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MiFID II and MiFIR status - UK implementation 

MiFID II is required to be transposed into UK law by 3 July 2017. MiFIR will have direct effect.

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 VI (CP17/19) published 3 July 2017

Consultation closes 7 September 2017. The FCA are expected to finalise the rules in November 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.

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

A second policy statement is expected to be published at the end of June 2017

MIFID II implementation – reporting on conduct of business and client assets

Policy Statement II (PS17/14) published 3 July 2017

Final rules

Q&As

Q&As containing information on position limits and position reporting for commodity derivatives FCA Q&As on MiFID II commodity derivatives published 9 August 2017 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


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

 

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