FCA Urges Firms to Prepare for MiFID II Without Delay

The Markets in Financial Instruments Directive (MiFID II), the biggest regulatory change in the UK financial sector since the 2008 financial crisis, has left many companies struggling to be compliant. The new regulations concern firms that provide services linked to shares, bonds, derivatives and other financial products and are due to take effect on Wednesday, 3rd January 2018.

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The changes include modifications to MiFID and a new Markets in Financial Instruments Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term (MiFIR). Financial firms in the UK were required to submit applications to the regulator by 3 July 2017 in order to have the necessary permissions before the launch date.

In a statement, the FCA noted: "We expect any firms who have not submitted a complete application by 3 July 2017 to do so without further delay. We will determine complete applications received after 3 July 2017 within 6 months, but we cannot guarantee to do so by 3 January 2018."

The regulator also advised firms to prepare contingency plans if they don't receive authorization before said date. Non-Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with the regulations will bring heavy penalties. The regulations are aimed at safeguarding the operations of financial markets and also ensuring that firms operate in accordance with regulatory requirements.

Under the new and revised legislation, firms or individuals carrying out unauthorised business activities will be in violation of the Financial Services and Markets Act.