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FCA urges UK brokers to file for MiFID II authorization

The Markets in Financial Instruments Directive (MiFiD II) introduces some important changes to financial services regulation in the UK. In a notice issued on Monday, FCA encourages firms carrying out activities covered by MiFID II within the country to submit applications for MiFID II authorization by 3 July 2017.

 

The UK financial regulator reminds that MiFiD II will come into effect on January 3. 2018, and if investment firms continue to provide services covered by it in the country without the required permissions, they may face civil, regulatory and/or criminal consequences.

 

We expect firms to be busy considering what impact MiFID II will have on their business and to act accordingly,” the FCA says in the statement.

 

As UK will no longer be part of the EU, some firms will need to be authorized for the first time, others should amend their current permissions. It is utterly important that those companies submit their applications within the fixed term. The applications for authorisation or a variation of permission in question are envisaged in Part 4A of the Financial Services and Markets Act 2000 (FSMA). Should you need any further information, you can check out the special user guide with step-by-step instructions via the link on FCA’s website.

 

In addition to the applications for MiFID II authorization, the implementation of the Directive also involves a number of transaction reporting requirements and other wide-ranging measures designed to improve investor protection and promote market integrity and transparency. Also, certain binary options will be regulated by the FCA rather than the Gambling Commission. 

TAGS: FCA  UK  MiFID II  regulation 

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