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 instruments	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 SYSC, EG, DEPP, COMM, SUP and CASS)	Consultation paper II (CP16/19) published 29 July 2016	Consultation closed 28 October 2016
Conduct of business, inducements and research	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 (including specialist regimes, SME growth markets, market data and fees)	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 for Occupational Pension 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 – reporting on CP15/43 and CP16/19 and some issues from CP16/29 and CP16/43	Policy Statement I (PS17/5) published 31 March 2017
MIFID II implementation – reporting on conduct 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 PRA Policy Statement (PS 29/16) - MiFID II: Response to CP9/16 published 27 October 2016 Appendices: 1. Passporting instrument 2016 2. Algorithmic trading instrument 2016	Consultation closed 27 May 2016
Covering MiFID II management body requirements and key organisational requirements which will apply to MiFID 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 3. Glossary instrument 2017 4. General provisions instrument 2017 5. Internal Governance update - SS21/15 6. Third country equivalence aspects of the credit risk provisions in the CRR and recognised exchanges update - SS20/13 7. Credit risk mitigation update - SS17/13	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

HM Treasury policy statement on MiFID II implementation published 9 February 2017

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:

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