Date: 14 April 2021 Time: 08.50-09.30 GMT Senior management and boards acknowledge the threat of financial crime as a critical risk to their business, which has been exacerbated in the last 12 months through the impact of the pandemic. The expansion of virtual currencies, the registration of trusts, and the emphasis on RegTech and FinTech … Continue Reading
On 8 March 2021, the FCA published a speech by its Executive Director of Enforcement and Market Oversight, Mark Steward, at the Expert Forum: Market Abuse 2021. Key points include: Volumes and STORs There was an overall increase in transactions and transaction reports by 34% in 2020. Whilst total volumes for the year were lower … Continue Reading
On 11 January 2021, the FCA published Market Watch 66 in which it set out its expectations for firms on recording telephone conversations and electronic communications when alternative working arrangements are in place, including increased homeworking. In terms of risk from reduced monitoring, the key messages in Market Watch 66 include: Risks from misconduct may … Continue Reading
On 21 December 2020, the European Securities and Markets Authority (ESMA) published its annual report on administrative and criminal sanctions, as well as other administrative measures, issued under the Market Abuse Regulation (MAR) in 2019. The report shows that Member State national competent authorities (NCAs) and other authorities imposed a total of €88 million in … Continue Reading
On 17 December 2020, the EU Agency for the Cooperation of Energy Regulators published the 24th edition of its Q&As on the Regulation of wholesale energy market integrity and transparency (REMIT). The following new entries have been inserted in the Q&As: Page 72, III.3.46: Could you please clarify when considering REMIT obligations if we should … Continue Reading
The resurgence of COVID-19 in the UK and a corresponding change in government guidance around remote working has caused many firms to rethink plans for a gradual return to the office in the near term. Earlier this year we wrote about the FCA’s focus on the heightened risk of market abuse in a remote working … Continue Reading
On 29 October 2020, the European Securities and Markets Authority (ESMA) published a final report on amendments to the Market Abuse Regulation (MAR) for the promotion of the use of SME growth markets. Regulation (EU) 2019/21158 on the promotion of the use of SME growth markets (SME GM Regulation) amended Articles 13 of MAR (by … Continue Reading
On 12 October 2020, the FCA published a speech by Julia Hoggett (FCA Director, Market Oversight) entitled Market abuse in a time of Coronavirus. Key points in the speech include: The FCA has sought to place the market abuse risk assessment at the heart of how it encourages firms and venues to think about all … Continue Reading
On 7 October 2020, there was published in the Official Journal of the EU, Commission Implementing Regulation (EU) 2020/1406 of 2 October 2020 laying down implementing technical standards with regard to procedures and forms for exchange of information and cooperation between competent authorities, ESMA, the Commission and other entities under Articles 24(2) and 25 of … Continue Reading
On 5 October 2020, the European Commission adopted an Implementing Regulation laying down implementing technical standards with regard to procedures and forms for the exchange of information and cooperation between competent authorities, the European Securities and Markets Authority (ESMA), the Commission and other entities under Articles 24(2) and 25 of the Market Abuse Regulation (MAR). … Continue Reading
Introduction On 24 September 2020, the European Securities and Markets Authority (ESMA) published a review report of the Market Abuse Regulation (MAR). The report is the first in-depth review of the functioning of MAR since its implementation in 2016, and its recommendations will feed into the European Commission’s review of MAR. Background The report covers … Continue Reading
On 7 September 2020, the FCA published the latest issue of its market conduct newsletter, Market Watch (issue 65). In this issue of Market Watch the FCA discusses how inappropriate handling of information requirements issued by the FCA can hinder, or even compromise, its preliminary reviews of, and investigations into, suspected market abuse. The FCA … Continue Reading
After a relatively quiet start to the year on the enforcement front, the FCA published three notable Final Notices in June 2020. All relate to areas which have been a focus for the FCA for some time: the fair treatment of customers experiencing financial difficulty (especially important in light of Covid-19); AML controls; and ensuring … Continue Reading
In a recent snapshot poll of webinar participants, 87% of our clients thought there was an increased risk of market abuse in a remote working context. The FCA appears to share this view and has identified a heightened risk of market abuse in the context of COVID-19 in the following areas: (i) in the context … Continue Reading
Commentators sometimes compare the FCA’s spoofing case record unfavourably with that of its US counterparts. Where the FCA has pursued cases, typically the FCA has used its civil powers in relation to market manipulation rather than its criminal powers to prosecute those who create false or misleading impressions in relation to the market in or … Continue Reading
On 30 June 2020, the Agency for the Co-operation of Energy Regulators (ACER) updated the following documents concerning the Regulation on wholesale energy market integrity and transparency (REMIT): Q&As on REMIT (23rd edition). The new Q&As cover inside information, REMIT definitions, obligations and prohibitions for market participants. In particular, it deals with the question of … Continue Reading
On 10 June 2020, the FCA issued its latest Primary Market Bulletin setting out the feedback to its consultation on a best practice note aimed at government departments, industry regulators and public bodies regarding the identification, control and disclosure of inside information. The best practice note can be found here. … Continue Reading
On 13 March 2020, the European Commission published a report regarding the implementation of the Directive on Criminal Sanctions for Market Abuse (CSMAD). The CSMAD establishes minimum rules for criminal sanctions for insider dealing, for unlawful disclosure of inside information and for market manipulation. It ensures the effective implementation of the Market Abuse Regulation by … Continue Reading
On 13 December 2019, the European Securities and Markets Authority (ESMA) published its second annual report on the application of accepted market practices (AMPs) in accordance with the Market Abuse Regulation (MAR). ESMA’s report provides an overview on the establishment and application of AMPs in the EU after MAR became applicable, including the AMPs established … Continue Reading
On 12 December 2019, the European Securities and Markets Authority (ESMA) published its second annual report on administrative and criminal sanctions and other administrative measures imposed by Member State competent authorities (NCAs) under the Market Abuse Regulation (MAR). The report covers the period from January to December 2018 and contains aggregated information on administrative and … Continue Reading
On 29 November 2019, the Financial Markets Law Committee (FMLC) published a letter responding to the European Securities and Markets Authority’s (ESMA) consultation paper on the review of the Market Abuse Regulation (MAR). In the letter, the FMLC raises concerns that the possibility to later amend the definition of inside information is likely to be … Continue Reading
On 18 October 2019, the FCA published the latest issue of Market Watch (no. 62), its newsletter on market conduct and transaction reporting issues. In this issue of Market Watch, the FCA shares its concerns about personal account dealing (PAD), where employees of authorised firms trade for themselves rather than for clients. It also sets out the … Continue Reading
On 8 October 2019, the European Securities and Markets Authority (ESMA) issued its final report on a set of draft regulatory technical standards (RTS) on co-operation arrangements under the Market Abuse Regulation (MAR). Article 26 of MAR mandates ESMA to develop draft RTS containing a template document for cooperation arrangements that are to be used … Continue Reading
Introduction On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on the Market Abuse Regulation (MAR) review report. Article 38 of MAR requires the European Commission (Commission) to present a report to the European Parliament and the Council of the European Union to assess various provisions of MAR. In … Continue Reading
