27.06.2012

By Simon Miller

Four trade organisations have combined to help firms deal with the torrent of European financial regulations coming down the line.

With finance houses facing substantial European-wide regulatory standards through the EMIR, MIFIR/MIFID, MAR/MAD and standards and guidance issued by the European Securities and Markets Association, the Association of Private Client and Investment Managers, the European Federation of Energy Traders, the Futures and Options Association (FOA) and the Wholesale Market Brokers' Association have teamed up to produce an online guide to assist companies with their compliance. 

With the legal legwork being carried out by Clifford Chance and KPMG covering operational issues, the handbook will apply to all wholesale and retail market-facing products and services and be kept up to date for an initial two-year period. 

Although full details of upcoming regulations have yet to be finalised, the guide hopes to give an initial steer for firms and will be updated to include implementation checklists, action points and guidance as rules become clearer. 

The guide is not intended to turn into a lobbying exercise, but FOA's CEO Anthony Belchambers admits that the associations will communicate operational difficulties to the relevant regulators. 

Speaking at the IDX conference in London, Belchamber commented: "It is not intended to be a lobbying group but if we come across roadblocks we will discuss this with the regulators. The architecture of this is going to be critical what with the overriding regulations and local interpretation and by coming to this early, we may identify these roadblocks."

Although initially for association members, the group is in talks with other trade associations and will consider opening up the handbook for non-members if feasible.