FCA has published a near final version of many of the rule changes to implement MiFID 2. The rules it has now more or less finalised relate to:
- data reporting services providers (DSRPs) – a new category of firm;
- position limits and reporting for commodity derivatives; and
- systems and controls requirements for firms that provide MiFID investment services.
It has not yet finalised the conduct of business or client asset rule changes, nor the perimeter guidance, and says it will do this in June.
FCA is now encouraging applications from firms who are affected by the MiFID 2 changes, saying they should not wait any longer, as FCA does not expect to make many changes to the rules it has now published.
Alongside the near final rules, FCA has confirmed it has given some further thought to the proposed requirements on telephone taping, and has confirmed it will allow retail financial advisers to comply with the “at least analogous” requirement by either taping calls or taking a written note of them.
To finish off a busy day on the MiFID 2 front, FCA also published a fifth consultation paper on MiFID 2, with proposed new rules for the non-MiFID business of OPS firms and looking at FCA’s disciplinary and enforcement powers. The paper also covers guidance on using third parties when firms need to send FCA reference data or position reports, and includes various consequential changes to rules. It wants comments on this paper in part by 12 May and otherwise by 23 June.