On 29 August 2023, the FCA updated its statement on the share trading obligation (STO) to announce that it has revoked its transitional direction for the STO under the UK Markets in Financial Instruments Regulation (UK MiFIR).

The FCA explains that, with effect from 29 August 2023, the STO (which is set out in Article 23 of UK MiFIR) was revoked by the commencement of provisions in the Financial Services and Markets Act 2023. As a result, the UK STO ceases to be an obligation that firms need to comply with. The FCA is therefore revoking the direction it introduced under the temporary transitional power that modified the application of the STO.