Find out how to submit a notification to us if your firm wants to sell or advise on structured deposits after 3 January 2018.
MiFID II will apply a number of requirements on investment firms and credit institutions when they sell or advise on structured deposits. As a result, a new investment type for structured deposits has been created. Firms that carry out specific regulated activities in relation to structured deposits will be required to add this investment type to their relevant Part 4A Permissions.
Firms that already hold one or more of the following permissions need to notify us before 3 January 2018 to add structured deposits to their permissions:
- dealing in investments as agent
- arranging deals in investments
- making arrangements with a view to transactions in investments
- managing investments
- advising on investments
If you do not currently hold these permissions, but wish to carry out one or more of the regulated activities above in relation to structured deposits, you will need to submit a variation of permission application.
Notifying us about structured deposits
If you want to add the investment type of structured deposits to any or all of the above regulated activities (and you already have the relevant permissions) you should:
- Download and complete the MiFID II structured deposits form below.Download MiFID II structured deposits form (DOC)
- Save it as a Word document (PDFs will not be accepted).
- Email it to [email protected] by 2 January 2018.
We will aim to process your notification within 10 working days of receipt. If you do not submit a notification to us by 2 January 2018, you will not be able to sell or advise on structured deposits after that date. You will then have to submit a variation of permission application to add structured deposits to your permissions.
As we expect a large number of notifications, we would encourage firms to submit a notification early to ensure that the new investment type is reflected on the Financial Services Register from 3 January 2018.
If you are a dual-regulated firm, you will need to send your structured deposits notification directly to the Prudential Regulation Authority (PRA). The PRA will shortly be publishing details on how firms can make this notification.
Structured deposits and appointed representatives
If you are a firm which has appointed representatives (ARs), and they sell or advise on structured deposits you will also need to let us know this prior to 3 January 2018 by submitting an Add or Change AR form via connect. This is in addition to submitting a structured deposit notification to us to add this new investment type to your permission.
If you engage in the activities listed above as a result of insurance mediation and wish to notify us of any AR structured deposit activities, please contact us to submit a paper Add AR or Change AR notification.
Please look at our AR pages for more details on how to submit an Add or Change AR form.