UK legislation made progressing changes to MiFID Org Regulation

The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 have been made and an explanatory memorandum published. The Regulations form part of the continued process to repeal and replace assimilated EU financial services law following Brexit. Specifically, these Regulations will restate, with appropriate modifications, key definitions from the Commission Delegated Regulation (EU) 2017/565 (MiFID Org Regulation) into UK law. The main affected legislation includes the Financial Services and Markets Act 2000 and the Financial Services and Markets Act 2000 Regulated Activities Order 2001. Clarificatory changes are also made to the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 and the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, and related cross references are updated in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.

The UK MiFID Org Regulation will be revoked when the Regulations are brought into force through a pending separate commencement instrument (as announced in the 2024 Mansion House speech). The date will coincide with the UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) replacing the firm-facing requirements in their rules. Last year, the FCA launched its main consultation on proposed rules and more recently opened a consultation on changes to the Perimeter Guidance Manual. The PRA set out its proposed approach in April this year. The regulators final policy statements are expected before the end of the year.

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