Today is the last chance for investment managers to give the FCA their views on how the new MiFID II EU legislation should be implemented in the UK.

Professionals in the sector were asked to contribute to an FCA consultation paper on the new European Markets in Financial Instruments Directive II – known as MiFID II. The closing date for responses is tomorrow.

The implementation of MiFID II had been slated for 3 January 2017 but was delayed a further year and pushed back to 2018 last month.

MiFID was originally introduced in 2007 and the revised regime aims to strengthen investor protection, increase market resilience, reduce systemic risks and increase the overall efficiency and transparency of financial markets.

A significant part of MiFID II takes the form of EU regulations that are directly applicable in the UK without the need for changes to domestic law or regulation.

The FCA has said its consultation paper focuses on areas where it has sufficient certainty about the MiFID II legislation to be able to make proposals for implementation in the UK and seeks views on changes to the FCA Handbook.

The FCA previously stated: “The proposals mainly cover changes to the trading of financial instruments. These include issues affecting trading venues, transparency of trading and algorithmic and high frequency trading.

“There are also proposals covering changes to the scope of the application of the FCA’s Principles for Businesses and the supervision of the new Data Reporting Service Providers category of firms.”