On the first point, the Code is supplanting the existing codes that have been present in the FX market. Importantly, the Code covers all of the wholesale FX industry. This is not a code for just the sell side. It is there for the sell side, the buy side, non-bank participants and the platforms; it reaches around the globe and across the whole industry.
The way it is relevant will depend on the nature of the engagement with the FX market. What this means in practice is that the steps 1/4  BIS central bankers' speeches  different market participants take to align their activities with the principles of the Code will differ, reflecting the size, complexity, type and extent of their engagement with the FX market.