On 31March 2017, the FCA published its first policy statement on MiFID II with final rules for firms on a few areas, as well as a fifth consultation paper covering enforcement powers and occupational pension schemes.
Alongside this the FCA is keen to remind firms to submit variations of permission or authorisation applications required as a result of the MiFID II changes.
First Policy Statement
The policy statement(which can be found here) centres on:
The FCA plans to publish another policy statement covering all other areas in June.
There is particularly good news in the FCA’s policy statement for Article 3 Retail Financial Advisers (RFA’s), on the FCA’s approach to telephone taping and recording electronic communications. The FCA has agreed that these firms can apply the requirements proportionately, meaning that only relevant (instead of all) conversations can be taped, or a written note taken at the same time. Rules on the contents of the written note will be published in June. This flexibility will not be available to MiFID investment firms who are categorised as RFA’s.
The FCA will include its final taping rules in its policy statement in June.
Fifth consultation paper
The fifth consultation paper (which can be found here) included a section for Occupational Pension Schemes (OPS), whose overall MiFID exempt status will not change. However, the conduct of business rules currently applied in relation to inducements (and as part of this research), best execution, telephone taping and record keeping will be updated for MiFID II. The FCA will separately publish final rules for OPS firms.
The paper also covered the FCA's new enforcement power in relation to removing individuals from management boards.
The deadline for comments on the OPS firm changes is 23 June 2017. The deadline for comments on all other aspects of the consultation paper is 12 May 2017.
We just sent you an email. Please click the link in the email to confirm your subscription!
OKSubscriptions powered by Strikingly