Do you struggle to keep up with the number of ESMA Q&As?
Since MiFID II was published, ESMA has published just over 450 Q&As relating to the regulation and directive.
Keeping up to date and considering all ESMA Q&As is a challenge for Compliance and Regulatory Change Management teams.
For example, take Article 35 in MiFID II on the establishment of a branch or using a tied agent to provide investment services to clients. This Article is associated with two Level 2 instruments: a Regulatory Technical Standard (RTS) and an Implementing Technical Standard (ITS) and seven Level 3 Q&As and guidance documents.
The below rule map, extracted from the Single Rulebook platform, displays the relationships and interconnectedness between the Article, the RTS and the Q&A documents in one simple visual. For regulated entities and clients, all of the documents apply and are highly relevant.
Regulatory Conduct professionals, Legal teams and Compliance Managers need to be confident that they have considered all ESMA Q&As. Although this sounds obvious, it’s a real challenge not only to keep up with the number of Q&As but also to easily search and find the related documents.
Search, navigate and create a regulatory inventory for important rules and guidance that relate to your firm
With new guidance documents and Q&As published regularly, it is easy to miss a new Q&A, creating operational and regulatory risk for Compliance and Legal teams, as well as Front Office and Execution desks.
The functionality to search and navigate regulatory texts and see all associated guidance documents, including ESMA Q&As, is invaluable for Regulatory and Compliance professionals.
Adopting regulatory compliance management software such as Single Rulebook into processes and workflows allows users to navigate between documents easily, without losing the context and location of the document that they are working on.
In-house lawyers and external counsel also need a deep understanding and interpretation of regulation and how it has changed, in minute detail. This includes annotating and tracking how regulation has changed through time.
Single Rulebook is a regulatory knowledge platform. It offers digital tools such as visualised rule maps, powerful search, a Q&A mapping algorithm, tailored rule update alerts and collaboration tools to make working with complex regulation easier to manage.
Please get in touch to request a demo or to find out more.