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We are consulting on proposals to transfer the firm-facing requirements of the MiFID Org Reg into FCA Handbook rules.

CP24/24**

Why we are consulting

This consultation paper sets out proposals to transfer the requirements when the Treasury begins the repeal of the MiFID Org Reg.

Provisions that we are not replacing in regulatory rules will either be restated or repealed by the Treasury to coincide with our Handbook rules coming into force.

We are proposing to retain the current substance of the requirements, providing continuity for firms.

We have included a discussion chapter about further reform, either now or in the future, to make the rules better suited to the range of UK authorised firms and clients they provide services to. This includes in circumstances where the Consumer Duty does not apply and considers how we could rationalise or improve MiFID II derived conduct and organisational rules, including for Article 3 firms. We also discuss whether and how the client categorisation rules could work more effectively.   

Who this is for 

This consultation applies to: 

• MiFID investment firms including credit institutions and collective portfolio management investment firms

• MiFID optional exemption ‘Article 3’ firms

• Third country firms

• Undertakings for Collective Investment in Transferable Securities (UCITS) managers

• Residual Collective Investment Scheme (CIS) operators and small authorised UK

• Alternative Investment Fund Managers (AIFMs)