Following the consultation opened on the method for UK entities to carry out the MIFID II Ancillary Activity Test recently(see here), the UK’s Financial Conduct Authority (FCA) has issued this update on the matter. The update suggests that it is not necessary to carry out the market size test in the UK and that in scope firms may instead rely on Article 72J of the Regulated Activities Order (RAO) (see here).

The EU version of the test has been updated as per the MIFID II “Quick Fix” (see here).