FCA Urges Buy Side to Make Assumptions on Mifid II Provisions
FCA speaker says regulators would punish firms that did nothing ahead of Mifid II, but not the ones that tried but failed.

Regulators are expecting the industry to make all reasonable efforts to be ready by January 3, 2018, Hanks said in his keynote speech, while recognizing the challenges firms face in building compliant systems because the directive is still at level 3 and therefore some parts remain unclear.
“The key is to make a sensible set of assumptions, write them down and work on that basis,” he said. “We will not be taking action against firms who tried and failed if their decisions were based on these
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