Draft Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 published

The draft Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 has been laid before the UK Parliament under the Financial Services and Markets Act 2023 (FSMA 2023), together with a draft explanatory memorandum. The draft Regulations form part of the continued process to repeal and replace assimilated EU financial services law following Brexit. Specifically, these Regulations will restate key definitions from Commission Delegated Regulation (EU) 2017/565 (MiFID Org Regulation) into UK law, ahead of its revocation through a pending separate commencement instrument (as announced in the 2024 Mansion House speech). The MiFID Org Regulation sets out detailed organisational and conduct requirements for investment firms, including provisions on client categorisation, best execution, conflicts of interest, outsourcing and internal audit functions. These firm-facing obligations will be replaced by rules developed by the UK Financial Conduct Authority and the UK Prudential Regulation Authority, in line with the FSMA 2023 framework which delegates responsibility for detailed regulatory standards to the regulators. The draft Regulations also seek to modify definitions already within the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to clarify terminology.

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