This FLASHCARD will help you absorb or recall the core points on the recognition of UK central counterparties (CCPs) under Regulation (EU) 648/2012 (EU EMIR). How did Brexit affect the EU market for clearing services? Pre-Brexit, three UK CCPs (London Clearing House (LCH), LME Clear and ICE Clear Europe) dominated the market for derivatives clearing services in the EU—it was estimated in June 2017 that UK CCPs cleared approximately 90% of the euro-denominated interest rate swaps of euro area counterparties, and 40% of their euro-denominated credit default swaps. At the end of the implementation period (31 December 2020), the UK CCPs ceased to be subject to EU supervision and became third country CCPs for the purposes of EU EMIR. Article 25(1) of EU EMIR

This FLASHCARD will help you absorb or recall the core points on the UK’s operational resilience regime, including the key requirements, the scope of the regime and the timeline for compliance. What is operational resilience? Operational resilience is the ability of firms and the financial sector to prevent, adapt, respond to, recover from, and learn from operational disruptions. It extends beyond business continuity and disaster recovery and is a strategic priority for regulators across the globe. What are the UK operational resilience requirements? Existing operational resilience requirements (eg Principle 3 of PRIN, and certain rules in SYSC, in the Financial Conduct Authority (FCA) Handbook and the Operational Resilience part of the Prudential Regulation Authority (PRA) Rulebook) are supplemented by operational resilience rules set out by the FCA in PS21/3 and by the PRA in PS6/21 and SS1/21, which require firms to: • identify ‘important business services’ (defined differently in the

Forthcoming Change—reform of the UK AIFM regime On 14 July 2026, HM Treasury and the FCA published a co-ordinated package of proposals to reform the UK AIFM regime, including draft regulations to replace the Alternative Investment Fund Managers Regulations 2013 and FCA proposals in CP26/28 for a proportionate three-tier regime for small, medium and large AIFMs; related consultations cover fund reporting and remuneration. Subject to consultation responses, HM Treasury expects to lay the legislation and the FCA aims to publish final Handbook rules in 2027, with implementation of the reformed AIFM and asset management reporting regimes planned for 2028. For more information, see Practice Note: Developments in the regulation of UK investment funds and asset management—Reform of the UK AIFM regime. This FLASHCARD will help you absorb or recall the core points on the UK regime for alternative investment funds (AIFs) and their managers derived from the Alternative Investment Fund Managers Directive (AIFMD) (Directive 2011/61/EU). What is the AIFMD? The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) entered into force on

This FLASHCARD lists the instruments which are within the scope of the EU Market Abuse Regulation (Regulation (EU) 596/2014). Categories of instrument within the scope of the EU Market Abuse Regulation Four categories of instrument are within the scope of the EU Market Abuse Regulation: • traded financial instruments • emission allowances and related auctioned products • commodity derivatives and related spot commodity contracts • benchmarks In addition, the EU Market Abuse Regulation applies to certain off-trading venue activities. Traded financial instruments The EU Market Abuse Regulation applies to: • financial instruments admitted to trading on an EU-regulated market or for which a request for admission to trading has been made • financial instruments traded on an EU multilateral trading facility (MTF), admitted to trading on an EU MTF or for which a request for admission to trading on an EU MTF has been made • financial instruments traded on an EU organised trading facility (OTF) • other financial instruments, if their price or value depends or has an

This FLASHCARD lists the instruments which are within the scope of the UK Market Abuse Regulation (Assimilated Regulation (EU) 596/2014). Categories of Instrument within the scope of the UK Market Abuse Regulation Four categories of instrument are within the scope of the UK Market Abuse Regulation: • traded financial instruments • emission allowances and related auctioned products • commodity derivatives and related spot commodity contracts • benchmarks In addition, the UK Market Abuse Regulation applies to certain off-trading venue activities. Traded financial instruments The UK Market Abuse Regulation applies to: • financial instruments admitted to trading on a UK-regulated market, Gibraltar-regulated market or EU-regulated market, or for which a request for admission to trading has been made • financial instruments traded on a UK multilateral trading facility (MTF), Gibraltar MTF or EU MTF, admitted to trading on a UK MTF, Gibraltar MTF or EU MTF or for which a request for admission to trading on a UK MTF, Gibraltar MTF or EU MTF has been made • financial instruments traded on a UK-organised

