MLex: The UK’s Data (Use and Access) Bill faces increasing risk of collapse after the House of Lords again pushed forward an amendment to include in it protections for rights holders over their works being scraped for AI training. The House of Lords lawmaker who brought the amendment, which calls on the government to bring dedicated draft legislation on the issue, said their intent was not to kill the Bill but to push the government to respond by proposing its own amendment.

MLex: On 4 March 2025, the UK government made changes to the Data (Use and Access) Bill (the Bill) going through Parliament, apparently broadly focused on underpinning economic growth in digital services and open banking. One change to the Bill reversed an amendment made by lawmakers that would require the technology minister to assess whether public authorities are reliably checking personal data they collect and share for digital verification services. The other will give the UK finance regulator powers to oversee and write rules for the open banking system.

What does this Practice Note cover? The primary focus of this Practice Note is on debt securities (such as bonds or notes) and it provides an introduction to: • trading, settlement and custody of debt securities in the UK, and • the key UK regulatory frameworks that govern these activities This Practice Note also outlines the main types of the relevant service providers and summarises the UK regulatory frameworks applicable to them. For a quick summary on how the debt capital markets are regulated in the UK, see Practice Note: EU and UK regulation of the debt capital markets—one minute guide. For information about the debt securities market infrastructure in the EU, see Practice Note: EU Debt securities market infrastructure. Introduction The importance of tradeability of debt securities Tradeability is an essential characteristic of debt securities. Investors' ability to buy and sell—trade—debt securities depends on: • standardisation of the terms and conditions of debt securities (for more information, see Practice Notes: Terms and conditions of debt securities and Terms and conditions—first

This Practice Note therefore tracks the progress of legislative and policy developments regarding the UK’s ongoing overhaul of its approach to competition in digital markets since 2018. NOTE—following Royal Assent of the Digital Markets, Competition and Consumers Act 2024 (DMCCA 2024) on 24 May 2024, this Practice Note has ceased tracking developments regarding this Act; all such developments are now housed in: Digital Markets, Competition and Consumers Bill—progress tracker. Going forward, this Practice Note will continue to capture all other digital markets developments apart from those related to the DMCCA 2024. EU regulation At an EU-level, the European Commission (Commission) has also published legislative proposals aimed at ensuring fair and open digital markets—namely: (1) the Digital Services Act (DSA) and (2) the Digital Markets Act (DMA). The DMA, if enacted, aims to introduce broad reforms to the application of EU competition law to the largest digital platforms. For further information and detail regarding the progress of the DMA through the ordinary legislative procedure, see further, EU Digital Markets Act—progress tracker 2026 Title Body Details Source Memorandum

This tracks and summarises all completed UK enforcement actions relating to the UK Digital Markets, Competition and Consumers Act 2024 (DMCCA 2024). For information on all ongoing UK enforcement actions relating to the DMCCA 2024, see further: UK Digital Markets, Competition and Consumers Act enforcement actions—ongoing cases tracker For a timeline of all legislative and policy developments

This tracks and summarises all ongoing UK enforcement actions relating to the UK Digital Markets, Competition and Consumers Act 2024 (DMCCA 2024). For information on all completed UK enforcement actions relating to the DMCCA 2024, see further: UK Digital Markets, Competition and Consumers Act enforcement actions—completed cases tracker For a timeline of all legislative

This Practice Note looks at the European Market Infrastructure Regulation (EMIR), Assimilated Regulation (EU) 648/2012 (UK EMIR) as it applies in the UK since IP completion day (11 pm on 31 December 2020) and the obligations it imposes on pension schemes. For information on how UK EMIR differs from EMIR (EU) 648/2012 (OJ L 201, 27.7.2012, p. 1) (EU EMIR) and when EU EMIR applies, see Practice Note: UK EMIR—essentials. The UK EMIR EU EMIR is the principal EU measure regulating the over the counter (OTC) derivatives market. It applies to counterparties to derivatives trades, including EU pension plans and common investment funds, central counterparties (CCPs) and trade repositories, although the various requirements contained in EU EMIR are being phased in over time. EU EMIR entered into force on 16 August 2012, with the majority of provisions applying after the relevant technical standards entered into force. It has been amended by several measures, including: • Regulation (EU) 2019/834 (OJ L 141/42) (known as EU EMIR Refit), and

The Bank of England (BoE) and Financial Conduct Authority (FCA) have published a policy statement finalising amendments to UK EMIR Trade Repository reporting requirements and launched a joint consultation on two new draft questions and answers (Q&As). These documents form part of ongoing efforts to enhance the UK EMIR reporting framework following the March 2025 implementation of the UK EMIR Refit. The amendments aim to improve data quality and reduce ambiguity in reporting obligations, while the draft Q&As address specific technical issues raised by market participants through industry engagement. The finalised rules will come into force on 26 January 2026, and responses to the consultation are sought by 12 September 2025, with final Q&As expected in October 2025.

The Financial Conduct Authority (FCA) is consulting on its guidance for UK Trade Repositories registered under Article 55 of UK EMIR ahead of the implementation of the new requirements. On 24 February 2023 the FCA published a joint policy statement PS23/2 with the Bank of England (BoE) confirming changes to the derivative reporting framework under UK EMIR. The majority of the new requirements are applicable from 30 September 2024, with a transition period for some aspects. Responses to the proposed Q&As are sought by 25 September 2024.

The Financial Conduct Authority (FCA) has updated its webpage on UK EMIR to note that it has published final rules in Handbook Notice 141 increasing the clearing threshold for commodity derivatives under the UK version of the European Market Infrastructure Regulation (UK EMIR) from €3 billion to €6 billion. The rule change comes into effect immediately.

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have jointly published consultation paper proposing amendments to the UK version of Commission Delegated Regulation (EU) 2016/2251 and the regulatory technical standards for risk-mitigation techniques for over-the-counter (OTC) derivative contracts not cleared by a central counterparty (the Binding Technical Standards (BTS) 2016/2251), which supplements Article 11(15) of the UK European Market Infrastructure Regulation (EMIR). Through this consultation, the regulators aim to understand the impact of its proposals on firms that engage in OTC derivatives and seek to update margin requirements for non-centrally cleared derivatives. Responses are sought by 27 June 2025, with a Policy Statement and amended BTS expected in the second half of 2025. The proposed exemption for equity and index options would come into force when the current temporary exemption expires on 4 January 2026.

This Practice Note explains the key elements of Assimilated Regulation (EU) 648/2012 (UK EMIR) and covers: (1) the clearing obligation, (2) the trade reporting obligation, (3) margin requirements for non-centrally cleared over-the-counter (OTC) derivatives, and (4) additional risk mitigation requirements for uncleared trades, including timely confirmation, portfolio reconciliation, portfolio compression, and dispute resolution. Section 1(1) and Schedule 1 Part 1 of the Financial Services and Markets Act 2023 (FSMA 2023) provide for the revocation of UK EMIR with effect from a date or dates to be appointed by HM Treasury. No date has yet been appointed. UK EMIR—Introduction Key requirements of UK EMIR UK EMIR is the principal UK measure regulating the over-the-counter (OTC) derivatives market. Its key elements are: • a requirement to clear certain standardised OTC derivatives traded by certain counterparties through a central counterparty (CCP)—see Clearing obligation below • a requirement to report derivative contracts to a trade repository (TR)—see Trade reporting obligation below • margin requirements for non-centrally cleared OTC derivatives traded by certain counterparties—see Margin requirements below, and • additional risk mitigation requirements for uncleared