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FCA Publishes Guidance and Updated Forms and Webpages Reflecting MiFID II Implementation

On January 3, the UK Financial Conduct Authority (FCA) published a document containing general guidance on the authorization process, forms and prudential categories following the FCA’s implementation of the revised Markets in Financial Instruments Directive (MiFID II). The document provides guidance on applications for authorization as a MiFID investment firm made by a first-time applicant and variations of permission by a non-MiFID firm seeking to become a MiFID investment firm.

The document also contains flowcharts to assist MiFID investment firms with determining the prudential categorizations that will apply to them, depending on the regulated activities that they perform and the nature of their businesses.

On January 2, the FCA updated its webpages on change in control notifications (FCA’s Webpage on Change in Control Notifications) and change of legal status applications (FCA’s Webpage on Change of Legal Status Forms) to reflect its implementation of MiFID II, and then on January 3, it also updated its webpage and related webpages on transaction reporting (FCA’s Webpage on Transaction Reporting).

The FCA’s Webpage on Change in Control Notifications announces the publication of new forms to be used by persons wishing to become a controller of a firm authorized under MiFID II. The new forms contain reduced notification requirements that apply where the prospective controllers and the target firms satisfy certain conditions.

The FCA’s Webpage on Change of Legal Status Forms contains new application forms that firms must use from April 1 if they are seeking to change their legal status. The FCA will accept any applications that were already being completed in draft using the previous forms, up until March 31.

A copy of the FCA’s Document is available here.

The FCA’s Webpage on Transaction Reporting is available here.

The FCA’s Webpage on Change in Control Notifications is available here.

The FCA’s Webpage on Change of Legal Status Forms is available here.

©2019 Katten Muchin Rosenman LLP


About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring and documentation relating to OTC derivatives and structured products.

Prior to joining Katten, Nathaniel was a member of the US Regulatory and the Derivatives and Structured Finance practices at Allen & Overy LLP.

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...