Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 [SI 2018 No. 1403]

The revised Markets in Financial Instruments Directive (MiFID) and the linked Markets in Financial Instruments Regulation (MiFIR) are the key pieces of EU legislation that govern the buying, selling and organised trading of financial instruments. The legislation also contains a ‘passport’ that permits firms to provide investment services cross-border and to establish branches in another EEA state on the basis of their authorisation in their ‘home’ Member State. This statutory instrument makes amendments to MiFIR, the tertiary legislation made under MiFID II and the UK legislation which implemented MiFID to ensure that the legislation continues to operate effectively at the point at which the UK leaves the EU. The SI also transfers the functions of the EU authorities to the relevant UK regulator, FCA, Bank of England or HM Treasury and also transfers responsibility for making Binding Technical Standards (BTS) under MiFID II t