On August 29, 2023, the Financial Conduct Authority issued a notice in which it revokes its transitional directions as regards the share trading obligation (STO) of investment firms that were implemented following Brexit under the Temporary Transitional Power (TTP) of the regulator which was created by the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019.
The revocation is a direct consequence of the coming into force of various provisions of the Financial Services and Markets Act 2023 on August 29, 2023 which, among others, omits Article 23 of Retained Markets in Financial Instruments Regulation (UK MiFIR) relating to such obligation.
Hence, all corresponding STO requirements of investment firms, including related directions, are now revoked.
Revocation of FCA transitional direction for the share trading obligation
ID
24758
Other Features
companies
financial stability
investment firms
investors
liquidity
operational
regulatory
restrictions
securities
standard
trading
trading venues
Date Published: 2023-08-29
Date Taking Effect: 2023-08-29
Regulatory Framework: Retained Markets in Financial Instruments Regulation (UK MiFIR)
Regulatory Type: procedure
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