Firms who did not submit complete MiFID II applications to the FCA before the 3 July 2017 deadline should do so without further delay. The FCA has indicated that it will determine complete applications received after this date within six months but it cannot guarantee to do so before the new regime comes into effect on 3 January 2018. Firms will need to have contingency plans in place if they do not have the required permissions by 3 January 2018. The FCA has also warned that it may take action against firms who carry on regulated activities without the required permissions after 3 January 2018.

Read the FCA news story.