FCA publishes second MiFID II paper

Added 29th July 2016

The Financial Conduct Authority (FCA) has published its second consultation paper on the implementation of MiFID II in the United Kingdom.

FCA publishes second MiFID II paper

MiFID II will come into effect on 3 January 2018. The paper published today forms part of the FCA’s process to make the necessary changes to the FCA’s Handbook to implement it.

The paper covers a range of issues including position limits and reporting for commodity derivatives, systems and controls requirements for firms providing MiFID investment services and client asset protections.

The FCA published its first consultation paper on MiFID on 15 December 2015, mainly covering markets issues. There will be one more consultation paper this year, focused on changes to the FCA's Conduct of Business sourcebook.

MiFID II revises the original directive to improve investor protection, promote market integrity, and to meet G20 commitments on reforming and strengthening derivatives markets.

“MiFID II contains important measures to enhance investor protection and bolster financial stability," said Andrew Bailey, chief executive of the FCA. "It reflects recent themes of UK conduct regulation, such as improved controls on the manufacturing and distribution of financial products, and it implements the international commitments the UK entered into to reform derivatives markets following the financial crisis," continued Bailey.

He added: "As we said in our statement following the EU referendum, firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect.”

The original MiFID was introduced in 2007 and it set the regulatory framework for the buying, selling and organised trading of shares, bonds, units in collective investment schemes and derivatives across EU.

The closing date for responses to consultation paper is 28 October 2016.

 

Sponsors

Overseas earners will be key amidst 2017 inflation

Sponsored by Neptune

Overseas earners will be key amidst 2017 inflation...

A by-product of sterling weakness is inflation, and we expect this to continue to gather steam over the coming months, with energy and food prices the hardest hit....

Kames Income Hub

home_research_centre

Vincent McEntegart, manager of the Kames Diversified Monthly Income Fund, explains how he aims to deliver a stable and sustainable income of 5% p.a.*, paid monthly, by investing in a range of asset classes

Square Mile Research

AXA Distribution Fund
AXA Distribution Fund

Talking Factsheets is a video service for users...

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

Profiles

Viewpoint

Investment Strategy

Feature

Tweets

Events

PA Alternative Ucits 2017
PA Alternative Ucits 2017

Tuesday 25 April
The Langham, London

PA Europe 2017
PA Europe 2017

Thursday 11 May 2017
Furniture Makers' Hall

PA Channel Islands 2017
PA Channel Islands 2017

Wednesday 24 May
Royal Yacht Hotel, Jersey

PA UK Equity 2017
PA UK Equity 2017

Thursday 15 June
Radisson Blu Edwardian Bloomsbury Street Hotel

Sponsored Content

Investment Strategy

OTHER STORIES FROM LAST WORD...