Emma RadmoreThe FCA has published a direction on the revocation of its transitional direction for the share trading obligation (STO) under UK MiFIR. The direction specifies that the STO was revoked on 29 August 2023 by the commencement of provisions in FSMA 2023. The FCA has therefore revoked the transitional direction it introduced for the Brexit transition period.
The FCA has also published a direction on the variation of its transitional direction for the derivatives trading obligation (DTO) under UK MiFIR. The variation is to reflect amendments made to Article 28 of UK MiFIR made by FSMA 2023 which aligned the DTO with the scope of counterparties subject to the clearing obligation set out in UK EMIR. The variation comes into effect on 29 August 2023.