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How is MiFID implemented in the UK?

How is MiFID implemented in the UK?

The EU MiFID framework was transposed and implemented in the UK by a combination of Handbook rules, Treasury legislation, and directly applicable EU regulations (in the latter case, notably by EU MIFIR (No 600/2014), the MiFID Org Regulation ((EU) 2017/565) and a number of RTSs/ITSs).

What products does MiFID apply to?

MiFID II also applies to all financial instruments and certain investor protection provisions now apply to structured deposits. A number of trading venue and trading-related requirements have been extended to include a wider range of equity and non-equity products.

Who needs a MiFID license?

A basic MiFID licence is often used for passporting into EEA countries, but it restricts advisers’ ability to operate flexibly. Such a licence does the basics, often leading to holders simply directing investments to “own funds” (vertically integrated setups) or other Discretionary Investment Managers (DIM’s).

What firms are subject to MiFID?

Background to MiFID It applies to investment firms, wealth managers, broker dealers, product manufacturers and credit institutions authorised to carry out MiFID activities.

Who is subject to MiFID?

What is compliant with MiFID II?

Compliance with MiFID II demonstrates a firm’s integrity and ensures healthy competition is present in the market, therefore it is important to understand how to comply with MiFID II. What is MiFID II? MiFID was enforced in the UK in 2007 and subsequently revised in January 2018, creating MiFID II.

What does MiFID mean for the end investor?

Since its implementation in November 2007, the Markets in Financial Instruments Directive (MiFID) has been the cornerstone of capital markets regulation in Europe. However, since its inception, not all benefits have been fed down to the end investor as envisaged.

What procedures are required under the MiFID implementing Directive?

Under the MiFID Implementing Directive, firms are required to have procedures for the effective handling and recording of complaints from their customers. Specifically, firms must: have effective and transparent procedures for the reasonable and prompt handling of complaints received from retail clients, including potential retail clients; and

What is MiFID II and who is the FCA?

The FCA is the UK’s conduct regulator for 59,000 financial services firms and the financial markets. Thus, the FCA is the body responsible for ensuring financial firms in the UK are complying with MiFID II. After the introduction of MiFID II on 3 January 2018, the FCA gave firms six months to become fully compliant.