The FCA's response to ESMA’s statement on share trading obligations under MiFID II. The EU MiFID II and onshored UK MiFID regimes both have share trading obligations (STOs) which mandate investment firms to trade certain shares on regulated markets, multilateral trading facilities, systematic internalisers or third-country trading venues assessed as equivalent by the EU and UK respectively. FCA statement on share trading obligations March 2019 Endorsement of credit ratings from the European Union into the United Kingdom for regulatory use in the event of a no-deal Brexit The FCA believes in open markets and competition between trading venues and that reciprocal equivalence - which reflects the reality - remains the best way of dealing with overlapping share trading obligations. The UK has onshored the same regime, making us one of the most equivalent countries in the world. The UK has onshored the share trading obligation under the EU Withdrawal Act. The obligation applies to all shares traded on venues in the UK or EU, except where trading is non-systematic, ad hoc, irregular and infrequent. It is for the FCA and ESMA to regulate the scope of respective STOs. FCA’s Andrew Bailey discusses post-Brexit financial regulation and the state of the U.K. economy. said the so-called share trading obligation would come into play if the Commission does not The FCA emphasises that all financial services firms should consider how Brexit will impact their business and what action they need to take to be ready for 1 January 2021 to minimise risks to customers. Firms can call the FCA Brexit information line (0800 048 4255) if they have any further questions.
30 Apr 2019 On 17 April, the FCA published its Business Plan for 2019/2020, setting out its key of the UK regulatory regime in the immediate post-Brexit era. He cites the specific example of the MiFID II trading obligation – which FCA Sets Out No-Deal Action Plan for Post-Brexit Transaction Reporting by the FCA of detailed guidelines on its expectations for firms, trading venues and to reporting obligations under the European Market Infrastructure Regulations 26 Mar 2019 To captain the FCA's ship safely through Brexit, Delfas must assess technological instruments being reported by trading venues in a harmonized format. liquidity thresholds and help firms determine reporting obligations.
11 Feb 2019 The FCA has made it clear that they expect firms, trading venues and FCA urges immediate action for transaction reporting in no-deal Brexit taken reasonable steps to prepare and meet the new obligations by 29th March. 25 Feb 2019 authorities on continuity of derivatives trading and clearing post-Brexit (FCA), and the US Commodity Futures Trading Commission (CFTC). to satisfy their regulatory obligations, including derivatives trading obligations. 31 Jan 2020 Ahead of the UK's 11pm split with the European Union, the Financial Conduct Authority (FCA) is making sure everyone's on the same page as to The FCA's response to ESMA’s statement on share trading obligations under MiFID II. The EU MiFID II and onshored UK MiFID regimes both have share trading obligations (STOs) which mandate investment firms to trade certain shares on regulated markets, multilateral trading facilities, systematic internalisers or third-country trading venues assessed as equivalent by the EU and UK respectively.
10 Jun 2019 Trading obligation for shares post-Brexit In its response the FCA highlights that ESMA's approach could still be problematic for shares with an 29 May 2019 European regulatory watchdog revises approach to STO for 14 UK stocks after FCA raises alarm over liquidity and market fragmentation under
The FCA’s role in preparing for Brexit. Further to the announcement from the Treasury on its approach to amending financial services legislation under the European Union (Withdrawal) Act, this statement provides stakeholders with an update on how we are preparing for the UK leaving the European Union (EU). His successor, William Hardell was responsible for enforcing it, the predecessor of the FCA’s enforcement function. On day one of Brexit the UK and the EU will have deeply integrated financial markets with aligned regulatory rules. That is a benefit to both sides. Moreover, the benefits of open markets are worth preserving. And we can do it. The FCA has issued the following statement in response to ESMA’s statement of share trading obligations under MiFID II: “The EU MiFID II and on-shored UK MiFID regimes both have share trading obligations (“STOs”) which mandate investment firms to trade certain shares on regulated markets, multilateral trading facilities, systematic internalisers or third-country trading venues assessed After Brexit, UK and EU trading venues will operate to the same set of standards on day 1. Trading obligation for derivatives FCA’s approach to the trading obligation for derivatives is set out in the onshored MIFID and the associated binding technical standards (BTS). Investment firms will need to conclude transactions in certain ESMA concluded that if the timing and conditions of Brexit change, it will adjust its approach and inform the market of any changes as soon as possible. At the same time, the FCA has urged ESMA to engage with it constructively on changes to the share trading obligation to minimise potential disruption to trading.