Larger asset managers are facing a tougher task in attaining MiFID II compliance by the January 3 deadline than their smaller competitors.
That is according to a research survey by technology company TeleWare, which said over a quarter of the 100 senior decision makers it quizzed in both smaller and larger players were uncertain they were on top of looming regulatory change.
It was revealed that 38% of firms with more than 500 employees appear to be struggling the most with the deadline.
This is while boutique firm, those with one-to-nine employees, appeared better equipped to deal with the regulation.
MiFID II has faced many delays in its implementation, with the European Commission having given the market an additional year to prepare, following concerns with regards to the time needed to build the necessary IT infrastructure systems.
When quizzed on the importance of IT and its role in the regulation, 71% of firms said they had been investing more here ahead of the 2018 deadline.
Commenting on the survey’s results, CEO of TeleWare, Steve Haworth said: ‘MiFID II is a complex directive affecting a range of functions within a firm. Firms need to look outside of their immediate business to find the compliance answer.
‘MiFID II is placing a strong emphasis on accountability. Firms need to be able to clearly and accurately reconstruct communication trails leading up to trade deals. This includes all forms of communication, from a text message to a Skype call to a face-to-face meeting.
'With technology underpinning operations, it’s highly encouraging that firms are investing in this area ahead of January 2018,' he added.