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24 March 2016

Bank of England: Implementation of MiFID II - Part 1


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In this consultation paper, the PRA sets out its proposals for rules to transpose the MiFID II legislative package, comprising the Directive, MiFID II, and MiFIR.


MiFID II is currently due to apply from 3 January 2017 and member states must transpose its provisions in national legislation and regulations by 3 July 2016, although the European Commission has now proposed to delay the application date (January 2018). HM Treasury consulted on changes required to UK legislation in March 2015 and the Financial Conduct Authority (FCA) consulted on some of the necessary changes to its Handbook in December 2015.

This consultation paper is relevant to PRA-designated banks, building societies, investment firms and their qualifying parent undertakings, which for this purpose comprise financial holding companies and mixed financial holding companies, as well as credit institutions, investment firms and financial institutions that are subsidiaries of these firms.

The policy proposals included in this CP are:

  • the extension of scope and harmonisation of the passporting regime; and
  • systems and controls for firms who undertake algorithmic trading and provide direct electronic access to trade venues.

The PRA intends to publish a further CP in due course to cover other areas of MiFID II for which PRA Rulebook amendments are required – see CP for more details.

This consultation closes on 27 May 2016.

Full news

Consultation paper



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