HM Treasury is announcing its intention to make further technical changes to its wholesale markets framework, as part of its broader set of capital markets reforms.
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HM Treasury has committed to make the following changes to the UK’s Markets in Financial Instruments Directive (MiFID) framework as part of the government’s work to reform our rulebook for capital markets so that it delivers for investors and firms, and supports growth across the UK.
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Learning the lessons from the events in the Nickel market in March 2022, the government is ensuring that the Financial Conduct Authority has the necessary tools to appropriately oversee the off-exchange trading of commodity derivatives, while maintaining the international competitiveness of these markets.
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It will also commence the revocation of the detailed requirements in legislation that govern the organisation and operation of investment firms, as well as those relating to transaction reporting so that the regulators can deliver a more proportionate, streamlined and agile framework in regulatory rules.
All these changes require legislation. To avoid any gaps in regulation, the government will work hand in hand with the regulators and will only commence the relevant revocations when the rules are ready to come into force.
