The UK’s Financial Conduct Authority have published their “Business plan” for 2017/2018 (see here) as well as a “Mission” document (see here). The statement in the business plan by Andrew Bailey, CEO of the FCA on page 11, alludes to the FCA’s role in MiFID II, which is significant. In addition, looking at the “Our role” section on page 15 outlines some of the key priorities of Brexit including:
- Cross border market access
- Consistent global standards
- Cooperation between authorities
- Influence over standards
This article on The Telegraph web site discusses the statement.
Those in energy and commodity trading will be particularly interested in the practical consequences of the financial rules which apply to them, such as EMIR, MiFID II and MAR. With the implementation of MiFID II on 3rd January 2018, and the Brexit the year after, it will be important to understand the “end state” of the rules, or at least the direction of travel, preferably whilst designing any medium or long term solution.