MiFID II Update
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MiFID II Update from TSO — Publisher for FCA
The Markets in Financial Instruments Directive II (MiFID) is the framework of EU legislation for investment intermediaries that provide services to clients that are collectively known as 'financial instruments'.
MiFID was applied in the UK from November 2007, but is now being revised to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection.
The changes are currently set to take effect from 3 January 2018, with the new legislation being known as MiFID II this includes a revised MiFID and a new Markets in Financial Instruments Regulation (MiFIR).
Firms needs to be ready to comply with MiFID II from January 2018 (the effective date). Implementation date is 1st July 2017.
The FCA are extending out the type of firms that will be subject to MiFID II from MIFID, meaning many more firms will be obliged to comply.
The FCA are in the process of changing the FCA Handbook to implement MiFID II. They expect to publish two policy statements in March and June 2017 finalising the changes to the Handbook on their website.
Firms can find out more about FCA MiFID II implementation by visiting https://www.fca.org.uk/markets/mifid-ii where they can also subscribe to a MiFID II mailing list for updates ahead of 3 January 2018
There are two ways to ensure that you have the most current FCA Handbook:
- Subscribe to the Handbook as a whole or in select parts (details below)
- Make sure that you have registered your email address on the FCA website