There has been published the minutes of a MiFID II implementation roundtable held at the FCA on 14 September 2015. Among the points raised in the minutes:
- the European Commission (the Commission) has not yet adopted the MiFID II Delegated Acts. With a process of internal consultation within the Commission still to be gone through and the need for translation of the texts, it now seems unlikely that they will be adopted before the beginning of November 2015 at the earliest;
- the MiFID II regulatory technical standards (RTS) were submitted to the European Securities and Markets Authority (ESMA) Board of Supervisors (BoS) meeting on 24 September for approval;
- due to the lack of certainty concerning the legislative timetable (which inhibits policy development in certain areas), the timetable for the FCA’s planned December 2015 consultation on Handbook changes may change. More will be known depending on the outcome of ESMA’s September BoS meeting and once the Delegated Acts are published;
- one possibility being considered by the FCA is to issue one Consultation Paper (CP) in December 2015, on issues where there is certainty, and then to consult in a second CP early next year on other issues;
- the Financial Advice Market Review (FAMR), which will examine how the market for financial advice could work better for consumers, is due to report in early 2016 and will likely touch on issues which are relevant to aspects of MiFID II;
- although there have been delays to some elements of the EU legislative timetable, there can be no assumption that the July 2016 transposition deadline or January 2017 date of application will change;
- on the eventual form of the new FCA Handbook text and rules, the FCA explained that work is underway on a wider project to make the Handbook more navigable and user friendly and work on MiFID II implementation will need to be consistent with this;
- the FCA noted it will be undertaking a cost benefit analysis (CBA) for aspects of MiFID II implementation where it has some degree of discretion. In this regard, a questionnaire, to inform the CBA for consultation, will shortly to go out to firms;
- the FCA MiFID II conference, which will be largely focussed on wholesale issues, will take place on 19 October 2015 at the ExCel centre in London; and
- because of work on the draft RTS ESMA has had little time to start work on level 3 material to aid firms’ understanding of MiFID II.
The roundtable minutes also provide an update on the implementation of the Market Abuse Regulation, for which the FCA notes that its MAR team is expected to issue its CP to enable changes to the FCA Handbook in late October or early November 2015. Separate MAR round-table meetings with Trade Associations are being planned for towards the end of the year / early 2016.
View Minutes of the meeting of the MiFID II implementation roundtable, 25 September 2015