The UK Prudential Regulation Authority published proposed rules to implement the Markets in Financial Instruments Directive II and related provisions in the United Kingdom for entities under its supervisory jurisdiction, including special provisions related to algorithmic trading. These entities include banks, building societies and PRA-designated investment firms. Such entities would also be subject to rules adopted to transpose MiFID II by the Financial Conduct Authority. In general, said PRA, its proposal rules mirror those proposed by the FCA in December 2015, but reflect PRA’s different regulatory emphasis, namely ensuring the “safety and soundness” of firms it oversees, rather than preventing market abuse or disorderly conduct. In connection with its proposed rules, PRA seeks to ensure that for firms that engage in algorithmic trading their systems are “resilient and have sufficient capacity"; utilize “appropriate thresholds and limits;” and prevent “the sending of erroneous orders or contribute to a disorderly market.” Under the PRA’s proposed rules, a firm’s algorithmic trading systems must be fully tested and “properly” monitored. Firms will have additional recordkeeping requirements if they engage in high-frequency trading, and will have other requirements if they provide direct electronic access to trading venues. PRA will accept comments on its proposed rules through May 27, 2016.