Revocation of retained EU law Transitional amendments Amendments to the Markets in Financial Instruments Regulation (MiFIR) and the European Market Infrastructure Regulation (EMIR) Fixed income and derivatives markets FCA power to modify or suspend the DTO
The FCA has used the TTP to make a transitional direction modifying the DTO to, in short, allow certain counterparties to use EU venues when trading with an EU client who does not have access to a venue that both the UK and EU have granted equivalence to. The Act empowers the FCA to suspend or modify the DTO outside the limited purpose and time limit constraints of the TTP. The Act allows the FCA to direct that the DTO is modified including in respect of any of its three fundamental components, and subject to conditions; the FCA will be able to direct, for example, that, for a certain period, certain persons to whom the DTO would normally apply are not bound by the DTO provided they meet certain conditions laid out in the direction.