United Kingdom (and EU regulation)

FCA confirms recognition of the revised FX Global Code and the Global Precious Metals Code

By Jochen Vester (UK) on November 22, 2021 Posted in FCA / PRA Handbook, United Kingdom

On 19 November 2021, the FCA confirmed under its code recognition scheme that it was recognising that:

Updated FX Global Code (the FX Code) – maintained and updated by the Global Foreign Exchange Committee, this Code sets principles of good practice standards for the global foreign exchange (FX) market, promoting the integrity and effective functioning of the wholesale FX market.
Global Precious Metals Code (the PM Code) – maintained and updated by the London Bullion Market Association, setting out principles to promote the integrity and effective functioning of the global precious metals market.

The FCA states that individuals subject to the Senior Managers and Certification Regime (SM&CR) need to meet requirements for market conduct, for both regulated and unregulated activities. Behaviour that is in line with an FCA recognised code will tend to indicate a person subject to the SM&CR is meeting their obligation to observe ‘proper standards of market conduct’ in relation to unregulated markets. The FCA expects firms and individuals to consider both the spirit and letter of code provisions to make sure they fully meet ‘proper standards of market conduct’.