Following the statement yesterday from the ESAs on the upcoming variation margin deadline on 1st March, and the letter of no action relief from the CFTC a few weeks ago, the UK’s Financial Conduct Authority has issued this notice. The statement is along the lines of the ESAs’ statement, which guides National Competent Authorities to take a pragmatic approach to enforcement. The approach is to consider the difficulties that firms have had in setting up operations to comply, and expect to see a continuous effort to move to compliance as soon as possible.