U.K. – FCA MiFID, CRD, Handbook

On 10 November, FCA issued rules in handbook notice 49 on MiFID, CRD IV.

  • Follows December 2015, FCA new rules on secondary trading per MiFID II.
  • And July 2015, FCA new second rule-set on implementation of MiFID II.
  • Handbook notice makes rule changes to MiFID II Guide and IFPRU 2.2. for CRD IV.

MiFID II Guide

  • MiFID II Guide Instrument 2017 (FCA 2017/63) adds new definition to Handbook.
  • The guide is to sit on FCA Handbook website but will not form part of handbook.
  • Instrument comes into force 3 January 2018, in line with remaining MiFID provisions.

IFPRU 2.2

  • Instrument makes changes to Handbook to ensure implementation of Art 83 CRD.
  • It comes into force on 10 November. Feedback to consultation is in Chap 3 of the notice.

E.U. – ESMA Updated FAQs Re: Protection

On 10 November, ESMA added four questions to FAQs on MiFID II investor protection topics.

  • The new question cover topics of post-sale reporting, record keeping and inducements.
  • Clarifies that securities financing transactions are in scope of Art 16(6) record keeping.
  • And that Art 62(1) Del Reg 2017/565 report applies to retail and professional clients.