FCA Opens MiFID II Passporting Gateway
On July 31, the UK Financial Conduct Authority (FCA) began accepting applications for passport notifications under the revised Markets in Financial Instruments Directive (MiFID II).
Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II activities (such as operating an organized trading facility (OTF)), or if they will become newly authorized under MiFID II and need to passport after January 3, 2018. Further to publishing the relevant forms in July 2017 (for further information see the July 21 Corporate Financial Weekly Digest), the FCA is now accepting such forms for MiFID II passport applications.
The FCA has stated that MiFID II passporting forms should only be submitted once firms have received confirmation that their MiFID II authorization or variation of permission application has been processed.
Further information is available here.