ESMA has issued the following new Q&As on MiFID II and MiFIR:
New FCA MiFID II passporting forms
The FCA has published a new webpage on passporting under the MiFID II Directive.
Firms are required to make a new passporting application under MiFID II if they will be conducting activities that have been implemented as new MiFID II activities or if they will become newly authorised under MiFID II and need to passport from 3 January 2018.
The FCA recommends that firms should:
- submit branch passport notifications as soon as possible after the MiFID II passporting gateway opens (on 31 July 2017); and
- submit services passport notifications by 2 December 2017 to help the FCA to assess notifications and send them to relevant EEA regulators before MiFID II takes effect on 3 January 2018. The FCA warns that if it receives a notification after 2 December 2017 it cannot guarantee that it will be able to issue the relevant notification to the regulators concerned before 3 January 2018.