The following Financial Services Q&A provides comprehensive and up to date legal information covering:
This Q&A explains when and how a UK firm should apply for authorisation or a variation of permission (VoP) under the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). Firms that carry on MiFID II activities without the necessary permissions may face civil, regulatory and/or criminal consequences. More detailed information can be found in the MiFID II application and notification user guide that was published by the Financial Conduct Authority (FCA) in January 2017. The Prudential Regulation Authority (PRA) has also produced a document setting out the authorisations process for MiFID II.
From 3 January 2018, the Markets in Financial Instruments Directive (MIFID) will be replaced by a new Directive (MiFID II) and Regulation (MiFIR). MiFID II and MiFIR (the level 1 legislation) will be supplemented by detailed rules adopted by the European Commission in the form of delegated or implementing regulations or directives (the level 2 legislation). Once implemented, the new legislation will lead to a reshaping of EU financial markets, the products and services investment firms provide and the relationship between the firms and their customers.
As a directive, MiFID II will need to be transposed into the law of each Member State, including the UK, by 3 July 2017, while MiFIR will have direct effect as a regulation.
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