Cooperation on transposition and implementation
Working with our stakeholders
In working towards transposition and implementation, we have pledged our commitment to liaise actively and widely on all key aspects of MiFID to ensure that the industry's concerns are taken into account. Various pre-consultation and liaison groups have been set up to discuss the various issues and help us ensure effective application of the requirements in the UK.
MiFID Connect
MiFID Connect is made up of various trade associations whose aim is to ensure that firms in their respective industries understand the requirements of MiFID and are prepared for its implementation.
MiFID Connect aims to help ensure a practical, cost-efficient and market-sensitive approach by firms to implementing MiFID in certain key areas. This will reduce regulatory risk and provide real and tangible assistance to industry in coming into compliance with the new requirements.
The Treasury and FSA are engaging closely with MiFID Connect and meet its steering committee regularly. This ensures all parties are up to date with each other's work; discuss issues of possible concern; and identify issues where specific further work is required.
MiFID round-table
With the Treasury, we hold regular round-table meetings to update industry representatives on the MiFID process and to invite them to raise any concerns or questions they may have. Attendance at the roundtables is broad and ranges from firms and trade associations to lawyers and consultants.
Consultative groups
Three small industry consultative groups have been established to provide a more focused vehicle to discuss MiFID issues. The groups, which meet on an ad hoc basis, focus respectively on markets issues, intermediaries issues and scope issues. Their purpose is to do the necessary 'pre-consultation' before the formal consultation processes on detailed issues. The groups' membership is drawn from firms, trade associations and law firms.
Pre-Consultation Liaison Committee (PRECLC)
PRECLC consists of senior members of trade associations and representatives from the Treasury and FSA. It has been set up to discuss strategies for UK implementation and the state of preparations by the FSA, the Treasury, and by the industry at large and in relation to specific sectors. These meetings do not duplicate the work of the industry consultative groups as they do not discuss technical detail. Instead, they seek to identify and remove blockages to ensure the smooth implementation of MiFID in the UK. PRECLC meets every six weeks or so under FSA chairmanship.
PRECLC meetings
Below are notes of the points discussed and action points from the PRECLC meetings, in PDF format.
| 2007 | 2006 | 2005 |
|---|---|---|
October meeting [PDF] September meeting [PDF] August meeting [PDF] Statement of FSA Supervisory Priorities arising from November Handbook changes May meeting [PDF] April meeting [PDF] March meeting [PDF] February meeting [PDF] January meeting [PDF] |
December meeting [PDF] October meeting [PDF] September meeting [PDF] August meeting [PDF] June meeting [PDF] May meeting [PDF] March meeting [PDF] February meeting [PDF] January meeting[PDF] |
December meeting [PDF] October meeting [PDF] September meeting [PDF] July meeting [PDF] June meeting [PDF] May meeting [PDF] April meeting [PDF] March meeting [PDF] February meeting [PDF] |
Level 3
The MiFID Level 2 measures were formally adopted by the Commission and published in the Official Journal of the European Union in September 2006. The Committee of European Securites Regulators (CESR) and the Commission are now focusing at Level 3 on the ways they can advance convergent implementation and application of the Level 1 and Level 2 requirements by Member States. CESR published its Level 3 work plan on 20 October 2006.
This includes:
- data consolidation;
- transaction reporting;
- passporting and home-host issues;
- best execution;
- inducements; and
- record keeping.
Please refer to related documents for further information.