MiFID II and MiFIR: The Impact of the Directive on Auditors

Lars Emil Silva Fløistrup

Student thesis: Master thesis

Abstract

On May 15 2014 the European Union approved the long awaited MiFID II and MiFIR regulation. Due to the complex nature of the new regulation, and the need for several specific guidelines on the implementation and adaptation of the regulation final due date implementation into national legislation is currently, tentatively, set at January 3 2017 (postponement has been discussed). The overall intention of the MiFID II and MiFIR regulation is to improve investor protection, and the integrity and stability og the financial markets across the EU. Further its aim is to ensure even competetion across borderes within the Union. The significant change and expansion of the MiFID regulation is expected to have a significant impact on finacial institutions across the EU. As such, the work of the auditors of those financial institutions i sexpected to change as well. However, as of the time of this thesis, no guidance on the expected changes effecting the work of auditors has been published. The thesis identifies the significant changes affecting the auditors and the consequenses for the work performed, as well as the conclusions given. This analysis is performed in a Danish context, based on the existing legislation and the new regulation. The thesis concludes with giving a suggestion for a new framework in connection with the implementation and adaptation of the new regulation, with the purpose of easing the work of the competent authorities, as well as increase the transparency of the implementation of investor protection in financial institutions

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2016
Number of pages73