Eric Laughlin, Thomson Reuters
London and New York - The collaboration comes ahead of the 3 January 2018 deadline for meeting the MiFID II legislation which, according to the Financial Conduct Authority, is a wide-ranging piece of legislation and, depending on a financial institution's business model, could affect a range of functions including trading, transaction reporting, and client services.
"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," said Eric Laughlin, managing director, Thomson Reuters Legal Managed Services. "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."
The joint offering for MiFID II includes a full scoping and analysis service to identify the best approach to re-paper a financial institution's full inventory of legal documents within the shortest period of time. It also provides playbooks and a suite of templates to enable compliant documentation, plus teams of full-time legal and financial professionals to provide the managed services of drafting, client outreach and negotiation work. In addition, it handles all the related project management capabilities to enable a successful outcome and minimize the impact and demand placed on internal teams.