The FCA has published the minutes of its MiFID II implementation roundtable, which was held on 22 October 2015. Points of interest include: (i) MiFID II Delegated Acts, which are likely to be adopted towards the end of 2015; (ii) draft RTS and ITS, which have so far focused on non-equity transparency, position limits, the ancillary exemption for commercial firms trading commodity derivatives, position limits and best execution; and (iii)  FCA confirmation that it plans to publish a consultation paper in December 2015 on markets issues. This will include a draft Handbook Guide to MiFID II, which is designed to explain how various parts of the UK's implementation of MiFID II fit together. Its second consultation (expected in March 2016) will cover, among other things, conduct issues, client assets, systems and controls, enforcement, commodities and the definition of a financial instrument.