FCA: PS25/1: Reforming the commodity derivatives regulatory framework

Further to CP23/27, FCA has now published this PS which sets out feedback and final rules.  FCA has made substantial changes to the final rules as a result of feedback (see table at para 2.26.)  All the rules in the instrument made as part of this PS will come into force on 6 July 2026.  FCA will commence rules that enable trading venues to receive and process applications for exemptions from position limits from 3 March 2025.  Exemptions granted under the current regime will continue to apply until 5 July 2026.  Transitional provisions relating to trading venues will also commence on 3 March 2025 –para 2.39 of the PS provides further details and a timeline.