FIA submitted a response to proposals by the U.K.'s Financial Conduct Authority regarding the UK MiFID II ancillary activities exemption calculation.
Following Brexit and the MiFID II quick-fix in the EU, ESMA no longer publishes market size data required for the completion of the test in the UK. The FCA clarified that firms completing the test in the UK could rely on the last available data instead. FIA Members agreed with the proposal and asked for the calculation periods in the numerator and the denominator to be the same.
