The UK Financial Conduct Authority issued a policy statement and near final rules in connection with its roll-out of the Markets in Financial Instruments Directive II on January 3, 2018. Topics addressed included not extending the Markets in Financial Instruments Regulation transaction reporting obligations to managers of collective investment undertakings and pension funds; maintaining a specific chapter in its rules addressing high-frequency trading firms, direct electronic access providers and general clearing members; and not mandating that non-financial entities submit applications for position limit exemptions. According to FCA, a market participant approaching a position limit may apply for an exemption or modify its trading to avoid a breach. In issuing its near final rules, FCA cautioned that firms requiring authorization for the first time or a variation from current permissions should be submitting applications now to ensure qualification by January 3.