Treasury makes MiFID 2 Regulations

Treasury has made the FSMA (Markets in Financial Instruments) Regulations 2017 which make changes to FSMA and other primary and secondary legislation to make the legislative amendments necessary to implement MiFID 2 that are not separately addressed by the Regulations amending the RAO and putting in place the authorisation and supervision process for DSRPs. The key elements of the Regulations address:

  • “exempt investment firms” and the process for application;
  • third country investment firms;
  • position limits and position management controls in commodity derivatives;
  • algorithmic trading by members of trading venues;
  • removal of members of the management board of an investment firm, credit institution or RIE by FCA and PRA;
  • miscellaneous FCA functions.