The value of investments and any income from them can fall and you may get back less than you invested.



If you google “what’s happening on 3rd January 2018” you might be forgiven for missing the launch of the Markets in Financial Instrument Directive II (MiFID II), because it was conspicuous by its absence from the search results that we found.

This directive presents us with arguably the biggest regulatory challenge since RDR as it places new mandatory requirements on the industry. These changes will have an impact on Brewin Dolphin, you, our intermediary clients and your underlying clients, but by and large it is fair to say that the consumer is blissfully unaware of the impending changes and the complexities involved.

As implementation is fast approaching, we feel it’s time to update you with details of how we’re going to ensure we are “MiFID-ready”, as well as to keep you abreast of developments regarding what you’ll be seeing from Brewin Dolphin between now and 3rd January 2018.

I think that it’s well worth re-stating that the overall objective of the Directive is to;

  • Strengthen investor protection
  • Reduce the risks of a disorderly market
  • Reduce systemic risks
  • Increase the efficiency of the Financial Markets and
  • Reduce unnecessary costs for participants

We’re conscious that much of this message can get lost in the technical detail, so we’re going to do our very best to keep these messages short and simple, but if you would like to ask further questions feel free to send them to us at

The underlying ethos for our MiFID II project team has been to ensure that we keep the end customer in our minds at all times. That means that if we’re going to develop solutions to adhere to the directive, our job is to ensure that they’re accessible, relevant, customer focused and with the desire to support our intermediary clients to the best of our ability.

As a result, we are confident that our processes, and in particular our reporting regime, will adhere to those objectives as we’ve sought to be as pragmatic as the directive and subsequent FCA Policy Statement  (all 1,068 pages of PS17/14) allow.

Therefore, over the next few weeks we will release bulletins covering the following subjects, as well as providing you with detail about how we intend to meet the challenges that they provide, since these are the ones that we’re asked about most frequently;

  • Transaction reporting
  • Client reporting
  • Product governance
  • Telephone recording
  • Research
  • Inducements
  • Best execution

In this note we’ll update you on transaction reporting, as we will need some information from you to enable us to complete this, which will allow us to deliver some of the other items on the list above.

I’m sure that you are aware that Brewin Dolphin, along with our contemporaries, have been completing transaction reports for some years now and it is this information that the regulator uses in its drive to reduce market risks and drive down the costs of unnecessary trading.

They have now asked the market to provide more detail about that reporting, which we will continue to provide to the regulator on your behalf.

However, for us to do that we will need your Legal Entity Identifier (LEI), which will allow us to record all transactions for you on behalf of your clients under our “agent as client” relationship, whatever category they fall into (individual, trust, corporate, charity etc.).

If you don’t have a LEI, you can apply for one by clicking this link;

If it helps, we had the following email from one of our advisers this week (re-produced with his permission);

Just a note on the LEI, have submitted our request this morning. You might know this already, but I’ll provide the notes below if it helps other IFA’s do this:

  1. Takes two minutes
  2. You need to register for the LEI platform, which is very fast and really easy
  3. Once registered for the above, if you search your firm name for LEI, it will bring up the LEI request page in the data page of the platform
  4. IF you hit Request LEI it brings up the application form. It’s wise not to hit delete in some fields as the action will drag you off the browser page, so I’d hit each field with the mouse, enter details and move on. The only sticking point is a section called ‘Parent’. Most IFA’s won’t have a parent company, so you key N/A and then under exception reason the option to select is Non-Consolidating
    1. The same action needs to be completed for ‘Ultimate parent’
  5. The rest of the section are just company details and companies house registration
  6. IF you hit create it then creates the license and you can pay for it, by credit card on the system. You need to bring up your LEI application again, by kitting the number next to ‘My LEI data’. Once this brings your application up if you tick the box next to it, you’ll see a cursory at the task bar on the data screen noting submit credit card payment. Just follow the steps and it takes this, sending your application for verification which they say will take a few days.

When you have your LEI, please send it to our MiFID Team at

If you want to find out more about why Brewin Dolphin uses your LEI to report these transactions, please click here.

We have been asked by a number of our advisers to comment on the differences in reporting for Managed Portfolio Services held on retail platforms. Put simply, we do not hold any client related information for those underlying clients so it is the responsibility of the platform provider to fulfil the requirements laid down in the directive for both quarterly and depreciation reporting – a subject which we will cover in our next update in more detail.

The platform providers are mobilising their efforts to be ready in good time for the go live date of 3 January 2018, so if they haven’t already been in touch with you, it may well be worth you making contact with your provider to see what their plans are and what part you have to play to help them meet their deadlines.

Finally, I was reminded that the MiFID journey is just like taking the kids on holiday and the perennial “are we there yet?” question. My stock answer is just around the next corner and then trying to distract them with useful information to keep them focused on the end of the journey.

Well, as far as MiFID II is concerned, we’re nearly there and our intention is to keep you updated regularly so you don’t have to ask too many questions. Our next topic will be client reporting and will be just around the next corner…


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