Statutory Instruments prepared by the UK’s HM Treasury for MiFID implementation have recently been published by Office of Public Sector Information (OPSI) including:
- amendments to the UK Regulated Activities Order replacing the existing Investment Services Directive override, introducing a new regulated activity of operating a multilateral trading facility (MTF) and extending the scope of specified investments to include new financial instruments (including options and futures on all commodities and various other non-financial products and contracts for differences based on credit derivatives, http://www.opsi.gov.uk/si/si2006/20063384.htm
- amendments to the UK Exemption Order referring to the activity of operating an MTF, exempting European Economic Area authorized operators of regulated markets or MTFs, and disapplying certain exemptions where the person who would benefit is an investment firm or credit institution carrying on an activity within the scope of MiFID; http://www.opsi.gov.uk/si/si2006/draft/ukdsi_0110755537_en.pdf
- introduction of the MiFID passport and setting out prescribed information requirements, minimum conditions on firms and requirements firms must satisfy before any significant change to their operations; http://www.opsi.gov.uk/si/si2006/20063385.htm
- recognition requirements for investment exchanges and clearing houses to partly implement MiFID provisions relating to the organization and operation of derivative and stock exchanges; http://www.opsi.gov.uk/si/si2006/20063386.htm
- provisions for amending the UK appointed representatives regime to accommodate MiFID tied agents and to provide certain exemptions from the general prohibition in respect of the placing of financial instruments and advising in respect of such placings and requiring representatives to be entered on a register; and http://www.opsi.gov.uk/si/si2006/uksi_20063414_en.pdf
- introduction of confidential information regulations that make minor changes to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Order 2001. http://www.opsi.gov.uk/si/si2006/uksi_20063413_en.pdf
Two further Instruments will follow and additional changes implementing MiFID will be included in the UK’s Financial Services Authority rules.