The FCA has published a new web page concerning applications for authorisation and variation of permissions as a result of MiFID II.
Among other things the FCA states:
“Firms who need to change their regulatory permissions as a result of MiFID II should submit a complete application for authorisation or a variation of permission now, to ensure that we can determine it before MiFID II takes effect. We expect firms to be busy considering what impact MiFID II will have on their business and to act accordingly.
“To be sure that we can determine an application in time for 3 January 2018, it needs to be complete by 3 July 2017. Most applications are not complete when they are submitted. Firms who have not already done so should therefore submit applications as a matter of urgency to help us identify as soon as possible what, if any, further information is needed to complete the application. We cannot guarantee that any application which is only complete after 3 July 2017 will be determined by 3 January 2018.”
The web page goes on to describe at a high level the consequences of acting without authorisation.
View MiFID II: applications for permissions needed now, 19 June 2017