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New UK ancillary activities exemption rules published by financial watchdog

( December 19, 2025, 13:37 GMT | Official Statement) -- MLex Summary: The UK's financial watchdog has issued new rules for its ancillary activities exemption, or AAE. The exemption allows a firm to be exempt from authorization as an investment firm where its trading in commodity derivatives, emission allowances, or derivatives of emission allowances qualifies under a test. The FCA said the current test is "costly and burdensome." Under its final rules, there are three new separate and independent tests. Firms will need to meet the conditions of one test to rely on the AAE. The new AAE framework comes into force on Jan 1, 2027.Statement is attached....

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