The UK’s HM Treasury has published this response to the Wholesale Markets Review that was run last summer(see here). The review looks at potential changes to MIFID II and other financial legislation in the UK, following the end of the Brexit Transitional period. The response includes issues related to Commodity Derivatives starting on page 21. The responses include statements that:

• The definition of a commodity derivative will not be changed.
• The proposed changes to the position limits regime, in terms of size and exemptions will go ahead.
• The Ancillary Activity Test will be replaced by a qualitative test that is similar to the exemption that existed before MIFID II and that the notification requirement will be removed.

The EU’s “quick fix” changes to MIFID II have now come into force (see here).

The UK’s FCA has also released this statement in relation to the events in Ukraine. It discusses the impact on the requirement to disclose inside information that would need to consider MAR disclosure requirements in relation to the impact of the situation and also the resulting changes to sanctions regulations.