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FCA Highlights Poor Data Quality 

January 12, 2016

Markets Media

A meeting hosted by the Financial Conduct Authority, the UK regulator, warned that a delay in the implementation of MiFID II will not solve the problems in the quality of data needed to comply with the new European regulations covering financial markets.

The FCA held a roundtable for trade associations on MiFID II implementation on 6 January 2016 and published the minutes today.

“The challenge of the lack of quality data for the application of various provisions in the legislation including pre and post-trade transparency was noted by one association,” said the minutes. “Even if there was to be a delay to the date of application, that would not solve these data problems.”

The legislative text says MiFID II is due to come into force in January 2017 but the European Securities and Markets Authority has asked for a delay of one year. The regulator’s request has to be approved by both the European Parliament and Council, which could happen this month.

The minutes said: “The FCA stated that although there had been significant public discussion of MiFID II’s date of application, there had not been the same discussion of other dates in the legislation and it was therefore not clear if these dates will also change. Read more

 
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