The Financial Conduct Authority has issued the following information concerning authorisation under MiFID II: "From 3 January 2018, some firms will only be able to carry on activities that require authorisation under MiFID II if they have the required regulatory permissions.
We indicated that these firms needed to submit complete applications for authorisations or variations of permissions by 3 July 2017 in order to be sure of having the necessary permissions by 3 January 2018. We are currently busy reviewing the applications we have already received.
We expect any firms who have not submitted a complete application by 3 July 2017 to do so without further delay. We will determine complete applications received after 3 July 2017 within 6 months, but we cannot guarantee to do so by 3 January 2018.
Such firms will therefore also need to have contingency plans in the event that by 3 January 2018 they do not have the required permissions.
We have various powers that we can use to safeguard the orderly operation of markets and to ensure that firms carry on activities in accordance with regulatory requirements. Where we become aware of firms carrying on regulated activities without the required permissions, we may take such action as we consider appropriate."