With the clock counting down to MiFID II compliance, Thomson Reuters today announced it has expanded its partnership with Clifford Chance, one of the world’s pre-eminent law firms, to enhance their combined offering designed to help firms comply with the vast scale of upcoming reforms.
MiFID II rules are set to shake up the old practices of repapering clients’ documentation, drastically changes the rules for financial institutions, particularly informational materials. As such, the new partnership will offer financial operators a comprehensive solution to better manage outreach requirements as well as address regulatory matters that affect a range of functions including trading, transaction reporting, and client services.
The joint offering for MiFID II provides a single solution to identify the best approach to navigate to the client contracts and re-paper big inventories of legal documents within a short period of time.
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Exchanging and negotiating all this new documentation, or repapering, takes up time and requires additional resources. And while a few companies currently employ such complex efforts within their ongoing operations, complying with new MiFID II transparency requirements may result in a painful back-and-forth that can strain client relationships, and pose challenges to meeting compliance deadlines.
Thomson Reuters and Clifford Chance have previously joined forces to help global financial institutions tackle their most important regulatory obligations relating to margin rules for uncleared over-the-counter (OTC) derivatives in a timely, efficient and more cost-effective manner.
Commenting on the new partnership, Eric Laughlin, managing director of Thomson Reuters Legal Managed Services said: “Financial institutions are still working on the best way forward when it comes to handling certain aspects of MiFID II, and this is the case when it comes to updating the Terms of Business and similar documentation. Most are still working on their plans to solve this challenge and to prepare for the questions they might receive from their own clients in response to the changing documentation. Thomson Reuters and Clifford Chance are ready to help tackle these challenges with an approach that combines guidance on the legal requirements with the technology-enabled processes to undertake the large volumes of new documentation that MiFID II compliance will require.”
Monica Sah, regulatory partner at Clifford Chance, added: “We are committed to delivering a world-class service to our customers that offers the highest quality advice and support in the most efficient and effective way possible. Working with industry leaders, such as Thomson Reuters, to combine our strengths and theirs is increasingly important as we help clients to overcome challenges of unprecedented scale and complexity.”