The Markets in Financial Instruments Directive II (MiFID II) takes effect on 3 January 2018. This consultation paper (CP) forms part of our process to make the necessary changes to the Handbook to implement it.
This CP is split into two parts:
Our proposals pick up on several of the themes of our recent work in the UK on retail and wholesale conduct issues. They also reflect areas that we have worked on to promote competition and market integrity.
We have published two previous CPs on MiFID II implementation:
Our proposals will affect a wide range of firms we authorise and recognise, as well as unregulated entities trading commodity derivatives. Firms particularly affected will be:
Consumers have a clear interest in financial markets that operate fairly and transparently, which is the rationale for the proposals in this consultation. The conduct of business rules and product governance rules will be of greatest relevance to consumers.
This consultation has now closed. We will consider your feedback and publish our rules in a Policy Statement in the first half of 2017.
A fourth consultation paper on MiFID II implementation was be published in December 2016.