Wed. Jul 17th, 2019

Planet Compliance

Innovation & Regulation in Finance

FCA reports on implementation of the Market Abuse Regulation

3 min read

The FCA today published its policy statement “PS16/13: Implementation of the Market Abuse Regulation”. In this Policy Statement the FCA reports on the main issues arising from Consultation Paper 15/35: Policy proposals and Handbook changes related to the implementation of the Market Abuse Regulation (2014/596/EU) – and Consultation Paper 15/38: Provisions to delay disclosure of inside information with the FCA’s Disclosure and Transparency Rules – and publish the final rules.

This Policy Statement will be of interest to, among others:

Any firm or individual who directly or indirectly deals in, or any firm who issues, any financial instrument (FI) that is:

  • admitted to trading on a regulated market or for which a request for admission to trading has been made
  • traded on a Multilateral Trading Facility (MTF), admitted to trading on an MTF or for which a request for admissions to trading on an MTF has been made
  • traded on an Organised Trading Facility (OTF) (from MiFID II’s applicability)
  • not admitted to trading on one of those venues, but the price or value of which depends on or has an effect on the price or value of an FI.

This includes any transaction, order or behaviour concerning any FI referred to above irrespective of whether or not such transaction, order or behaviour takes place on a trading venue.

This statement will also be of interest to emission allowance market participants (EAMPs), and any person discharging managerial responsibilities (PDMR) within issuers or EAMPs or any person closely associated with them. It will also be of interest to consumers who directly or indirectly deal and invest in any of the FIs indicated above.

The revised provisions and guidance to the Handbook set out in Appendix 1 will come into force on 3 July 2016 at the same time as EU MAR will apply. However, at the time of writing this statement, it is still unclear when all the final Level 2 texts of the Regulation will be published in the Official Journal of the European Union (OJEU). The Commission has endorsed several of the technical standards but at the time of finalising this statement, they are still subject to objection by the European Parliament and the Council before they can be published in the OJEU and confirmed final. The FCA will monitor any changes in the Level 2 and Guidelines related to EU MAR legislation and ESMA Guidelines that are made during the process and will make any necessary consequential amendments to our Handbook. The regulator will also note or monitor guidance that the European Commission or ESMA may issue on any matters relating to EU MAR, which may require further consequential changes to our Handbook. The FCA will consider the appropriate approach to the areas set out in Chapter 4 where respondents have indicated that new guidance on EU MAR would be helpful.

The FCA statement and the full report are available here.

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