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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

In our latest Global Regulation Tomorrow Plus podcast Partner Jonathan Herbst and Of Counsel Uzmah Yunis share their thoughts on the FCA’s recent consultation paper on payment optionality for investment research. Mark Highman, a financial services partner in New York, also provides a US perspective.

Listen to the episode here.

On 27 February 2024, the Financial Conduct Authority (FCA) published a Consultation Paper (CP24/2) proposing, amongst other things, a new approach to publishing its enforcement investigations. Under the plans, the FCA proposes publishing an announcement that it has opened an enforcement investigation, including the identity of the firm which is subject to the

On 7 February 2024, negotiators from the European Parliament’s Economic and Monetary Affairs Committee reached a provisional agreement with the Belgian presidency of the Council of the EU on a review of the European market infrastructure regulation and directive.

Main elements of the provisional agreement

The main elements of the provisional agreement are:

  • Adequate supervisory

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.

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.

We will resume posting material following the festive period on 9 January 2024 although if there are any significant developments we will endeavour to provide an update.