The FCA has published minutes of its February MiFID II implementation roundtable. Points of interest include: (i)  reference data: those present highlighted the overlap between MAR and MiFID II and asked whether the MiFID II delay would also apply to the reference data provisions in the MAR; (ii) at the last expert group of the European Securities Committee in 2015, Member States had pushed for conduct and client asset matters to be included within a directive, rather than as regulations; (iii) transparency: the FCA said it would look at the issue of possible discrepancies in the flags required for trade and transaction reporting; and (iv) algorithmic and HFT requirements: those present expressed concern that the proposed new chapter 7A of the MAR did not mention proportionality, unlike the relevant RTS.