Summary
In CP26/8, the FCA proposes the following miscellaneous amendments to its Handbook to:
- Client Assets Sourcebook (CASS): make consequential amendments to CASS 1, 7 and 8, following the proposed changes to the definition of designated investment business, to ensure the rules work for cryptoasset activities and the wider new crypto regime.
- Market Abuse Regime (MAR): make certain changes to MAR including to – rehouse some provisions in Article 17 of Regulatory Technical Standard 1 into the framework now provided by MAR 11A so that more equity transparency provisions are available and more clearly expressed in a single location; disapply rights of action for private persons under section 138D of the Financial Services and Markets Act 2000 for the remaining chapters in MAR governing the mechanics and operation of secondary markets where trading venue members are generally professional investors as opposed to consumers; propose a new MAR 1A and corresponding amendments to Schedule 5 to MAR; and, include an additional code to identify overnight interest swaps in addition to fixed‑floating interest rate swaps, reflecting the derivative types specified in Column A of MAR 11 Annex 1.
- Systems and Controls Sourcebook (SYSC) and Supervision Manual (SUP): make a correction to a change made in error in SYSC 1.5.3R in Policy Statement 25/3 and to make minor amendments to SUP 16 to correct minor discrepancies in the wording used (Consumer Credit Returns).
- Prospectus Rules: Admission to Trading on a Regulated Market sourcebook (PRM): amend the rules for the new Public Offers and Admissions to Trading regime to clarify the scope of certain obligations and exemptions.
- Collective Investment Schemes sourcebook (COLL): make targeted changes to COLL to reflect changes to the revised Statement of Recommended Practice for authorised funds.
- UK version of the European Market Infrastructure Regulation (UK EMIR): increase the clearing threshold for commodity derivatives under UK EMIR to €5bn to ensure it remains appropriate in a market with higher commodity prices.
- Definition of regulatory capital (or own funds) for FCA investment firms: align the prohibition on distributions on instruments in a form other than cash or own funds instruments for FCA investment firms with the current prohibition in Article 73 of the UK Capital Requirements Regulation to ensure that existing capital instruments continue to qualify as own funds, having become aware that its final rules in Policy Statement 25/14 will unintentionally increase the scope of that prohibition.
- Clarifications in relation to the updated Enforcement Guide (ENFG): make related amendments to ENFG, the Unfair Contract Terms and Consumer Notices Regulatory Guide, the Insurance Conduct of Business sourcebook, and the Consumer Credit sourcebook.
- UK Listing Rules: make minor changes to UK Listing Rules, in response to recent feedback.
Next steps
The deadline for comments on CP26/8 is 13 April 2026 for points 1-3 and 5-8 above , 20 April 2026 for point 4, and 23 March 2026 for point 9.