FCA reminds firms that recommended MiFID II authorisation and VOP application date has passed

In an announcement today, the FCA is reminding firms that need to submit applications, do so without further delay.

FCA will determine complete applications received after 3 July 2017 within 6 months, but cannot guarantee to do so by 3 January 2018 (the date for required compliance with MiFID II).

Such firms will therefore also need to have contingency plans in the event that by 3 January 2018 they do not have the required permissions.