This FLASHCARD will help you absorb or recall the key issues relating to the financial services ‘regulatory perimeter’ set out in Part II of the Financial Services and Markets Act 2000 (FSMA 2000). What is the financial services regulatory perimeter? The financial services regulatory perimeter comprises two key prohibitions that underlie that perimeter, namely the general prohibition and the financial promotion restriction. A breach of either prohibition is a criminal offence and agreements made as a consequence of such breaches may not be enforceable. It is also an offence if a person who is not an authorised person or an exempt person describe themselves (in whatever terms) as an authorised or exempt person in relation to a regulated activity. What is the general prohibition? The general prohibition is set out in FSMA 2000, s 19 and prohibits persons from carrying on a regulated activity in the UK, or purporting to do so, unless authorised or exempt. An authorised person is a person who has been given permission by the Financial Conduct Authority (FCA) or the Prudential

Focus on Labour Exploitation (FLEX) has published a report in May 2026 titled ‘Voices from the Deck: The Workers' Rights Case for a UK Fishing Visa.’ The report calls for the introduction of a dedicated UK fishing visa to address the vulnerabilities faced by migrant fishers. It follows an earlier publication, ‘Unravelling the Nets’, which examined seafarer and fishing-related visa and entry clearance policies, while this new report concentrates on the lived experiences of the fishers.

Focus on Labour Exploitation (FLEX) experts have published an analysis highlighting ongoing issues with the UK's Overseas Domestic Worker visa on International Domestic Workers' Day 2025. The article examines changes made to the visa in 2012 and 2016, citing Kalayaan's 2024 data showing increased exploitation indicators after these reforms. The authors note the draft Employment Rights Bill does not address visa restrictions and call for reinstatement of rights contained in the original 1998 visa, which allowed workers to change employers and seek longer visa extensions than is currently the case. They also call for increased access to justice around employment rights, such as compensation for unpaid wages or other labour exploitation. The analysis draws on evidence showing that, eg, 41% of workers issued visas after April 2016 presented trafficking indicators.

Focus on Labour Exploitation (FLEX) has published a briefing which argues that the design and operation of the UK Seasonal Worker Scheme can itself create conditions in which workers are pushed into irregular migration status and irregular employment. It identifies recruitment debt, inadequate income security, restricted mobility between employers, ineffective complaints and transfer mechanisms, barriers to advice and redress, and the limited practical utility of the National Referral Mechanism as factors which may leave workers with no realistic alternative but to remain in the UK and work outside the terms of their visa.

Focus on Labour Exploitation (FLEX) has published a new report on the UK labour migration system after the end of free movement, focusing on industry perspectives on the end of free movement in sectors historically reliant on migrant labour. Sectors investigated included hospitality, care and agriculture. The report found that significant barriers to recruitment now include issues with the administrative burden and the cost of sponsorship for migrant workers, visa fees for migrant workers, and difficulties attracting domestic workers. The report also states that employment practices are changing since the end of free movement; wages have increased and shift patterns have changed, for example, patterns are now better in hospitality but worse in the care sector. It concludes that the end of free movement has created risks and issues for workers and employers in these sectors. FLEX lists its recommendations to the government for improvements, including funding a Fair Work Agency, adjusting visa fees, and broadening existing visas.

Focus on Labour Exploitation (FLEX) has published a report on recruitment related risks associated with the Seasonal Worker Scheme. The report presents findings from 399 surveys and 83 interviews of migrant workers on this scheme as well as 15 key stakeholder interviews and considers how to mitigate and address any identified risks.

Focus on Labour Exploitation (FLEX) has published a report titled ‘I kept waiting and waiting: The realities of asylum seekers’ restricted right to work in the UK.’ The report examines the challenges faced by asylum seekers in accessing work in the UK. The report highlights that current rules prohibit asylum seekers from working unless granted permission by the Home Office. If approved, they are restricted to roles on the Immigration Salary List and cannot be self-employed. Furthermore the report highlights that in 2022, 15,706 out of 19,231 work permission applications were granted. However, no data is available for 2023 or on successful job placements. Drawing from interviews with nine asylum seekers and three caseworkers, the report emphasises two crucial phases: the application process and then the experiences following the acquisition of work permission. The findings, supported by policy reviews and research, highlight systemic obstacles and vulnerabilities within the existing system, offering important insights for policymakers and support organisations.