New regulations continue to be implemented for the financial sector, requiring extensive adaptation of processes, routines and system support.
The Markets in Financial Instruments Directive (MiFID II) took effect at the beginning of 2018, aiming at increasing consumer protection and transparency in all types of investment products.
The Payment Services Directive (PSD2) comes into force in 2018, and requires banks to open up their transaction information, thereby creating the opportunity for third-party actors to for instance initiate payments. This is commonly referred to as Open Banking.
In addition, the EU’s new General Data Protection Regulation (GDPR) takes effect in May 2018, laying out new rules for how companies in all sectors are to process personal data.
Two important accounting standards, took effect on 1 January 2018 – IFRS 9 Financial Instruments, and IFRS 15 Revenue from Contracts with Customers. Both set standards for better information about companies’ income and profitability.