FCA has published the minutes from the meeting of the MiFID 2 implementation roundtable in October. The discussion covered implementing measures, FCA communication with industry, updated consultation plans and feedback on the FCA MiFID conference. Issues raised included:
- whether some of the implementing measures will be provided for in a Regulation or in a Directive. The question arises specifically in relation to provisions on client assets and conduct where provisions allow Member States to go beyond the MiFID 2 provisions, where many Member States would like to see the provisions in a Directive;
- a transposition workshop for Member States postponed from 22 September, which is expected to take place by the end of the year. The question of whether or not third-country firms with direct electronic access to EU markets need to be authorised as investment firms may be addressed at the workshop, after which FCA may need to clarify its interpretation of MiFID 2’s scope;
- FCA will be consulting in December, and again probably in March 2016, on market issues, conduct issues, client assets, systems and controls, enforcement, commodities and the definition of a financial instrument. Consultation on matters covered by the Delegated Act will have to wait until the Commission has adopted the relevant act; and
- FCA will provide help and guidance to firms, but has moved away from endorsing industry guidance.
(Source: FCA MiFID 2 Roundtable October Minutes)