![FCA chief executive Andrew Bailey has urged firms to press ahead with plans to prepare for Mifid II](https://assets.fnlondon.com/2016/07/IMG012128_full4x3.jpg)
The Financial Conduct Authority has issued a stark reminder that UK firms must press ahead with work to implement the EU's sweeping Mifid II reforms, despite hopes in some quarters for a bonfire of regulation as the country disentangles itself from the bloc in the wake of the Brexit vote.
In its second consultation paper on Mifid II published on July 29, which put position limits and reporting for commodity derivatives among key areas under the spotlight, the FCA made clear that European regulation is still a top priority in the wake of the vote.