Legislation and relevant papers - UK
Member States must change their laws and regulations to give effect to the provisions of MiFID II. As MiFIR is a directly applicable EU Regulation, there is no discretion in relation to its implementation, except where its text indicates otherwise.
HM Treasury is consulting on most of the changes to UK legislation required to implement MiFID II and accommodate MiFIR. The FCA and PRA are also consulting on the changes that need to be made to their respective Handbook / Rulebook rules.