On August 29, 2023, the Financial Conduct Authority issued a notice in which it modifies its transitional direction as regards the derivative trading obligation (DTO) of firms that was implemented following Brexit under the Temporary Transitional Power (TTP) of the regulator created by the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019.
The modification 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, aligns the DTO with provisions under Article 28 of Retained Markets in Financial Instruments Regulation (UK MiFIR) with the clearing obligations set out in the Retained European Market Infrastructure Regulation (UK EMIR).
Hence, the direction under point 4.1 is amended as follows:
Graphic 1 – revisions to point 4.1 in the directions
Variation of FCA transitional direction for the derivatives trading obligation
ID
24745
Other Features
AIF
Brexit
compliance
counterparty
Derivatives
eligibility
financial stability
investment firms
regulatory
standard
third countries
trading
trading venues
UCITS
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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