Following on from the publication of the response to the Wholesale Market Review (see here), the FCA has included a section on the MIFID II Ancillary Activity Test in their quarterly Consultation Paper, which can be found here. The paper addresses the current version of the test, which has not been changed yet in the UK. Section 2 on page 5 looks at the current legislation and the lack of official market size data to perform the calculation this year. Proposals are made to address the issue, with the changes to the texts are found in Annex B on page 46.