- Update includes changes to the Substantial Shareholding threshold and time to report.
- Changes to Sensitive Sectors which include new restrictions on foreign ownership in airlines.
On 19 July, FCA issued guide on MIFID II ancillary activity exemption.
- Guide to assist with submission of annual notification of ancillary activity exemption.
- Firms to conduct assessment of activities as set out in RTS 20 to see if in Art 2(1)(j).
- Need to register for Connect to have access to the FCA’s online exemption form page.
- Ancillary notification application page shows any draft notifications and can start new.
- Form requires submission of entity name, LEI or National ID if firm does not have one.
- Once submitted firms will receive an email confirming receipt of application with ref.