United Kingdom (and EU regulation)

Cutover plan for firms migrating to FCA FIRDS and FITRS after the Brexit transition period

By Hannah Meakin (UK) on December 7, 2020 Posted in Brexit, United Kingdom

On 4 December 2020, the FCA issued a new webpage regarding a cutover plan for firms migrating to FCA FIRDS and FITRS after the Brexit transition period.

The webpage explains that:

At the end of the transition period, the European Securities and Markets Authority (ESMA) will switch off the FCA’s access to 2 key systems that are needed to operate the MiFID regime.
The FCA has built equivalent systems for UK MiFID reporting – the FCA Financial Instruments Transparency System (FCA FITRS) and FCA Financial Instruments Reference Data System (FCA FIRDS).
Firms can currently use these systems for testing, however the FCA will be making both systems unavailable from 16 December 2020 until 2 January 2021 while it rebuilds the data. The FCA will then re-launch them with refreshed data in its production environments.
The FCA has summarised the timeline of each system’s availability and outages, and when the systems will be deployed in early January.
Further information (including the timeline) regarding the cutover to FCA FIRDS and FCA FITRS can be found here.