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OREPA - a Practical Approach to Client
"Repapering" |
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At the
time of drafting (June 2006), exactly how individual Firms should interpret
the various MiFID directives continues to cause frustration and concern,
primarily because of the lack of clarity, even on issues such as whether or
not all clients will require new order execution policy documents (generally
known as "repapering") in order to comply with the relevant MiFID
articles. The FSA appears to be taking the interpretation that some repapering will be necessary.
However, for many Firms, determining exactly which clients need to be
repapered might be just as much of an expensive headache than going for the
less ambiguous option of getting all clients re-contracted in order to put
MiFID compliance in this regard beyond doubt and avoid potential weaknesses
and legal concerns following MiFID implementation in November 2007.
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in a simple, structured and controlled fashion ·
with a high degree of certainty over the results ·
using inexpensive communications means wherever possible ·
in a way which offers scope for further managed two-way
communication with clients ·
for those clients which you choose to handle through OREPA, you can be assured of being
provided with ample information to demonstrate MiFID compliance to the FSA. OREPA provides
all the functionality necessary to enable a Firm to ensure that all relevant
clients are issued with and sign the Order Execution Policy Documents
required under the MiFID guidelines. It handles the issuance and tracking of each
document to ensure that all signed documents are in place by the MiFID
"go live" date. OREPA is an Intranet application
that contains two main functional areas: The Internal Application -
Access to which is restricted to the relevant Firm's employees, and which
contains the various client communications and administration functionality.
This part of the application also contains the required interface to the
Firm's Client Static Data database. The Client-Side Application - To which all relevant clients
have access, and which contains a limited amount of functionality enabling
clients to gain access to relevant documentation and facilities to
communicate various elements of information to the Firm. All Lexington's business applications in this
area are all being developed in conjunction with our partners at OCEAN,
using their Rapid Application Development environment for interactive
web-based business applications. This is the technology that allows us to
roll out tactical solutions quickly and effectively across the client's
enterprise using standard browser technology. Needless
to say, OREPA is powered by OCEAN! |
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© Lexington Systems Limited 2006 |
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