Le 19 octobre, le FCA a organisé une conférence MIF2 à Londres. Voici les points clés du discours de David Lawton, Director of Markets Policy & International.
- RTS timing: He notes that if the EC, Council & EP don’t require changes, the Technical Standards (TS) could be finalised in 1Q16.
- DA timing: He said that the EC “has not yet reached a position where it has been able to finalise and publish the Delegated Acts” and he points out that November or December now “look much more likely”.
- Domestic rules: He confirmed that the FCA is looking to publish a first CP in December and one more in early 2016. Lawton pointed out that certain firms, such as those who will be considered to be running OTFs, firms engaging in speculative commodity derivatives trading and HFT firms, will have to be registered for the first time, and the FCA will start making application forms available in early 2016. Implementations into local law of rules which are not in the form of a regulation have to take place by 3rd July 2016.
- Risk of delay: Lawton acknowledged that the timeline “is universally recognised as challenging. For everyone. Regulators included”, however he pointed out that NCAs cannot answer the question of implementation delay as it is for the EC and co-legislators to decide.
- Implementation: He highlighted that “firms should already be preparing for January 2017, based on the best available knowledge we have today”.
The FCA is expected to publish recordings of the discussions on its webpage in due course. The EC looks set for a very busy Q4, with the publication of the DAs and the adoption of ESMA’s TS both expected by year-end.