The Financial Services Authority (“FSA”) has supported a number of the initiatives contained in the European Commission’s MiFID II proposals, while highlighting a number of issues which the FSA considers to be problematic. The speech indicates concerns that pre-trade transparency requirements may damage liquidity if not calibrated properly, and suggests a phase-in approach based on product markets. Further, it suggests that there are problems with the division of the Packaged Retail Investment Products initiative between MiFID II and the Insurance Mediation Directive, which may lead to diverging standards, and commits the FSA to pushing for more consistency in retail investment. Further, it highlights concerns that third country access restrictions may hurt investor choice and competition, and may cause EU firms to be denied access to third country markets.