The FCA has published Policy Statement 16/18: Changes to the Decision Procedure and Penalties manual and the Enforcement Guide for the implementation of the Market Abuse Regulation (PS16/18).
In PS16/18 the FCA sets out the feedback it received to its earlier consultation on changes to the Decision Procedure and Penalties Manual (DEPP) and the Enforcement Guide (EG) for the implementation of the Market Abuse Regulation (MAR). The FCA has incorporated this feedback into the changes to the DEPP and the EG that are required to implement the MAR from 3 July 2016. These changes are explained in PS16/18. The final changes to DEPP and EG are set out in Appendix 1 to PS16/18.
PS16/18 will be relevant to (among others) firms or individuals who directly or indirectly deal in, or any firm which issues financial instruments (FIs) that are:
- admitted to trading on a regulated market or for which a request for admission to trading on such a market has been made;
- traded on a multilateral trading facility (MTF), admitted to trading on an MTF or for which a request for admission to trading on a MTF has been made;
- traded on an Organised Trading Facility; or
- not admitted to trading on one of the above facilities, but the price or value of which depends on or has an effect on the price or value of an FI.
This includes any transaction, order or behaviour concerning these FIs whether or not the transaction, order or behaviour takes place on a trading facility.
PS16/18 will also be of interest to emission allowance participants, and any person discharging managerial responsibilities within issuers and participants, or any person closely associated with them.
View PS16/18: Changes to the Decision Procedure and Penalties manual and the Enforcement Guide for the implementation of the Market Abuse Regulation, 30 June 2016