FCA sets 3 July deadline for MiFID II authorisation

Firms have been warned by the FCA to apply now to ensure application is process by 3 January 2018.

The UK’s Financial Conduct Authority (FCA) has set a deadline for firms to apply for MiFID II authorisation ahead of the go-live date.

Firms must apply for authorisation or a variation of permission by 3 July to ensure the regulator can determine applications by the time MiFID II comes into force on 3 January 2018.

The FCA said in a statement if firms have not done so already, submitting applications should be a matter of urgency and the consequences of acting without authorisation could include civil, regulatory or criminal charges.

With less than six months until the implementation date, research has suggested firms will not be ready for MiFID II by January 2018.

A poll of 200 financial services professionals earlier this year found 64% of firms are unsure or not confident about meeting the deadline, with just 36% of firms stating they were confident it would be met.

Earlier this month, the chair of the European Securities and Markets Authority (ESMA), Steven Maijoor, confirmed there would be no further delay on the implementation of MiFID II.

“Contrary to some recent coverage and commentary, MiFID II/MiFIR will come into effect on 3 January 2018, there will be no further delay in its implementation. One delay has been enough for all concerned,” Maijoor said.

MiFID II was initially delayed by a year in May 2016, after ESMA warned the European Commission “a delay to the technical implementation of MiFID II was unavoidable”. 

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