The U.K. Financial Conduct Authority (FCA) recently issued a consultation paper on proposed changes to the U.K. version of the Markets in Financial Instruments Directive that are intended to improve the available research on certain small- and medium-sized companies; clarify exemptions to the ban on providing so-called “inducements” in connection with trading commissions; and eliminate certain reporting requirements. This article examines the FCA’s proposals, with commentary from Tim Dolan, partner at Reed Smith, and Leonard Ng, partner at Sidley Austin. For further insights from Ng, see “The E.U. Sustainable Finance Disclosure Regulation: New Disclosures for U.S. Asset Managers” (May 6, 2021).