HM Treasury (HMT) has published a new webpage with a draft statutory instrument (SI) and policy note on the UK Markets in Financial Instruments Directive Organisational Regulation (UK MiFID Org Reg). The draft SI does not seek to make any policy changes but restates definitions from the UK MiFID Org Reg in UK domestic legislation and makes various consequential changes. The publication of the draft SI follows the UK chancellor's announcement last year of further changes to the UK wholesale markets regulatory framework, which will include the revocation of firm-facing rules within the MiFID Org Reg. These will be replaced in the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) rulebooks. The deadline for comments on the draft SI is 14 April. HMT will then proceed with the restatement of UK MiFID Org Reg definitions, and the revocation of firm-facing rules, to align with the FCA and PRA implementing the new rules in H2 2025.
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