The FCA has published a note reminding that from 3 January 2018, some firms will only be able to carry out activities that require authorisation under MiFID II if they have the required regulatory permissions. The FCA expects firms who have not submitted a complete application by 3 July 2017 to do so without further delay. The FCA will determine complete applications received after 3 July 2017 within 6 months, but it cannot guarantee to do so by 3 January 2018. Such firms will therefore need to have contingency plans in the event that by 3 January 2018 they do not have the required permissions.
View FCA statement on late MiFID II applications, 25 July 2017