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MiFID II - the (almost) final detail

FCA publishes 2nd policy statement and 6th consultation paper

· Regulatory update,MiFID II

Today the FCA published in final version the new rules that will apply to firms from 3 January 2018 as a result of MiFID II.

However, this is not the final instalment expected. The FCA has issued a surprise 6th consultation paper, CP17/19, which will be relevant to firms using prospectuses or exchanges (RIE’s OTFs, MTFs), and we will have to wait until November before that is finalised.

In terms of what is finalised, the policy statement, PS17/1, details most of the consumer-facing rules, providing answers to outstanding questions on operational rules such as:

  • how the telephone recording rules apply to firms
  • the range of products to which appropriateness rules apply
  • the detail of the new product governance rules
  • the extent of transaction recording

With over 900 pages of rules, on top of the policy statement itself, there is a lot for firms to take in.

If you want to arrange for any support, whether listed above or something bespoke, just let us know. You can contact Gillian or Richard directly, or a member of the wider BWB team.

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