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Following the UK’s exit from the EU1, the EU MiFID framework has been implemented into UK by a number of different provisions (e.g UK MiFID, UK MiFIR). The latest of these is the Financial Services and Markets Act (FSMA 2023) which provides for the eventual revocation of on-shored EU financial services regulations. FSMA 2023 makes certain transitional amendments (some of which are already in force) to on-shored EU financial services regulations, and these amendments will be in force until the EU MiFID framework is eventually revoked/replaced. At the moment the majority of UK MiFID and UK MIFIR will apply until amended.
UK MiFID II rules and UK MiFIR set out requirements relating, among other things, to:
This document is intended to provide basic information regarding certain aspects of UK MiFIR, UK MiFID II rules and FSMA 2023 (together the Regulations). It is not intended to cover all aspects of the Regulations/or address the specific requirements or obligations of either party in connection with them. This document is not intended to be advice (legal or otherwise) by any of Lloyds Bank plc, Lloyds Bank Corporate Markets plc or Bank of Scotland plc in relation to the Regulations. Recipients should consider obtaining their own independent professional, legal, regulatory, tax and accounting advice.