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FCA expects to accept Mifid II applications next year 

September 2, 2016

Damian Fantato, FT Adviser

The Financial Conduct Authority is expecting to accept applications for authorisation and variation of permission under Mifid II at the start of next year.

At a roundtable event for trade associations, the FCA said it wants to open a gateway for applications in January 2017. But it acknowledged that this would depend on the passage of legislation which introduces Mifid II so it cannot be definite. The regulator also said that it would appreciate early applications from firms to help it handle the work involved.

The new rules will require some firms, such those carrying out speculative trading in commodity derivatives and firms utilising high-frequency trading methods, to be registered for their status or activities for the first time.

This will mean some will have to apply to the FCA for new permissions while others will have to go through its authorisation process again.

The FCA added that it is currently drawing up revised authorisation forms which it hoped would be ready next month (September) after consulting with trade bodies. Read more

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