The FinDatEx MiFID Technical Working Group has updated the European MiFID Template (EMT V4.1) making the necessary changes to comply with the upcoming UK consumer duty regime which starts applying from 31 July 2023 for financial products and services. FinDatEx understands that the UK FCA has set out an expectation that manufacturers will communicate the outcome of their initial assessment by end of April. Please note that the EMT V4.0 and V4.1 will be used in parallel (depending on whether a product is being distributed into the UK).
The draft EMT V4.1 includes 10 new optional fields (which become mandatory and conditional apply only if 09030 is set to is set to "Y") required for funds being distributed in the UK. These fields include:
The draft EMT V4.1 is now under public consultation until 24 March 2023. The received feedback will be incorporated into the final EMT V4.1 to be published as soon as possible.
The draft template and further information on how to provide feedback can be found here under work in progress.
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