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15th December 2015

MiFID II Consultation

FCA consults upon secondary trading of financial instruments whilst Europe decides whether to delay implementation by a year.

The second Markets in Financial Instruments Directive (MiFID II) is set to apply from 3rd January 2017 across all EU member States. In preparation, all Member States must change their laws and regulations in line with the directive six months prior to implementation, by 3rd July 2016.

Whilst the Financial Conduct Authority today confirmed that the European Parliament, the Council of the European Union and the Commission are all in discussion as to whether the implementation date of MiFID II should be pushed back by one year, that is yet to be decided.

As such, the regulator has pressed ahead with issuing the first of two MiFID II Consultation Papers today, with the second Consultation Paper due in the early part of 2016 unless there is a change to the legislated timetable in the meantime.

Secondary Trading of Financial Instruments

This first consultation paper from the regulator deals with issues related to the FCA’s regulation of the secondary trading of financial instruments with views sought from industry members before the closing date of 8th March 2016.

To view the full consultation, click here.

MiFID II Related Reading:

• MiFID II Overview
• Aug15 Update to MiFID II Taping Rules for Financial Advisers
• Oct15 MiFID II: Update on ‘The Road to MiFID’
• Dec15: Complex Products & Appropriateness Testing under MiFID II

MiFID II: FCA Consults upon Secondary Trading of Financial Instruments