Regulatory Alerts2016-09-23
Added · Updated
PS17/14: Markets in Financial Instruments Directive II Implementation Policy Statement II
The Financial Conduct Authority finalizes rules for MiFID II implementation, requiring firms to prepare for application on 3 January 2018. The document extends inducements and research rules to collective portfolio managers and non-MiFID discretionary investment management business, while revising client categorization criteria for local authorities opting up to professional client status. It removes the taping requirement for corporate finance business and excludes Alternative Investment Fund Managers from best execution changes, but maintains taping obligations for other investment services. The rules also apply enhanced organizational and client asset standards to non-MiFID firms to ensure consistency and prevent regulatory arbitrage.