On 22 September 2021, there was published on the legislation.gov.uk website The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 together with an explanatory memorandum.
The purpose of the Regulations is to address deficiencies in the onshored version of MiFIR in relation to the non-discriminatory access regime for exchange-traded derivatives, which requires trading venues and central counterparties to grant each other non-discriminatory access. In addition, the Regulations amend the low carbon benchmarks regime, which sets out requirements and voluntary standards for firms that administer benchmarks under the onshored Benchmarks Regulation.
The Regulations also make technical amendments to certain exemptions to the financial promotions regime for relevant markets to ensure that they apply to UK markets following the UK’s departure from the EU. The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 specifies exemptions to the financial promotion restriction set out in section 21 of the Financial Services and Markets Act 2000. This includes a number of exemptions (Articles 37, 41, 67, 68 and 69) which concern communications relating to relevant markets (specified in Part 1 of Schedule 3 of the Order). This instrument makes amendments to ensure that the UK is also included in the definition of relevant markets.
The Regulations come into force on 18 October 2021.