Does Brexit matter? Actually, no, it does not. For one thing, if nothing else about Brexit has been clear, the government and regulators have been adamant that, until the moment the UK leaves the EU, it is a member and as such will comply with all relevant laws.
As a jurisdiction that has traditionally implemented EU measures on time, it has always been the plan to implement MiFID II on time and for firms operating in the UK to be compliant by the deadline.
Whatever happens with the negotiations, the UK will still be a member of the EU on January 3, 2018, so firms must comply with the changes to UK laws and regulations. So there is no time to waste.
What should firms be doing?
All IFAs, whether they are article 3 firms or MiFID investment firms, should by now have reviewed the proposed changes to FCA rules and carried out a regulated activity group (Rag) analysis to assess where their business is most impacted.
They should by now have a plan and timetable for making appropriate changes, including to allow enough time to make all appropriate notifications to clients and have MiFID II-compliance customer documentation in place by January 3, 2018.
Emma Radmore is legal director and Andrew Barber is a partner at national law firm Bond Dickinson
