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Compound Growth

MiFID Investment Firms Register

21st July 2016

ESMA MiFID Register adds UK Firms

The FCA have today informed in their July newsletter that ESMA – the European Securities and Markets Authority - has now begun adding UK MiFID firms to their Register of ‘MiFID Investment firms’.

The ESMA MiFID Register provides details of MiFID Investment Firms and the permissions that they have currently and have held previously, however the FCA stresses that this register does not replace the function and purpose of the UK Financial Services Register.

UK Permissions mapped to MiFID Terminology

Whilst different to the UK FS register, ESMA’s register does provide a useful tool in marrying up the terminology used by the FCA for authorised activities and permissions and the equivalent terminology used in the Markets in Financial Instruments Directive (MiFID).

The MiFID Investment Firms Register

ESMA’s MiFID Investment Firms register lists all those investment firms that have been authorised by the national authorities of EU Member States. In addition the register also provides information on the services and activities for which a MiFID investment firm is authorised.  Furthermore any published sanctions that may have been imposed under the provisions of national law implementing MAD and MiFID will also be detailed on an investment firm’s record.

Who is detailed on the MiFID Register?

At present, the list of MiFID Investment Firms also includes branches of investment firms that are authorised in another Member State, but is dependent upon notifications to ESMA of these by National authorities. As such, not all branches that are authorised in another Member State may be included upon the register due to differing notifications by National authorities.

In addition, the MiFID register includes details of credit institutions, as well as branches of credit institutions authorised in another Member State – however, due to differing notifications made to ESMA by member state National Authorities, not all may be present upon the register.

ESMA Registers

Whilst it seems that ESMA’s MiFID Investment Firms Register is by no means a complete list, given differing notifications by Member State Authorities, it does seem that it might be a useful tool for those wishing to find out more information on particular firms and their permissions under MiFID. And it is not the only register that ESMA keeps. In addition, ESMA also maintains the following registers:

• MiFID investment firms
• Alternative investment fund managers
• Social entrepreneurship funds
• Venture capital funds
• Central Counterparties
• Multilateral Trading Facilities
• Regulated Markets
• Shares admitted to trading on EU Regulated Markets
• Exempted Shares under Short Selling Legal Framework
• Systematic Internalisers
• Prospectus
• Sanctions
• Suspensions and Removals
• UCITS management companies

MiFID Investment Firms Permissions

If you are a MiFID Investment Firm and are thinking about varying your permissions, please get in touch as our experienced Regulatory Consultants would be happy to assist.

We would be happy to discuss your evolving business and your required permissions and can help determine the correct scope of permissions for your firm and its business activities.

Remember, your firm must not undertake any new activities until a variation of permission has been granted by the regulator and an increase in the scope of your permissions may result in higher periodic fees from the regulator, or a fee reduction should your permissions lessen.

If you would like to discuss your firm’s permissions and are thinking about a variation of these, then get in touch and we’d be happy to hear from you, just email enquiries@compoundgrowth.co.uk

Read our latest articles, news and views affecting compliance and regulation in the UK Financial Services Industry.