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2nd February 2017

MiFiD II Authorisation Gateway

The start of this week (30th January 2017) saw the FCA opening their gateway for receiving MiFID II applications from FCA solo-regulated firms and other persons.

Firms that need to apply to be authorised for the first time under the revised Markets in Financial Instruments Directive (MiFID II) can now access the relevant forms via the FCA Connect system online. In addition, these will also be available for firms that are already authorised and would like to apply to vary their permissions ready for MiFID II.

The FCA have published a MiFID II Application and Notification User Guide to assist all those that will need to make applications and notifications in preparation for MiFID II.

At this time, both market operators and investment firms that operate a trading venue can now also access the FCA pre-trade transparency draft waiver application form (via the FCA website). As a reminder and detailed within the FCA’s letter to trading venue operators from 19 December 2016, trading venues should submit their completed draft waiver applications to the FCA by 1st June 2017 at the latest for bonds and derivatives. The date for submitting waivers for equity and equity-like instruments passed yesterday on 1st February 2017.

Furthermore, the FCA has also published the Market Data Processor on-boarding application form on their website and that firms will need to have submitted a confidentiality agreement and received the FCA’s Market interface Specification before being able to submit this application form.

Finally, all those that wish to apply for authorisation as a Data Reporting Service Provider should now be able to access the relevant forms on the FCA’s DRSP web page.

However, firms will have to wait until the 31st July 2017 to make MiFID II passport notifications as the FCA’s Gateway will only open then to receive them.