Responses to MiFID II Consultation

The Treasury has published a summary of responses to its consultation document on the transposition of the Markets in Financial Instruments Directive 2014/65/EU (“MiFID II”).

MiFID II is intended to improve market structure, the transparency regime for the trading of financial instruments, commodity derivative markets, reporting of transactions to regulators, investor protection and supervisory practices and powers. The deadline for transposition is 3rd July 2017.

The summary outlines the Government’s next steps and includes drafts of the regulations to be introduced. The main draft statutory instrument annexed to the summary is the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017; there are also amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

Once the Regulations come into force in early 2017, market participants will be able to apply to the FCA/PRA for new authorisations or variation of permission. This will give time for the determination of such applications prior to the MiFID II obligations coming into effect on 3rd January 2018.

The summary and Annexes are available here:

https://www.gov.uk/government/consultations/transposition-of-the-markets-in-financial-instruments-directive-ii