WIDESPREAD delays by global asset managers to implement a new EU directive will give Guernsey counterparts more time to catch up. The markets in financial instruments directive, more commonly known as MiFID, has to be put into action by the start of November. But an Ernst & Young poll has suggested that less than a third think they will meet it.

MiFID aims to upgrade minimal-level codes of business conduct and organisation that should apply to firms. While Guernsey is not required to adopt it, many local institutions are developing their systems and processes to comply so they are aligned with leading industry practices.

Ernst’s Channel Islands managing partner Andrew Dann said the delays gave the islands more time to get up to speed.

‘While institutions in the Channel Islands are not required to comply with MiFID, our reputation is enhanced as leading financial services centres if we apply the leading principles to meet its requirements.’

The poll of 381 global asset managers revealed that less than a third were confident they would definitely meet the deadline for implementing it. Some 8% said they would not be able to comply by the deadline and almost two thirds were unsure.

Mr Dann said managers would need to ensure that they were as compliant as possible with the directive – or at least ensure they kept pace with peers.

Only 6% of the asset managers polled thought that their organisation was ahead of peers in implementing the programme, less than a third thought they were in line and 57% were not sure how they compared.