The FCA announced the opening of the MIFID II authorisations gateway
on 30 January. It is thought that around 600 applications will be submitted over the coming months including new applications for authorisation of organised trading facilities, commodities dealers and data reporting service providers. Similarly, variations of permissions and notifications from existing firms that require a change of permission or passporting rights are expected.
The process includes the submission of extensive information to the FCA through new application forms that are available on the Connect system for firms that are already authorised and on dedicated FCA webpages for new applicants. To aid this process, the FCA has published a MiFID II applications and notifications user guide to assist firms to navigate the MIFID II authorisations gateway.
The FCA will consider MiFID II applications ahead of the implementation date and aims to make a decision on all completed applications submitted by 3 July 2017. If you are already a MiFID investment firm, or will be in scope of MiFID II as a new firm, you should consider the key dates in the MiFID II timeline below.
Moore Stephens has launched the MiFID II Academy and is ideally placed to assist all firms with the new application and notification process, as well as providing guidance and training on the specific requirements applicable to your firm.
For more information please contact me to discuss how this will affect your firm.