David Lawton spoke on what 2015 has meant for regulation of the wholesale markets and funds sectors. His speech focused on:

  • MiFID 2: he highlighted that FCA is still waiting for the Commission’s views on dealing commission and to know whether MiFID 2 implementation will be delayed;
  • EU MAR;
  • the Capital Markets Union: he noted FCA had submitted to the Commission its views, including that action is needed along investment chains;
  • the Fair and Effective Markets Review, specifically the proposed extension of the SMR, new criminal offences for market abuse and the FICC Market Standards Board;
  • competition market studies on the wholesale markets and the recently launched asset management market study; and
  • FSB’s debate on the systemic nature of funds and bond market liquidity.

(Source: FCA Speaks on Wholesale Markets)