The Financial Conduct Authority (FCA) has published the Guidance on the scope of the UK provisions which implemented MiFID and CRD IV.

The main purpose is to help UK firms consider:

  • whether they fall within the scope of the UK provisions which implemented Markets in Financial Instruments Directive 2014/65/EU (‘MiFID’) and therefore are subject to the requirements derived from it;
  • how their existing permissions correspond to related MiFID derived concepts;
  • whether the UK provisions which implemented CRD and the UK CRR apply to them, and for certain firms, whether the provisions which correspond to the recast CAD continue to apply to them; and
  • if so, which category of investment firm they are for the purposes of the the provisions which correspond to the recast CAD or the UK provisions which implemented CRD and the UK CRR.

This guidance is mostly aimed at questions that are relevant to someone who wants to know whether they need to be authorised under the Act. This means that this chapter does not cover those types of persons for whom MiFID or MIFIR requirements are applied outside the authorisation regime under the Act, such as:

  • a data reporting service provider;
  • those subject to position limit requirements in derivatives markets;
  • those subject to an obligation to trade in derivatives on a regulated market, OTF or MTF;
  • persons with a proprietary interest in benchmarks who are obliged to provide access to certain information; or
  • central counterparties subject to the requirements about non-discriminatory access for financial instruments.

Click on the link for further information.