The FCA has published a letter it has sent to the UK operators of trading venues on the issue of pre-trade transparency waivers, setting out the process for waiver applications in the UK under MiFID II and MiFIR. The letter notes that trading venues should submit their waiver applications to their relevant competent authority by 1 February 2017 at the latest for equity and equity-like instruments and by 1 June 2017 at the latest for bonds and derivatives. The FCA also explains that it intends to publish a guide in January 2017, providing further information about the process of MiFID II/MiFIR applications and notifications in the UK. This will cover, among other things, the interaction of the process waiver applications with the process of an application to be authorised or to extend a permission.

View FCA writes to operators of trading venues on UK process for pre-trade transparency waivers, 20 December 2016