Why GDPR – MiFID So Important?


General Data Protection Regulation (GDPR)

Our vision and approach based on our practical knowledge and experiences proven by evidence with various projects.

The General Data Protection Regulation (GDPR) will come into effect on 25 May 2018, changing the European privacy landscape. For organizations, this means a number of changes. We outline some major points from our experience that can help organizations getting the most from these changes.

One of the most significant lessons learned from the global financial crisis that began in 2007 was that banks’ information technology (IT) and data architectures were inadequate to support the broad management of financial risks. Many banks lacked the ability to aggregate risk exposures and identify concentrations quickly and accurately at the bank group level, across business lines and between legal entities. Some banks were unable to manage their risks properly because of weak risk data aggregation capabilities and risk reporting practices. This had severe consequences to the banks themselves and to the stability of the financial system as a whole.

MiFID:

FROM THE TODAY MIFID II TAKES OFFICIALLY INTO OPERATION, BUT …

03 January 2018
As of today, market parties and regulators must comply with the obligations of MiFID II and MiFIR. Spearheads of the AFM’s supervision of these new European regulations are investor protection, cost transparency and product development. In the area of capital markets, this will in any case be transaction reporting, market transparency (pre-post-trade transparency) and regulation aimed at an orderly market structure. The AFM has brought its existing policy rules, guidelines and interpretations into line with these new regulations.

Tele banking, Online banking, Apps & Cloud:

“Now and In the future, customers are increasingly using the Internet at the earliest possible stage invaded organizations. First contact to pop and must bind. Research shows that the earlier you hook a customer, the greater the chance is that you can do business. The customers of the future will understand how financial products. The first company to do this really well, king. Customers are increasingly doing more self, self come to understanding, self-develop products and assemblies. Understanding and trust is even more basic of financial sales force. ”