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FCA publishes 2nd consultation paper on MiFID II 

August 2, 2016

Actuarial Post

The Financial Conduct Authority (FCA) has published its second consultation paper (CP16/19) on the implementation of the Markets in Financial Instruments Directive II (MiFID II) in the UK.

The original MiFID, introduced in 2007, set the regulatory framework for the buying, selling and organised trading of shares, bonds, units in collective investment schemes and derivatives across the European Union. MiFID II is revising the original directive to introduce substantial and wide ranging measures designed to improve investor protection and promote market integrity, and to meet G20 commitments on reforming and strengthening derivatives markets.

MiFID II takes effect on 3 January 2018, and this consultation paper forms part of the FCA’s process to make the necessary changes to the FCA’s Handbook to implement it. As much of MiFID II is in directly applicable obligations, the FCA and firms need to fulfil their legal responsibilities from the point they come into force. The consultation paper published today 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. Read more

 
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