FCA updates guidance to firms on applications and notifications under MiFID II

The FCA has updated its user guide to provide the following notifications:

Ancillary activity exemptions

Under MiFID II, firms who trade in commodity derivatives may be able to make use of an exemption from authorisation.  Firm will need to notify the FCA if they intend to rely on the exemption by completing a notification form.  The notification guide for the exemption can be found here.

General clearing members

The FCA will not require notification from firms if they act as a general clearing member as MiFID II does not explicitly require firms to do this.