MiFID II - Policy Statement I

We published the Markets in Financial Instruments Directive II Implementation – Policy Statement I on 31 March 2017. We also published a fifth consultation paper on this topic, to seek views on a further set of proposed changes to the FCA Handbook.

1. Overview

This Policy Statement sets out our near final rules in the areas that we consulted on in CP15/43 (where we consulted mostly on markets issues) and CP16/19 (where the main issues consulted on were systems and controls, client assets and commodity position limits). It also covers a small number of issues we consulted on in CP16/29 and CP16/43 and we also provide an update on our thinking on our proposals for recording of telephone conversations covered in CP16/29.

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Next Steps

In June, we will publish a second Policy Statement covering the remaining issues such as conduct of business, changes to the scope of the application of the principles for businesses and perimeter guidance, and client asset protections.