HM Treasury has published a near-final version of legislation to reform the MiFID Organisation Regulation.
The policy note accompanying the draft explains that:
- Treasury needs, in law, to restate elements of the Regulation that define regulatory activity. The Government aims to consolidate and clarify terminology without changing the meaning or scope of definitions (although that may come later). Many of the provisions that need to remain in legislation will be transferred into the RAO; and
- the instrument will start the process of revoking firm-facing provisions that will go into PRA or FCA Rules – which is scheduled to happen towards the end of the year.
The draft instrument is open for technical comments before 14 April.