Focus of the FCA (MiFID II)

On 13 January 2015 the FCA issued an update regarding the actions the FCA and HM Treasury will be taking for the implementation of MiFID II. Three main workstreams were discussed:

  1. FCA MiFID II implementation challenges: The main challenged identified by the regulator revolve around additional firm notifications, new firm authorisations, variations of permissions, transaction reporting, commodities position reporting and provision of information to ESMA.
  2. Key dates for FCA Handbook changes: The FCA anticipates issuing a discussion paper on various issues relating to conduct of business by the end of Q1 2015. A formal consultation on the changes is expected by the end of 2015 as implementation is required by mid 2016; and
  3. Legislative changes: The Treasury anticipates consulting on the changes in Q1 2015.

The European Commission will be organising MiFID II transposition workshops for Member States in January 2015. The UK representation of these workshops will be led by the Treasury and is aimed at helping Member States transpose MiFID II in a timely, consistent and legally sound manner.

Regulated firms should keep track of the upcoming changes that will result from the implementation of MiFID II. Although the Directive will come into force in 2017, transposition can in some cases be a lengthy process which firms should consider as early as possible in order to avoid regulatory penalties.

Cleveland Ventures can assist firms with implementation of MiFID II, so do get in touch.

To view the full FCA article please go to this page and follow the “Focus of the FCA” link.

Should you require any further advice or information on MiFID II, Cleveland & Co, your external in-house counsel, are here to help.

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