The FCA has published the minutes of its MiFID II implementation roundtable held in May 2016. Points of interest in the minutes include: (i) ESMA is likely to do level 3 work on investment research in due course and the FCA requested views on exactly what they consider to require ESMA clarification; (ii) questions were raised around the calculations determining whether a firm is a systematic internaliser, particularly around class and sub-class definitions. The FCA confirmed that ESMA is expected to do some work on interpretative Q&As that will provide additional clarification for firms; (iii) the FCA notes that lack of  single standard for record keeping requirements under MiFID II, MAR and EMIR will create challenges for firms; and (iv) HM Treasury statutory instruments are being revised based on consultation paper responses and EU implementing measures and a feedback statement is expected later in 2016 before the draft legislation is presented to Parliament.