The MiFI Regulations in part implemented MiFID. The FCA has investigative and enforcement powers in relation to both criminal and non-criminal breaches of the MiFI Regulations (including requirements imposed on persons subject to the MiFI Regulations by MiFIR and any onshored regulation which was an EU regulation made under MiFIR or MiFID). The MiFI Regulations impose requirements on:
- (1)
persons holding positions in relevant contracts for commodity derivatives trading on trading venues, whether or not the persons are authorised; and
- (2)
exempt investment firms providing services in algorithmic trading, direct electronic access or acting as a general clearing member or in relation to the synchronisation of business clocks.
The MiFI Regulations also give the FCA the powers to investigate and enforce breaches of article 28 of MiFIR and any onshored regulation which was an EU regulation made under MiFIR.