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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2019-12-09.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

M2G 1.3 Markets in Financial Instruments Regulation (‘MiFIR’)

M2G 1.3.1G

1Although MiFIR is a separate piece of legislation, recital 7 of the recast MiFID notes ‘both instruments should form the legal framework governing the requirements applicable to investment firms, regulated markets, data reporting services providers and third country firms providing investment services or activities in the Union. The Directive should therefore be read together with that Regulation’.

M2G 1.3.2G

1As MiFIR is directly applicable, we have not copied out its content into the Handbook. This means that, for example, the previous Handbook material in REC 2 and MAR 5 relating to transparency requirements for recognised investment exchanges and MTFs under the existing MiFID have been deleted and the new MiFIR provisions referenced instead in the relevant sections of REC 2 and MAR 5.

MiFID 1.3.3G

1MiFIR also provides for delegated acts and technical standards on amongst other things:

  1. ● price transparency for equity and derivative instruments, see REC 2, MAR 5 and MAR 5A;

  2. ● straight-through processing of clearing for derivative instruments, see REC 2, MAR 5 and MAR 5A; and

  3. ● transaction reporting, see SUP 17A.