PRA has published the minutes from the additional meeting of the Foreign Exchange Joint Standing Committee (FXJSC) held on 22 April. The meeting approved the fatal flaw feedback for submission to the DBIS FX Working Group (FXWG) on the draft sections of the Global FX Code. There was also a presentation by FCA’s Edwin Schooling Latter in which he noted that ancillary FX derivative and spot transactions to transactions in MiFID are subject to best execution rules. He also discussed the different obligations arising from various types of relationship between market participants, namely agents, principals or principals with some discretion. (Source: PRA publishes FX minutes)