FCA has published the minutes of the MiFID 2 implementation roundtable meeting it held on 6 January. FCA noted:
- it expects greater clarity on a possible delay to the date of application for the whole of MiFID 2 in the course of January;
- it is unclear whether any legislative proposal from the Commission will include substantive changes to the Level 1 text, as well as changes to dates. So we do not know whether ESMA’s suggestion of a change to the application of pre-trade transparency to package transactions will be picked up;
- there is still no clarity on whether the Commission will propose a delay to the transposition deadline as well as the date of application;
- although there had been significant discussion of the MiFID 2 date of application, there has not been the same discussion of other dates in the legislation and it was therefore not clear if these dates will also change. This includes matters such as the consolidated tape for non-equities, and transitional provisions for access;
- some firms are concerned that not all the firms impacted by MiFID 2 are actually members of trade associations. It was suggested that some firms may erroneously believe the impact of MiFID 2 is purely systems and controls rather than wider implications.