UK FCA Quarterly Consultation Paper No. 51

The UK Financial Conduct Authority (FCA) has published its quarterly consultation paper No. 51, inviting feedback on proposed amendments to its Handbook. Significantly, it included a proposal to increase the clearing threshold for commodity derivatives under the UK version of the European Market Infrastructure Regulation (UK EMIR) to EUR5 billion, to ensure the threshold remains appropriate in light of higher commodity prices.

Other changes include:

• Consequential changes to the client assets sourcebook to ensure its effective application to regulated cryptoasset activities.
• Rehousing some provisions in Article 17 of the UK version of Commission Delegated Regulation (EU) 2017/587 (RTS 1) into the framework now provided by MAR 11A and tidying up provisions relating to private rights of action.
• Making targeted changes to the collective investment scheme sourcebook to reflect amendments in the 2025 Statement of Recommended Practice for authorised funds.
• Aligning the scope of the prohibition on distributions on instruments in a form other than cash or own funds instruments for FCA investment firms (introduced in PS25/14) with the existing prohibition in Article 73 of the UK Capital Requirements Regulation.

The consultation also proposes drafting improvements across various Handbook modules and the Listing Rules to ensure consistency and improve clarity and usability.

For most proposed changes, the deadline for comments is 13 April.

For clarificatory amendments in relation to the PRM sourcebook (chapter 5), the deadline is 20 April. For minor changes to UK Listing Rules (chapter 10), the deadline is 23 March.

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