This is our final policy statement setting out final rules for our implementation of MiFID II.
This follows the publication of our first Policy Statement (PS17/5) published in March this year, which covered mainly markets and organisational requirements.
This publication sets out our final rules on conduct issues, including research, inducements, client categorisation, best execution, the appropriateness test, taping, client assets and perimeter guidance.
Who this applies to
This Policy Statement covers the MiFID II rules of most relevance to consumers. It also affects a wide range of firms that we authorise and recognise, particularly:
- interdealer brokers
- firms engaging in algorithmic and high-frequency trading
- trading venues including regulated markets, multilateral trading facilities, and prospective organised trading facilities
- prospective data reporting service providers
- investment managers
- investment advisers
- corporate finance firms and venture capital firms
What you need to do
Firms must continue with their preparations for the application of MiFID II on 3 January 2018. It is particularly important that if firms need to make applications for authorisation or variation of permission linked to the changes in MiFID II that they do so now.