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FCA Consults upon Implementation Proposal for MiFID II (CP 16/19)
FCA Consultation: MiFID II Implementation Proposals
11th August 2016
The Financial Conduct Authority have now entered their second consultation relating to the implementation of the revised Markets in Financial Instruments Directive (MiFID II).
The Consultation Paper (CP16/19), published on 29th July 2016, seeks for industry views upon the FCA’s proposed changes to the FCA Handbook in light of MiFID II due to be implemented across Europe on 3rd January 2018.
This Consultation Paper follows on from the FCA’s previous MiFID II consultation last December upon the Secondary Trading of Financial Instruments, as well as the key objectives and background to MiFID II.
The FCA’s consultation (CP16/19) covers a a range of issues including:
It is expected that despite the two MiFID II consultations that have now been issued by the regulator, there will still a range of issues that the FCA will need to cover to make the necessary changes to the FCA Handbook to implement MiFID II.
The FCA is therefore expected to now publish a third Consultation Paper on MiFID II implementation that is anticipated to include changes to the regulator’s Conduct of Business sourcebook (COBS), material on product governance and some further changes to the Perimeter Guidance Manual (PERG)
The consultation will run until the 28th October 2016, by which time comments should have been submitted to the regulator so that they may then start considering their feedback and be ready to publish their rules in a Policy Statement during the first half of next year.
Please contact our Compliance Support Team for a free no obligation discussion of your regulatory requirements and how our regulatory & compliance consultants can help your business move forward compliantly.
MiFID II will now be implemented in Europe in 2018 not 2017 following an extension by the European Commission.
MiFID II Compliance Support
If your firm is currently reviewing how MiFID II will impact your business and require support or assistance in planning for MiFID II implementation, please contact our experienced regulatory & compliance support team, who would be happy to help.
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