On January 3, the UK Financial Conduct Authority (FCA) published a document containing general guidance on the authorization process, forms and prudential categories following the FCA’s implementation of the revised Markets in Financial Instruments Directive (MiFID II). The document provides guidance on applications for authorization as a MiFID investment firm made by a first-time applicant and variations of permission by a non-MiFID firm seeking to become a MiFID investment firm.
The document also contains flowcharts to assist MiFID investment firms with determining the prudential categorizations that will apply to them, depending on the regulated activities that they perform and the nature of their businesses.
On January 2, the FCA updated its webpages on change in control notifications (FCA’s Webpage on Change in Control Notifications) and change of legal status applications (FCA’s Webpage on Change of Legal Status Forms) to reflect its implementation of MiFID II, and then on January 3, it also updated its webpage and related webpages on transaction reporting (FCA’s Webpage on Transaction Reporting).
The FCA’s Webpage on Change in Control Notifications announces the publication of new forms to be used by persons wishing to become a controller of a firm authorized under MiFID II. The new forms contain reduced notification requirements that apply where the prospective controllers and the target firms satisfy certain conditions.
The FCA’s Webpage on Change of Legal Status Forms contains new application forms that firms must use from April 1 if they are seeking to change their legal status. The FCA will accept any applications that were already being completed in draft using the previous forms, up until March 31.
A copy of the FCA’s Document is available here.
The FCA’s Webpage on Transaction Reporting is available here.
The FCA’s Webpage on Change in Control Notifications is available here.
The FCA’s Webpage on Change of Legal Status Forms is available here.