On 29 June 2015, the FCA published the minutes of a MiFID II implementation roundtable that took place on 8 June 2015. Key points in the minutes include:

  • the European Commission (the Commission) continues to work towards the adoption of the delegated acts which is likely to happen in July or September 2015. The European Parliament and the Council of the EU (the Council) will then have at least three months to scrutinise the delegated acts. If they do not oppose the delegated acts, the Commission hopes they will be published in the Official Journal of the EU (the OJ) in early 2016;
  • as set out in previous correspondence between the Commission and the European Securities and Markets Authority, the majority of the draft technical standards (draft TS) will be sent to the Commission in late September 2015. The Commission will then have up to three months to endorse the draft TS. When endorsed the European Parliament and the Council will have a period of at least three months in which to scrutinise the draft TS. If they do not oppose the draft TS the Commission hopes that they will be published in the OJ in the first part of 2016;
  • to make the changes it needs to make to implement MiFID II the FCA has five workstreams being authorisations and supervision, transaction reporting, position reporting, transparency calculations and policy;
  • to ease navigability of the MiFID II consultation paper that the FCA hopes to publish this December, the intention is to split it into two documents, one covering mainly conduct issues (both retail and wholesale) and the other mainly markets issues; and
  • the FCA is planning another MiFID II conference on 19 October 2015 and whilst the agenda is still being planned it is likely that it will cover mostly markets-related and wholesale conduct material.

View Minutes of the meeting of the MiFID II implementation roundtable, 8 June 2015