|
|
It sets out final rules to transpose the Markets in Financial Instruments Directive (MiFID II) legislative package for:
Overall, the PRA does not consider that the responses received to the CP necessitate significant changes to its proposals. The PRA has, however, had regard to responses to the CP, and made amendments to the proposed rules where appropriate, including to add further clarity. The PRA sets out the most important issues raised by respondents and notes the main areas where the PRA has made amendments to the rules proposed in the CP in Chapter 2 of this PS.
The European Securities and Markets Authority (ESMA) has consulted on draft RTS and implementing technical standards relating to both passporting and algorithmic trading under MiFID II. The draft regulatory technical standards relevant to the rules in this policy statement have been adopted by the European Commission (EC).
Subject to there being no substantial change to the text of the standards published in the Official Journal of the European Union which would result in substantive changes to the rules, the PRA shall insert the instrument numbers and commence the rules in the appendices to this policy statement. This policy statement will be updated at that point with the finalised instruments. Where necessary, the PRA may also make further changes to the rules without further consultation to give effect to the text of the final standards adopted by the EC.