Emma RadmoreThe PRA and FCA have announced their final policy and rules on restating the MiFID Org Reg in their rulebooks. There are no significant changes to the content of the assimilated EU measure, but the FCA is removing the requirement to report a 10% drop in portfolio value to a retail client from COBS so that it no longer applies to an optional exempt firm, and is amending the definition of “durable medium” so that electronic communications are the default mode of communication with retail clients. The PRA has published a destination table so that firms can see the areas (in 5 parts of its Rulebook) in which the changes have been made, while the FCA has published a detailed derivations table explaining how each element of the Org Reg is reflected (or not) in its Handbook.
The changes will take effect once Treasury has revoked the current Org Reg. The regulators currently expect to bring the changes into effect on 23 October, except for the changes to the definition of durable medium, which take effect from 12 January 2026.