Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the extent to which the UK will be able to influence detailed regulation being developed from the Markets in Financial Instruments Directive; and if he will make a statement.

The Markets in Financial Instruments Directive (MiFID) II implements commitments made by the G20 in 2009 in light of the financial crisis. The UK achieved its key objectives in negotiations for MiFID II, which introduces changes that are necessary to support the effective functioning of financial markets.

The detailed regulations under MiFID II, which take the form of delegated acts and regulatory technical standards, are largely complete ahead of their application on 3 January 2018. The UK authorities have been fully engaged in their development. The Chancellor has no plans to make a specific statement at this time.