The FCA has published the consultation paper “CP16/13: Changes to the Decision Procedure and Penalties Manual and the Enforcement Guide for the implementation of the Market Abuse Regulation”.
In November 2015 the FCA published CP15/35, on its policy proposals and Handbook changes related to the implementation of the Market Abuse Regulation (EU MAR), and CP15/38, on changes to the Disclosure and Transparency Rules.
The regulator is now consulting on proposed changes to the Decision Procedures and Penalties Manual (DEPP) and the Enforcement Guide (EG). These were not included in the November consultations because these changes are highly dependent on the details to be set out in the Treasury’s Statutory Instrument (SI) to be made under section 2(2) of the European Communities Act 1972. The Treasury intends to lay the SI before Parliament in the coming weeks so we now intend to proceed with this consultation on proposed amendments to DEPP and EG to set out how we will enforce EU MAR.
This Consultation Paper will be of interest to, among others, any firm or individual who directly or indirectly deals in, or any firm who issues, any financial instruments (FIs):
- admitted to trading on a regulated market or for which a request for admission to trading on such a market has been made
- traded on a Multilateral Trading Facility (MTF), admitted to trading on an MTF or for which a request for admission to trading on an MTF has been made
- traded on an Organised Trading Facility
- not admitted to trading on one of those facilities, 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 FIs referred to above, whether or not the transaction, order, or behaviour takes place on a trading facility.
This Consultation Paper will also be of interest to emission allowance market participants, and any person discharging managerial responsibilities within issuers or emission allowance market participants or any person closely associated with them.
This Consultation Paper will be of interest to consumers who directly or indirectly deal and invest in any of the FIs indicated above.
The deadline for the consultation is 22 May 2016. The FCA statement and the consultation paper can be found here.