Clifford Chance

Clifford Chance develops artificial intelligence MiFID toolkit to guide clients through regulatory sea change

International Law firm Clifford Chance LLP has worked with artificial intelligence partners Neota Logic to develop an automated toolkit to help financial institutions to assess and address the impacts of MiFID2 regulation ahead of January 2018's implementation deadline.

Using Neota Logic's unique artificial intelligence platform, the Clifford Chance application allows firms to filter thousands of pages of regulation and legislation by their business type, clients and products, streamlining the review process and providing draft clauses for adoption in their documentation.

The toolkit is being offered to Clifford Chance clients for a fixed up-front fee, allowing firms to access complex legal advice at a fraction of the price of individual analysis.

"Given the vast scale of these reforms, a full analysis of the new regulations would be a serious undertaking, and a costly exercise for any financial institution" said Monica Sah, Financial Regulatory partner at Clifford Chance. "By embracing artificial intelligence, we've managed to develop a tool that gives our clients just what they need, right when they need it, at a much reduced cost.

"Whether firms are at the beginning of their MiFID journey, or need a way of benchmarking their existing provisions, we're confident that this tool will provide real value to a range of our clients, from global investment banks to boutique asset managers."

Following on from an over-the-counter derivatives documentation tool in 2016, the MiFID toolkit marks the second application that Clifford Chance has developed with Neota Logic, and is just one part of a firm-wide strategy to innovate the ways that it delivers advice to clients.

"Handing over reams of technical information is blunt and outdated", continues Monica Sah. "By working with technology providers like Neota, we are able to package our advice into powerful products that save time, money, and enable our clients to deploy that information in a smart way throughout their organisation.

"It also opens up our advice to a wider range of potential clients who might otherwise be priced out by the fees for one off, bespoke analysis".