PRA Consults on Implementation of MiFID II: Part 2 – CP43/16

November 25, 2016

The Prudential Regulation Authority (PRA) published today the second PRA consultation on implementing MiFID II, and follows CP9/16 ‘Implementation of MiFID II: Part 1’, which consulted on implementation of the MiFID II passporting regime and algorithmic trading. The final rules following CP9/16 were published in Policy Statement 29/16.

This CP includes proposals to enhance governance through MiFID II management body requirements and key organisational requirements which will apply to MiFID and non-MiFID business. The PRA also sets out proposals for granting authorisations in respect of a new MiFID investment activity, ‘operation of an organised trading facility (OTF)’, a new MiFID financial instrument ‘emission allowances’ and structured deposits. The power for the PRA to accept applications from firms for these permissions in advance of 3 January 2018 may be granted by HM Treasury (HMT) in a statutory instrument. If the PRA is granted this power, the PRA proposes that firms would be able to apply for permissions in advance of 3 January 2018.

Feedback must be received before Monday 27th February 2017. Responses can be submitted using this to

Information on the consultation paper can be found on the ESMA website here.

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