Schedule 2: Transitional amendments Part 1 – Amendments to the Markets in Financial Instruments Regulation Paragraph 4: Suspension of waivers
Paragraph 4 introduces a new Article 4a into MiFIR to give the FCA the power to suspend, or partially suspend the use of a waiver if it considers that price formation is being unduly harmed by its use.
	Paragraph 2 of Article 4a specifies that the FCA can only suspend a waiver using the power outlined in paragraph 1 for six months at a time but can renew the suspension for further periods of up to six months if it considers that reinstating the waiver would unduly harm price formation.
	Paragraph 3 limits the FCA’s ability to suspend a waiver using the powers outlined in paragraph 1 to instances where the FCA considers that the intervention is necessary to advance the FCA’s integrity objective under section 1D of FSMA 2000.
	Paragraph 4 prescribes the factors to which the FCA must have regard when considering the suspension or renewal of a suspension of a waiver.
	Paragraph 5 requires that the FCA consult HM Treasury before directing that a waiver is suspended.
	Paragraph 6 exempts the FCA from that consultation requirement if the FCA considers that it is under time pressure and urgent action is needed to protect the price formation process or the interests of consumers.