HM Treasury has responded to its consultation on transposition of MiFID II of March 2015, as well as certain additional issues of transposition identified since.

The document sets out three draft statutory instruments giving effect to the approach to transposition: (i) FSMA 2000 (Markets in Financial Instruments) Regulations 2017; FSMA 2000 (Regulated Activities)(Amendment) Order 2017; Data Reporting Services Regulations 2017. On the main question of the MiFID II third-country regime for accessing retail and elective professional clients with or without a branch, the government will maintain the current regime as per the unanimous response from stakeholders.

If members have any questions, please contact Adam Jacobs-Dean, Oliver Robinson or Adele Rentsch.