1MiFIR and the onshored regulations forming part of “retained EU law” (see M2G 1.1A.1G) apply to UK2 firms. For the UK branches of non-UK2 firms (third country firms), these regulations are not of general application and it is necessary to ensure2 that these branches do not receive more favourable treatment than their UK counterparts. GEN 2.2.22AR2 is included for this purpose.
2MiFIR, the MiFIR Delegated Regulation and the MiFID Org Regulation apply to EEA firms with temporary Part 4A permissions to the extent specified in the Exit Regulations. Technical standards deriving from MiFID apply to these firms to the extent provided for by GEN 2.2.29R.