April 28, 2017
This Prudential Regulation Authority (PRA) has published today policy statement (PS) 9/17 which provides final policy as part of the PRA’s transposition of the Markets in Financial Instruments Directive II (MiFID II) following Consultation Paper (CP) 43/16 ‘Implementation of MiFID II: Part 2’.
The PRA received no responses to CP43/16. The final rules are as consulted, with some minor drafting changes to the instruments to clarify language, correct formatting and referencing (see Appendices 1-4). Appendices 5-7 include links to three supervisory statements (SSs). The three SSs have been updated to refer to MiFID II where previously they referred to MiFID I, and associated implementing directives.
MiFID II will apply from Wednesday 3 January 2018 and Member States must transpose their provisions in national legislation and regulations by Monday 3 July 2017. The PRA’s rules, and the relevant sections of the SSs that apply to MiFID II, (Appendices 1-7) will take effect from Wednesday 3 January 2018.
The original press release can be found on the PRA website here.