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.