The FCA held an “Implementation Roundtable” meeting on MiFID II on 17 July. The minutes were published a couple of weeks ago, and can be found here. There are a few items of note for those in the energy and commodities sector:
- Point 6a refers to the regime for Energy Market Participants (EMPs) who are not MiFID regulated. Since we do not yet know the final Regulatory Technical Standards(RTS) for MiFID II, this scope is unknown.
- Point 6b refers to transitional provisions, and that in most cases these will not apply. However, they may well apply to those who lose their exemptions under the final MiFID II RTS.
- Point 6e refers to the position limit reporting regime (which is also part of MiFID II). There is a commitment by the FCA to work with the exchanges on this.
The final RTS is eagerly awaited by the energy and commodity trading industry.