II and the imminent deadline for MiFID compliance.