Markets in Financial Instruments Directive Organisational Regulation – Draft Statutory Instrument and Policy Note
The government is publishing a near-final version of a Statutory Instrument to reform the Markets in Financial Instruments Directive Organisation Regulation.
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This draft Statutory Instrument (SI) forms part of the Chancellor’s Mansion House 2024 commitments and is part of a wider package of reforms to boost UK capital markets’ attractiveness.
At Mansion House 2024, the Chancellor announced the government’s intention to make further technical changes to the wholesale markets framework. This included a commitment to commence the revocation of the detailed firm-facing regulations within the Markets in Financial Instruments Directive (MiFID) Organisational Regulation (Org Reg) so they can be replaced in the FCA and PRA rulebooks.
To deliver on this commitment, HM Treasury will (1) restate elements of the regulation that defines regulatory activity and (2) commence the revocation of firm-facing provisions which can benefit from delegation to the expert regulators who have day-to-day experience of supervising financial services firms. The Treasury will do this alongside the FCA and PRA delivering their replacement rules in H2 2025.
The near-final version of the Statutory Instrument takes forward this approach, restating the sections of the Org Reg that are being maintained in legislation. The government invites any technical comments by 14 April 2024.