FCA Frustrated with preparations for MiFID 2 – 22nd Sept 2014
David Lawton, the Financial Conduct Authority’s director of markets, has warned UK firms against waiting to begin their implementation plans for the reformed MiFiD regime until every last detail of the new rules is clear. Speaking to an FCA conference on the re-cast Markets in Financial Instruments Directive (MiFID II) and the new Markets in Financial Instruments Regulation (MiFIR), together dubbed ‘MiFID 2’, he said firms must make appropriate internal changes as soon as they understood what was expected of them. “Now is the right time to discuss the direction of travel on the final rules, and consider the path to implementation,” Lawton told them. “…failing to prepare will not be considered acceptable.” When the European Securities and Markets Authority’s consultation process on the “level 2” secondary legislation is complete, it plans to publish detailed rules, called technical standards, in late 2015 or early 2016, at which point the FCA will consult on changes to its own rulebook.