CP15/35: Policy proposals and Handbook changes related to the implementation of the Market Abuse Regulation (2014/596/EU)

Published: 05/11/2015     Last Modified: 05/11/2015

In this consultation document, we set out our proposals for the necessary changes to the FCA Handbook required to implement the new Market Abuse Regulations (EU MAR). We seek feedback on these proposals and also invite comments on the different options for implementation the regime offers EU Member States in two areas.

Why are we issuing this consultation paper?

In October 2011, the European Commission published proposals for a regulation on insider dealing, market manipulation and the improper disclosure of inside information. The resulting Market Abuse Regulation (EU MAR) was adopted by the European Parliament and the Council of the European Union and published in its final form in the Official Journal of the European Union in June 2014. EU MAR updates the civil market abuse framework formerly established by the EU Market Abuse Directive (EU MAD) and will apply from 3 July 2016.

In this consultation document, we set out our proposals for the necessary changes to the Handbook required to implement the new regime. We seek feedback on these proposals and also invite comments on the different options for implementation the regime offers Member States in two areas.

CP15/35: Policy proposals and Handbook changes related to the implementation of the Market Abuse Regulation (2014/596/EU) (PDF)

Who is this consultation aimed at?

This consultation paper should be of interest to any firm or individual that directly or indirectly deals in, or any firm that issues, any financial instruments:

  • 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 (OTF)
  • 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 financial instruments.

This includes any transaction, order or behaviour concerning any financial instruments referred to above irrespective of whether or not such transaction, order, or behaviour takes place on a trading venue. This consultation paper will also be of interest to emission allowance market participants (EAMPs), and any person discharging managerial responsibilities within issuers or EAMPs or any person closely associated with them.

What are the next steps?

We want to know what you think of these proposals. Please respond to the questions in Annex 3 of the consultation paper by 4 February 2016 using our online form.

You can also email your answers to us at:

cp15-35@fca.org.uk

Or send them in writing to:

Trading Conduct and Settlement Policy team
Markets Policy and International Division
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

We will consider your feedback and publish our final Handbook provisions in a Policy Statement in spring 2016.

Further information

Read more about the Market Abuse Regulation (MAR).

Draft statutory instrument

A draft of the Statutory Instrument, which sets out proposed changes to UK legislation to implement the Market Abuse Regulation, is now available for comment from HM Treasury. Please note this is a preliminary draft which will be subject to further review and amendment before being finalised. To request a copy, please contact: 

Hinna Akhtar
HM Treasury
1 Horse Guards Road
SW1A 2HQ

Telephone: 020 7270 1001

Email: Hinna.Akhtar@hmtreasury.gsi.gov.uk

Any comments or questions regarding the draft Statutory Instrument should be sent directly to Hinna Akhtar. Comments must be received by HM Treasury by 4 February 2016.  Please note that comments or questions on the draft Statutory Instrument should not be sent to the FCA.

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