Tag Archives: RAO

Treasury makes investment advice change

Treasury has published the statutory instrument amending article 53 of the RAO to make the change to the definition of “investment advice” on which Treasury had consulted. As promised, it does not amend the definition for the purposes of the regulatory perimeter, but provides that investment advice, when given by a person appropriately authorised under […]

MiFID 2 RAO amendments made

The FSMA (Regulated Activities) (Amendment) Order 2017 has been made.  It makes several amendments to FSMA and secondary legislation, primarily the RAO, as part of the UK’s implementation of MiFID 2. Key provisions: enable applications for authorisations or variations of permission that relate to MiFID 2 changes to be made and determined from 1 April. […]

CLLS responds on financial advice

The City of London Law Society (CLLS) has published the response of its Regulatory Law Committee to HMT’s consultation on amending the definition of financial advice in Article 53 of RAO. It notes there is considerable confusion in the market currently, because of the differing definitions of “advice” under FSMA and MiFID, the definition of […]

Treasury consults on financial advice amendment

Treasury is consulting on amending the definition of “giving investment advice” under the Regulated Activities Order to bring it into line with MiFID.  The current definition is broader than MiFID, and the Financial Advice Market Review found it was confusing to firms, many of whom were not giving as much “guidance” to customers as they […]