There has been published on the legislation.gov.uk website, The Financial Services and Markets Act 2000 (FSMA 2000) (Markets in Financial Instruments) (No 2) Regulations 2017 (the Regulations). The Regulations complete the UK implementation of MiFID II and also correct minor errors in the UK implementation of the Market Abuse Regulation.
The Regulations do three main things:
- revise the FSMA 2000 (Regulated Activities) Order 2001 to clarify what will happen in the event that a commercial firm trading commodity derivatives fails the ancillary exemption test;
- extend the period during which firms undertaking activities relating to structured deposits can submit a notification letter rather than a variation of permission and open up a window for EEA firms to make a notification to top up their permissions; and
- tidy up various points in the original UK legislative drafting.
The Regulations come into force on 3 January 2018 (except Regulations 10 to 38 which come into force on 2 January 2018).