Powers exercised 

A. The Financial Conduct Authority (“the FCA”), being an appropriate regulator within the meaning of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (“the Regulations”), with the approval of the Treasury, makes this instrument in exercise of the powers conferred by regulation 3 of the Regulations.  

Pre-conditions to making

B. The FCA and the Prudential Regulation Authority (“the PRA”) are the appropriate regulators for the Markets in Financial Instruments Directive EU Regulations specified in Part 4 of the Schedule to the Regulations (“the specified MiFID regulations”).

C. The FCA proposes to exercise the power in regulation 3 of the Regulations to modify the specified MiFID regulations and proposes that the specified MiFID regulations make separate provision for persons described as follows:

- firms with Part 4A permission within the meaning of Part 4A of the Financial Services and Markets Act 2000, except PRA-authorised firms, being firms within the meaning of section 2B (5) of the Financial Services and Markets Act 2000, in the case of Commission Implementing Regulation (EU) 2017/1945 and Commission Delegated Regulation (EU) 2017/1946; and