On 17 March 2020, we reported that the FCA had published a new webpage containing information for firms regarding the COVID-19 pandemic. On 6 May 2020, we further reported that the FCA had added a new section to this webpage concerning information security. On 8 January 2021, the FCA updated the text that appears on this webpage under the heading ‘Market and Reporting’.
The updated text provides that:
“At the start of the pandemic, if your firm moved to an alternative site or a working from home arrangement, we asked you to consider the broader control environment in view of the new circumstances. Given the extensive duration of these arrangements, we now expect you to record all relevant communications (including voice calls) when working outside the office. You should continue to take all steps to prevent market abuse risks. This could include enhanced monitoring, or retrospective reviews. We will continue to monitor for market abuse and, if necessary, take action. You should also submit regulatory data without undue delay. If you have any concerns about meeting your obligations due to coronavirus, you should contact us via your regular supervisory channels as soon as possible.
We’ve provided updates on our expectations of listed issuers in our November 2020 Policy Statement on European Single Electronic Format (ESEF) reporting and in subsequent Primary Market Bulletins.
Our Supervisory Statement on the Operation of the MiFID Markets Regime sets out how we will operate the pre and post-trade transparency regime for the secondary trading of financial instruments after the end of the EU withdrawal transition period.
Market Watch 63 was published on 27 May 2020 and sets our expectations of market conduct and discipline in the context of coronavirus.
Any future updates regarding our expectations of market participants, including listed issuers, will be made using our usual communication channels, including:
- supervisory communications
- Market Watch
- Primary Market Bulletins”
