The Financial Conduct Authority (FCA) has published its final policy statement on the implementation of MiFID II for UK firms, including setting out requirements for inducements and investment research, as well as taping.
MiFID II, which comes into force on 3 January 2018, is intended to help improve the functioning of the European Union (EU) single market by achieving a greater consistency of regulatory standards and improving investor protection. However, the FCA said in its policy statement that in some cases it is imposing additional requirements to help promote investor protection and market integrity, while avoiding distorting competition between different types of investment firms. For example, extra rules will be needed to maintain its existing Retail Distribution Review (RDR) adviser charging and...
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