02 Jan 2018
The revised Rules introduce certain changes, particularly transpose MiFID II, while certain pre-existing SLCs (now Rules) have been amended. In particular, the new Rules applicable to MiFID Firms, introduce new requirements imposed directly by MiFID in relation to the management bodies of an investment firm, market operator or data reporting services provider. The Rules introduce new stricter approach to the remuneration regime and a new category of licence for the new entities wishing to become Data Reporting Services Providers. There are new Rules in relation to the algorithmic trading activities. The revised Rules also introduce amendments in relation to the Tied Agent regime and an application process for the Regulated Market, Market Trading Facilities or Organised Trading Facilities.
Overall, the new Rules minimise the need for cross-referencing as the appendices to Parts BI, BII, BIII and BIV have been included within the revised Rules so as to provide the industry with a comprehensive document.
In addition to these revised Rules the Authority shall also be issuing the respective Guidance Notes in due course.
Please do not hesitate to contact us on Financial.Services@whpartners.eu should you require any clarification, or should you wish to discuss how these changes will affect your business.