The UK's Financial Conduct Authority has published its final consultative paper on the subject of the implementation of the EU's second Markets in Financial Instruments Directive which covers a range of broadly technical matters left over from previous papers.

• Specialist regimes. The "conduct of business" (COBS) part of the rulebook contains a number of tailored conduct regimes (covering MiFID and non-MiFID business) for specialist types of designated investment business. The FCA is focusing on non-MiFID investment business to which some MiFID-derived 'conduct' rules apply.
• Tied agents. The FCA wants to "reflect" changes in MIFID II to the part of its that deals with tied agents and appointed representatives.
• Growing markets. The CP contains proposals for rules regarding MiFID II's upcoming "small-to-medium enterprise growth markets regime," with instructions about how to register such a market.
• Market data. The FCA is proposing new guidelines to govern the scope of the Approved Reporting Mechanism regime, the circumstances in which trading venues can make transaction reports using ARMs and the circumstances in which Data Reporting Service Providers (DRSPs) should be required to undertake annual 'assurance' reviews of their compliance with the DRSP regime, verified in each case by a member of the DRSP's management body. The CP contains other guidelines to cover certain aspects of the use of ARMs.
• Miscellaneous changes to the rules. The FCA wants to reform its 'perimeter guidance,' be clearer about the territorial reach of its rules regarding remuneration, training and competence, and amend its Banking Conduct of Business Sourcebook to accommodate another consultative document, CP16/29, in relation to structured deposits.
• Fees. The FCA wants to open an 'authorisation gateway' in January to help firms, with a transitional rule for fees.
• Forms. The CP provides feedback on the changes to Form A that it proposed in CP16/29.