- Leverage in NBFI: Final report. This final report addresses financial stability risks created by NBFI leverage, focusing on risks that may arise: (i) in
FSB publishes reports on its work on NBFI
FCA Consultation Paper (CP25/19): Ancillary Activities Test
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
Draft – The Markets in Financial Instruments(Miscellaneous Amendments) Regulations 2025
On 3 July 2025, there was published on legislation.gov.uk a draft of The Markets in Financial Instruments(Miscellaneous Amendments) Regulations 2025 together with a draft explanatory memorandum.
The draft statutory instrument retains certain key definitions within the UK version of Commission Delegated Regulation (EU) 2017/565, otherwise known as the MiFID Organisational Regulation or MiFID Org
FCA appoints new deputy chief executive
On 10 June 2025, the Financial Conduct Authority (FCA) announced that it has appointed Sarah Pritchard to a new role of deputy chief executive of the FCA.
The FCA explains that it has created the new role to reflect its expanding remit, with the integration of the Payment Systems Regulator, regulation of stablecoin
FCA consults on improving the complaints reporting process
On 22 May 2025, the Financial Conduct Authority (FCA) published a consultation paper, CP25/13 on improving the complaints reporting process.
Background
The FCA has collected complaints complaints data from regulated firms since 2002, and uses this data to help it understand market trends, identify current or emerging harms to consumers, and improve
IOSCO statement on combatting online harm and the role of platform providers
On 21 May 2025, the International Organization of Securities Commissions (IOSCO) issued a statement on combatting online harm and the role of platform providers.
Among other things IOSCO identifies in the statement certain measures currently used in some jurisdictions that can help disrupt online harm involving financial misconduct and encourages platform providers to
IOSCO reports on finfluencers, online imitative trading practices and digital engagement practices
As part of the third wave of its Roadmap for Retail Investor Online Safety, the International Organization of Securities Commissions (IOSCO) published on 19 May 2025 final reports on finfluencers, online imitative trading practices and digital engagement practices (DEPs). All three reports identify good practices that regulators could consider in managing
BoE speech on system-wide approach to regulating CCPs
On 14 May 2025, the Bank of England (BoE) published a speech on ‘A system-wide approach to system-wide resilience: CCPs and their users’, which was delivered by its deputy governor for financial stability, Sarah Breeden, at the ISDA Annual General Meeting.
In the speech, Ms Breeden sets out the critical role
BoE speech on data governance
On 13 May 2025, the Bank of England (BoE) published a speech on data governance, which was delivered by its executive director for data and analytics transformation and chief data officer, James Benford, at the Gartner Data Analytics Summit.
In his speech, Mr Benford explains that data governance helps organisations to protect
The Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025
On 13 May 2025, the Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025 (the Regulations) were made and published on legislation.gov.uk.
The Regulations are the ninth commencement Regulations made under the Financial Services and Markets Act 2023 (FSMA 2023).
The explanatory note to the Regulations provides further information on