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FCA finalizes “user-friendly” overhaul of commodity derivative tests

London Metal Exchange, view over 'The Ring' trading floor.
London Metal Exchange trading floor. Photo: Peter Finch/Getty Images

Jean Hurley

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By shifting the AAT from guidance into formal rules, the FCA aims to provide a more robust and predictable environment for the UK’s commodity and energy markets.

In a pre-Christmas move to bolster the UK’s post-Brexit financial framework, the FCA published Policy Statement PS25/24 on December 19, 2025. The publication finalizes a simplification of the Ancillary Activities Test (AAT), designed to provide legal certainty for non-financial firms operating in the energy and commodity sectors.

The reform, which officially takes

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