Some of the areas in which firms are the keenest for greater clarity are transaction reporting, understanding where information on which instruments are traded on venues will come from and the overlap between MiFID and RDR.
It was agreed that TAs would speak to their members and come back to the FCA with the key issues on which firms want greater clarity.
This was on the clear understanding that there was a diversity of interests around the table, and that, on some of the issues, it is probable that information will not be available until after the implementing measures are finalised … even later in some cases.
Other interesting titbits:
- Adoption of the delegated acts is likely to happen in July or September
- The final versions of the draft TS will be approved at the September ESMA BoS
- FCA has 5 workstreams: authorisations and supervision; transaction reporting; position reporting; transparency calculations; policy
- There have been over 100 responses to DP on MiFID-related conduct issues. Next 2 CPs due in time for Xmas (again ;-)!
- FCA cautious about offering an inbox for queries because of the likely volume of emails it would receive