FCA publishes speech on MAR

In a virtual conference, Julia Hoggart, Director of Market Oversight at the FCA discusses the challenges posed by the pandemic and highlights that at this stage firms should have overcome these challenges, improved surveillance and risk assessments. The speech is an indication as to where the FCA may focus their attention during the rest of this year and into 2021.

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Key factors shaping Market Abuse Regulations

During 2020, many factors have shaped the regulations and enforcement actions to maintain market integrity and place the interests of clients ahead of firms and individuals. In addition to the challenges faced by compliance and risk departments, the number of people trading worldwide has risen, pressuring regulators and compliance departments to quickly act to monitor conflicts of interest and prevent individuals from taking market advantage.

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ESMA Publishes MAR Review Report

On September 23rd, the European Securities and Markets Authority (ESMA) published a set of outcomes and recommendations on the Market Abuse Regulation. The report has the objective to review the functionalities of MAR since its implementation in 2016 and draft suggestions to improve the regulation. The report is based on a 2019 consultation and covers buy-back programmes, the delayed disclosure of inside information, the usefulness of insider lists, managers’ transactions, the retention period of personal data among other topics.

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Control Room Rules & Regulations

With the increased challenges for financial Control Rooms, global regulators continue to pressure firms concerning the flow of confidential information. To manage the flow on confidential information and implement an effective risk control, firms are expected to continue working on the modernization of regulatory, legal and compliance risk management programs. These modern programmes in addition to effective technology can ensure that material non-public information (MNPI) is only available to staff as and when required and does not leak to other parties.

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FCA seeks to fine and ban CEO for market abuse

The Financial Conduct Authority (FCA) has published this week a decision note about the CEO of Worldspreads (WSL), Conor Foley. The FCA is seeking to fine Mr Foley for market abuse and ban him from working on regulated activities. The decision note was published on July 7 but follow an investigation that started in 2012. The FCA accuses the executive of committing market abuse by disseminating false information and manipulate transactions.

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