United Kingdom (and EU regulation)

Minutes of FCA MiFID II implementation roundtable (26 May 2016)

The FCA MiFID II implementation roundtable minutes for 26 May 2016 have been published.

Among other things the minutes note:

that the European Securities and Markets Authority (ESMA) is expected to do some work on interpretative Q&As that will provide additional clarification as to whether a firm is a systematic internaliser, particularly around class and subclass definitions;
that ESMA is likely to do Level 3 work on investment research in due course;
the European Commission’s decision not to require publication of data on costs reflected views from Member States who were concerned the information was commercially sensitive. More broadly judgements about whether data pricing complied with the obligation to be on a reasonable commercial basis was something that would be examined through the on-going supervisory relationship; and
further clarity on whether crossing of orders by investment managers is a multilateral system is likely to be addressed in ESMA’s Level 3 Q&A in the autumn.