In the latest episode of Global Regulation Tomorrow Plus Hannah Meakin, Georgia Karamani and Charlotte Carnegie discuss the recent consultation published by the Financial Conduct Authority on proposed changes intended to improve the transaction reporting regime.
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In the latest episode of Global Regulation Tomorrow Plus Hannah Meakin, Georgia Karamani and Charlotte Carnegie discuss the recent consultations published by HM Treasury and the Financial Conduct Authority on proposed changes to the intragroup exemption under the UK European Market Infrastructure Regulation (UK EMIR).
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In the latest episode of Global Regulation Tomorrow Plus, Hannah Meakin, Rachel Smith, Georgia Karamani and Simon Lovegrove consider the Financial Conduct Authority’s consultation paper, CP25/19, which proposes changes to the ancillary activities test.
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Introduction
On 3 July 2025, the Financial Conduct Authority (FCA) published a consultation paper (CP 25/19) on the ancillary activities exemption (AAE). The AAE exempts commercial users or producers of commodities from the need to be authorised as an investment firm if their trading in commodity derivatives, emissions allowances
As you will be aware, the MiFID II ancillary activity exemption is still very important in the UK in relation to commodity derivatives and emission allowances.
Since leaving the EU, there have been various developments. First, the FCA has provided some guidance on the interpretation of certain parts of the quantitative test which rely on
Our podcast series Split the difference explores divergence between the EU and UK regulatory regimes in the markets space. In the latest episode, Hannah Meakin, Anna Carrier, Georgia Karamani, Floortje Nagelkerke and Simon Lovegrove explore EMIR 3.0 and how the proposed new rules compare with the UK regime.
On 1 March 2024, the Financial Conduct Authority (FCA) announced it is seeking feedback alongside the Bank of England (BoE) on draft guidance for reporting under the revised UK EMIR Article 9 reporting requirements.
On 24 February 2023, the FCA and BoE jointly published Policy Statement 23/2 (PS23/2) confirming
The FCA published Consultation Paper CP23/27 on 4 December 2023, setting out its proposals for reforming the commodity derivatives regulatory framework. In our new briefing note, we look at the background to the consultation, the key areas covered by the FCA’s proposals, and expected next steps.
In our latest Regulation Tomorrow Plus podcast, Jonathan Herbst, Hannah Meakin, Georgia Karamani and Anita Edwards discuss the FCA’s recent consultation, CP23/27, on reforming the UK’s commodity derivatives regulatory framework.