MiFID II and MiFIR status - UK implementation and Brexit
MiFID II was required to be transposed into UK law by 3 July 2017. MiFIR had direct effect.
UK Legislation
- The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (March 2017) and transposition note
- The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2017 (March 2017) and transposition note
- The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (June 2017) and explanatory memorandum
- The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (December 2017)
- The Data Reporting Services Regulations 2017 (June 2017) and explanatory memorandum
FCA
Topic |
Consultation/Policy Statement |
Status |
Consultation/Discussion papers |
||
Secondary trading of financial |
Consultation paper I (CP15/43) published 15 December 2015
|
Consultation closed 8 March 2016 |
Conduct of business and organisational requirements |
Discussion paper DP15/3 published 26 March 2015
|
Consultation closed 26 May 2015 |
Handbook Changes (including SUP and CASS) |
Consultation paper II (CP16/19) published 29 July 2016
|
Consultation closed 28 October 2016 |
Conduct of business, |
Consultation paper III (CP16/29) published 29 September 2016 |
Consultation closed on 31 October 2016 for Chapter 16 and on 4 January 2017 for remaining chapters. The FCA are expected to publish a policy statement in Q2 2017. |
Handbook Changes SME growth markets, |
Consultation paper IV (CP16/43) published 16 December 2016 | Consultation closed 17 February 2017 (except for the chapter relating to FEES which closed January 2017). |
Changes to conduct rules Scheme firms |
Consultation paper V (CP17/8) published 31 March 2017 |
Consultation closed 23 June 2017 for chapter 2 and 12 May 2017 for chapters 3 and 4. |
Handbook changes | Consultation paper VI (CP17/19) published 3 July 2017 | Consultation closed September 2017. The rules were published in Handbook Notice No. 50 published in December 2017. |
Policy Statements |
||
MIFID II implementation – and CP16/19 and and CP16/43 |
Policy Statement I (PS17/5) published 31 March 2017 |
|
MIFID II implementation – of business and client assets |
Policy Statement II (PS17/14) published 3 July 2017 |
Final rules |
Algorithmic Trading Compliance in Wholesale Markets | FCA Report published 12 February 2018 | Published |
PRA
Topic |
Consultation/Policy Statement |
Status |
Passporting and algorithmic trading |
PRA Consultation Paper (CP9/16) Implementation of MiFID II: Part 1 published 24 March 2016
Appendices:
1. Passporting instrument 2016
2. Algorithmic trading instrument 2016 |
Consultation closed 27 May 2016 |
Covering MiFID II management and non-MiFID business. |
PRA Consultation Paper (CP43/16) Implementation of MiFID II: Part 2 published on 25 November 2016
PRA Policy Statement (PS9/17) Implementation of MiFID II: Part 2 published 29 April 2017
Appendices:
1. Internal governance instrument 2017
2. Notifications instrument 2017
4. General provisions instrument 2017
5. Internal Governance update - SS21/15
|
Consultation closed 27 February 2017 |
Algorithmic trading |
PRA consultation paper (CP5/18) published 12 February 2018
PRA policy statement (PS12/18) published June 2018 |
Consultation closed 7 May 2018 |
HM Treasury
Topic |
Consultation/Policy Statement |
Status |
Transposition of MiFID II in the UK |
HM Treasury consultation on the transposition of MiFID in the UK published 27 March 2015 Annex A - the Main Regulations - (The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 Annex B - The amendments to the RAO Annex C - The Data Reporting Services Regulations 2017 |
Consultation closed 18 June 2015 |
MiFID II and MiFIR in the UK post-Brexit
Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018
This SI is amended by the:
- Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 made on 27.03.2019;
- Financial Regulators’ Powers (Technical Standards etc.) and Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2019 made on 14.03.2019;
- Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019 made on 24.10.2019;
- Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 made and laid on 05.09.2019; an
- Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 made and laid on 05.09.2019.
This SI is subject to the draft affirmative procedure.
Draft published (05.10.2018)
Amended UK Legislation:
- Data Reporting Services Regulations 2017
- Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
- Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
See our Brexit planning: Preparing the UK MiFID regime for Brexit briefing note for further details.
FCA and PRA statements around end of transition period
- FCA statement: Share trading obligation (22 December 2020).
- FCA statement: Brexit – what we expect firms and other regulated persons to do now (31 January 2020)
- FCA update to the Supervisory Statement on the Operation of the MiFID Transparency Regime (4 March 2021)
- FCA Brexit policy statement (PS19/5) and PRA Brexit policy statement (PS5/19) (February 2019). See our UK Regulators Finalise Brexit Rules and Approach briefing note for further details (March 2019)
- FCA statement on the use of the Temporary Transitional Power to modify the UK’s derivatives trading obligation (31 December 2020).
- FCA supervisory statement on the double volume cap (4 March 2021).
UK MiFID II/MiFIR regime – Divergence post-Brexit
- FCA CP21/9 on changes to research rules and best execution reporting requirements (April 2021) – please see our briefing note for more detail.
- FCA statement on supervision of commodities derivatives position limits (20 December 2021)
- FCA policy statement (PS21/20) on changes to UK MiFID's conduct and organisational requirements (30 November 2021) - See our briefing note for further details.