UK PRA finalises rules on restating MiFID Organisational Regulation

The UK Prudential Regulation Authority (PRA) has published final policy statement PS6/25, on the restatement of relevant firm-facing provisions from the UK version of the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg) into the PRA Rulebook. This follows its April consultation on the transfer of those requirements, as well as HM Treasury's publication of the Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (MiFIR Amendment Regulations), which restate certain definitions that must be retained in domestic financial services law. The PRA rules contain no material changes to the MiFID Org Reg requirements. In response to consultation feedback, the PRA has, however, made two changes to its draft rules: (i) to improve clarity for firms, the PRA has included a transposition table to help firms navigate the relocation of the rules; and (ii) reinstated provisions from Article 25 of the MiFID Org Reg relating to supervisory oversight but replacing the term "supervisory function" with "governing body" instead, which is defined in the Rulebook to reflect UK practice. The final rules and technical standards, set out in the statutory instruments appended to the policy statement, are expected to take effect on 23 October, subject to HM Treasury's commencement order to revoke the MiFID Org Reg.

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