In the “Latest News” part of the FCA’s MiFID review webpage there is a link called “Focus of the FCA”. The link provides a helpful summary regarding the action the FCA and HM Treasury will be taking to implement MiFID II.
The FCA states that the changes to the FCA Handbook will need to be in place by the middle of 2016. It is likely that the FCA’s formal consultation on Handbook changes will not take place until the end of 2015. However, the FCA will be engaging on certain aspects of the changes it needs to make ahead of this formal consultation. In particular, the FCA states that it expects to issue a discussion paper towards the end of Q1 2015 which will seek views on various issues relating to conduct of business.
The FCA also states that HM Treasury is looking to issue a consultation in Q1 2015. The FCA mentions that the topics covered by the HM Treasury consultation will be disparate but will include:
- changes to the boundaries of UK regulation through amendments to the Regulated Activities Order;
- an authorisation regime for data reporting service providers;
- changes to the FCA’s supervisory powers (including for position limits);
- implementing the third country branching provisions; and
- changes to the requirements to be met by recognised investment exchanges.
HM Treasury will also be leading the UK representation at MiFID II transposition workshops that the European Commission is organising for Member States.
View MiFID review, 13 January 2015