Treasury has made an exemptions order that applies general exemptions to UK authorised persons which are not subject to supervision under relevant EC directives (the relevant Directives are MiFID, the BCD, UCITS Directive and insurance and reinsurance company Directives). Obligations to notify for these firms apply at the threshold of a 20% holding of shares or voting power. The order also includes exemptions for building and friendly societies. The order takes effect from 15 April.