On 1 December 2022, the Financial Markets Law Committee (FMLC) published their response to the FCA’s consultation proposing new guidance on the regulatory perimeter for trading venues (Consultation Paper 22/18). In its response the FMLC highlights that the wording in the Consultation Paper creates uncertainty as regards the market’s current understanding that the FCA does not have regard to a response (Q&A 25) in the European Securities and Markets Authority’s Q&As on market structures.