FCA has published the form firms that already hold certain investment-related permissions should use to notify it that they wish to sell or advise on structured deposits once MiFID 2 takes effect. Only firms with permission currently to deal, arrange, make arrangements, manage or advise in or on investments can use the notification. Other firms will need to apply for a VOP. FCA says it will process notifications within 10 days of receipt and encourages firms to submit notifications as soon as possible. Any firm that has not sent a notification by 2 January 2018 will not be able to sell or advise on structured deposits after that date and will need to submit a VOP in order to do so. FCA also confirmed it can now accept other applications from firms, and notes that DRSPs can apply in draft now, and finalise their applications when the relevant legislation is in final form.
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