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FCA consults on Mifid II implementation

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The FCA has published its first consultation paper on the UK’s implementation of Mifid II.

The new rules are set to come into force from January 2017, although senior European officials have mooted a delay to 2018. The regulator’s paper focuses on parts of the reforms it describes as having “sufficient certainty” to make proposals for implementation.

In particular, the FCA is seeking to understand the implications of proposals on trading venues, transparency of trading, and algorithmic and high frequency trading.

There are also proposals covering changes to the scope of the application of the FCA’s principles for businesses, which are to be updated for eligible counterparties.

The closing date for responses is 8 March.

It comes after trade bodies complained that although the European Securities and Markets Authorities had published final regulatory technical standards for the incoming rules, significant uncertainty remained.

The FCA has promised a further consultation on parts of the directive that remain less clear, such as conduct of business issues, in the first half of next year.

The PRA is also set to launch a separate consultation on likely changes to its own rulebook next year.

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