On 21 October 2021, a new statutory instrument was published by HM Treasury on Legislation.gov.uk titled The Financial Services Act 2021 (Commencement No. 3) Regulations 2021. The Regulations specify that section 31 of the Financial Services Act 2021 comes into force 1 November 2021. Section 31 amends section 61 of the Criminal Justice Act and … Continue Reading
On 11 October 2021, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2021/1783 of 2 July 2021 supplementing the Market Abuse Regulation (MAR) with regard to regulatory technical standards (RTS) containing a template document for cooperation arrangements with third countries. Article 26(1) of MAR requires the competent authorities … Continue Reading
On 14 September 2021, the European Commission adopted a Delegated Regulation of 2 July 2021 supplementing the Market Abuse Regulation with regard to regulatory technical standards containing a template document for cooperation arrangements with third countries and an Annex containing a template document. The adoption of the Delegated Regulation had been delayed due to the … Continue Reading
On 17 August 2021, the Office of Gas and Electricity Markets (Ofgem) issued a consultation paper on changes to its REMIT procedural guidelines and REMIT penalties statement. These documents set out how Ofgem uses its powers to enforce REMIT and how it determines penalties for REMIT breaches. Changes to these documents are being made to … Continue Reading
On 6 August 2021, the European Securities and Markets Authority updated its Q&As on the Market Abuse Regulation. Specifically ESMA has inserted answers to the following new questions all dealing with the disclosure of inside information: Q5. 8 – Interaction between MAR and Credit Rating Agencies Regulation. Q5. 9 – Disclosure to the public of … Continue Reading
On 29 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the 25th edition of its Questions and Answers on the Regulation on wholesale energy market integrity and transparency (REMIT). The 25th edition of the Q&As on REMIT provides the following new Q&As: 3.9 – Under which conditions Citizens Energy Communities … Continue Reading
On 22 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the sixth edition of its guidance on the Regulation on wholesale energy market integrity and transparency (REMIT). The guidance is intended to help EU national regulatory authorities on the application of the definitions set out in Article 2 of REMIT … Continue Reading
On 28 May 2021, the FCA published Market Watch 67. In this Market Watch, the FCA discusses how it uses orderbook data to help conduct surveillance to identify suspected market manipulation, and shares some outcomes resulting from this work.… Continue Reading
On 11 May 2021, the European Union Agency for the Cooperation of Energy Regulators (ACER) published the fifth edition of its guidance on the application of the Regulation on wholesale energy market integrity and transparency (REMIT). In this edition, ACER provides more detailed guidance concerning the definition of information and inside information under REMIT.… Continue Reading
On 3 May 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published updated REMIT guidance comprising of: New version of Annex II of the Transaction Reporting User Manual (TRUM). Annex VII of the Manual of Procedures on data reporting. FAQs on transaction reporting and on fundamental data and inside information. Annex II … Continue Reading
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
