Nearly half of investment managers and consultants consider client reporting as the greatest implementation challenge posed by MiFID II, according to a survey by Northern Trust.
Transaction and transparency reporting was cited as the greatest challenge by around 20% of the respondents, and another 20% cited inducements and research.
According to nearly 15% of respondents, updating client documentation was the biggest hurdle around MiFID II.
Also, 65% of the respondents said they expect the new regulatory landscape to take an increasing amount of their time in 2018 as against the previous year.
Northern Trust head of regulatory solutions Robert Angel said: “Whilst it’s surprising the effort spent by the industry on regulatory compliance is expected to increase, MiFID II will require ongoing efforts for the duration of 2018.
“In addition, GDPR is fast approaching and with many fund managers focused on other regulatory change, the significance and work required for GDPR is likely to only being focused on now.”