Regulations and compliance requirements are constantly increasing. Regulators expect and demand a higher threshold of compliance. Compliance costs have increased dramatically during the past decade. At the same time companies face a number of business challenges to maintain a profitable course and simultaneously meet regulatory requirements.
The new EU legal framework for the provision of Investment Services (known as MiFID II) which has entered into force on 3rd of January 2018, introduces higher administration fines in case of non-compliance.
In an article published by the Gold News Magazine (click here) we explained why every financial institution should work with a specialised compliance advisor.
Specifically, a right compliance advisor can perform an integral role, providing highly specialised technical support in compliance and a wide range of expertise and support, while understanding particular business needs and translating these into practical advice and action plans for the internal compliance departments. A suitable compliance advisor should also be able to bridge the gap between law and practice, identifying solutions to problems and providing full support in relation to all compliance activities, such as communicating with regulators, drafting reports and keeping companies up-to-date with regulatory developments and new requirements in a cost effective manner.
How can MAP S.Platis assist you?
MAP S.Platis can assist in one or more of the following ways:
- MAP S.Platis Compliance Support teams can assist any type of financial institution with the following regulations:
MiFID II/MiFIR • EMIR • AMLD IV/V • CRD IV • AIFMD/AIFs • UCITS • PRIIPs • MAD/MAR • SFTR • REMIT • CRS/FATCA • PSD II • GDPR • IDD
- Prepare a tailored Gap Analysis with the changes that will affect your organisation’s current setup in relation to any upcoming regulatory changes;
- Conduct compliance health-checks on areas such as product governance, best execution, elective professional clients, conduct of business, organisational requirements, transaction reporting, information to clients, anti-money laundering.
- Provide tailored rectification measures best suited for each firm’s modus operandi.
- Development of a tailored and practical action plan for compliance;
- Devise and recommend tailored and practical solutions;
- Submissions and communication with regulatory authorities across the EU on your behalf;
- Handling call for representations letters;
- Update existing policies and procedures;
- Draft new policies and procedures;
- Provide answers to queries (Q&A service);
- Training and education on new and existing regulatory requirements.
Why MAP S.Platis?
MAP S.Platis is the leading financial services consulting Group in Cyprus, whose clients include regulators, banks, funds and fund managers, investment firms, insurance companies and payment and electronic money institutions. Our expert team provides unique and tailored solutions in licensing, regulatory compliance, risk management, internal audit, human resources, banking, regulatory technology, executive training and innovation consulting to financial institutions in Cyprus and the EU.
MAP S.Platis Group is internationally recognized and awarded for its regulatory compliance expertise. Leveraging on a vast regulatory compliance experience accumulated while supporting the great majority of the local financial services institutions, continued interaction with regulatory authorities, multidisciplinary teams of professionals with diverse backgrounds, unparalleled track record, a global network of associates and a depth of resources, the Group can support any client’s regulatory needs efficiently and effectively.