The combination of senior management and systems and controls requirements for firms in a directive and regulation means that FCA rules are used to onshore the provisions in the directive. As such, the approach to onshoring MiFID II retains the familiar approach of the common platform and the following:
- ● the application of common platform requirements in SYSC 1 Annex 1 Part 3 and Table B for MiFID optional exemption firms;
- ● chapter SYSC 10Aon recording telephone conversations and electronic communications;
- ● section SYSC 18.6 on the whistleblowing obligations imposed upon MiFID investment firms which includes a signposting mechanism pointing firms to similar obligations derived from other single market legislation; and
- ● section SYSC 19F in respect of remuneration and performance management of sales staff.