The FCA has published the minutes from its MiFID II roundtable held on 6 January.
- It expects greater clarity on a possible delay to the date of application for MIFID II this month.
- It notes that the College (ie all competent authorities) accepts the case for a delay. This will make it harder (in our view) for the European Commission not to agree to a delay.
- It is unclear whether any legislative proposal from the European Commission will include substantive changes to the Level 1 text.
- It stressed the importance of firms’ keeping the momentum going on preparation for MiFID II despite the potential for the delay and was looking at how best to communicate this to market participants.
- Delegated acts and technical standards should be finalised shortly, providing further clarity to the industry.