FCA publishes MiFID 2 guide and updates IFPRU

At FCA’s latest board meeting, it made a new guide, the MiFID 2 Guide (to be known as M2G). The Guide takes the form of regulatory guidance under FSMA. FCA had consulted on the guide, which comprises two sections, each setting out how FCA has transposed MiFID 2 and signposting the derivations and context of various requirements. Chapter 1 is addressed to trading venues and DRSPs, and chapter 2 focuses on SYSC requirements. The latter chapter explains how each type of firm (common platform firms and optional exemption firms) must use the application chapter of SYSC to work out which MiFID2 and FCA requirements apply to them.

FCA has also updated IFPRU 2.2 with effect from 10 November, to ensure full implementation of article 83(3) of CRD IV by clarifying that a firm must have adequate financial resources and internal capital where it holds opposite positions in stock-index futures which are not identical in respect of either the maturity or their composition or both.