In the interests of a coherent approach to corporate governance these MiFID II requirements are aligned, as far as possible, to requirements under CRD IV. As there is also a directly applicable EU regulation which prescribes more detailed requirements in those areas for MiFID business and firms in scope, those specific matters will no longer be subject to PRA rules. The PRA sets out its proposed approach to how those management body and organisational requirements will apply to non-MiFID business.
The PRA also sets out proposals for granting authorisations in respect of a new MiFID investment activity, ‘operation of an organised trading facility (OTF)’, a new MiFID financial instrument ‘emission allowances’ and structured deposits. The power for the PRA to accept applications from firms for these permissions in advance of 3 January 2018 may be granted by HM Treasury (HMT) in a statutory instrument. If the PRA is granted this power, the PRA proposes that firms would be able to apply for permissions in advance of 3 January 2018.
The PRA also sets out proposals for consequential amendments under the General Provisions Part and the Glossary.
Responses and next steps
This consultation closes on Monday 27 February 2017.
Full consultation paper
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