The quite equivalent will be the FIFA 20 Formations 5-2-1-2. This sees one of the most central midfielders moved up to an attacking midfield part, meaning that the whole midfield and attack have to contribute to the defensive work. Again, your strikers really should press the defense and the central midfielders should hold their position, but what you do with the CAM is much extra tricky. You could modify his positioning freedom to "free roam" so he can pop up out wide from time-to-time, but if he remains central, he could discover space to play inside the strikers or shoot from the variety. Your two central midfielders will need lots of energy to cover in the wide regions as will the wing-backs to charge up and down the flanks.
FIFA Expert's recommended work rates:
Right Back – Medium Attacking / High Defensive
Left Back – Medium Attacking / High Defensive
Right CB – Low Attacking / High Defensive
Left CB – Low Attacking / High Defensive
Right Mid – High Attacking / Medium Defensive
Left Mid – High Attacking / Medium Defensive
Central Mid – Low Attacking / Medium Defensive
Right CAM – Medium Attacking / Medium Defensive
Left CAM – High Attacking / Low Defensive
Striker - High Attacking / Low Defensive
Strengths: Definitely has a case for claiming to be the best formation for retaining possession of the ball as it has a bit of everything. The wide players provide key width to your play and the CM acts as the main playmaker which can provide the 2 CAM's with ample space to join in with the ST to create plenty of goal scoring opportunities.
Weaknesses: The main problem which most people will find with this formation is the CM can sometimes become a little lost and caught out of position if you're not used to using them as the focal point of your play. The tendency is to try and get the 2 CAM's involved quicker which can backfire as they won't have as much space to play. RM & LM's with low defensive work rates can leave you exposed on the wing so try to have a medium for both attacking and defensive work rates for these players.
Key player/position: CAMs. If used correctly and taken full advantage of you will be able to work plenty of room for your 2 CAM's to cause lots of problems for the opposition defense. Unless there are 2 CDM's on the opposite team (not many formations will have this) then the 2 CAM's are going to find lots of open space to play in which in turn can be very beneficial for your team and the attacking opportunities this will provide.
Most suited style of play: Possession play and a slow-paced build-up passing style.