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This document summarises the responses submitted to the consultation and outlines the government’s response. The statutory instruments that transpose MiFID II will be laid before Parliament. MiFID II applies from 3 January 2018
The Markets in Financial Instruments Directive (MiFID) II and Markets in Financial Instruments Regulation (MiFIR) entered into force on 2 July 2014. MiFID II replaces the original directive (MiFID I) which established a harmonised regulatory regime for the regulation of financial markets. MiFID II builds on this framework to make financial markets more efficient and resilient, increase competition and strengthen the protection of investors.
MiFID II must be transposed into national law by 3 July 2016. This consultation document sets out the government’s intended approach to transposing the MiFID II into UK law and considers some of the key issues that need to be addressed in transposition. Views are invited from interested parties on these issues and on the draft statutory instruments provided that give effect to this approach to transposition.
The government also invites comments on proposed legislative amendments that will provide that certain binary options are regulated and supervised by the Financial Conduct Authority, rather than the Gambling Commission.