There has been published on the legislation.gov.uk website the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (the Order), together with an explanatory memorandum, transposition note and impact assessment.
The Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to transpose parts of MiFID II. In particular:
- a new specified activity of operating an organised trading facility is created;
- certain derivatives relating to currencies, binary contracts and emission allowances are added as specified investments; and
- the specific activities of dealing in investments as agent (Article 21 of the Order), arranging deals in investments (Article 25 of the Order), managing investments (Article 37 of the Order) and advising on investments (Article 53 of the Order) are applied in relation to structured deposits.
The Explanatory Memorandum to the Order explains that two further statutory instruments will be required for the transposition of MiFID II: the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 and the Data Reporting Services Regulations 2017. HM Treasury expects to lay these shortly.
Our blog on the earlier HM Treasury Policy statement on MiFID II transposition can be found here.