How to report suspected market abuse as a firm or trading venue

Firms and individuals professionally arranging or executing transactions in certain financial instruments, and operators of a trading venue, must report suspicious transactions and orders (STORs) to us without delay.

The Treasury has given UK financial regulators the power to make transitional provisions to financial services legislation at the end of the transition period. This is known as the Temporary Transitional Power (TTP).
We intend to apply the TTP on a broad basis. However, there are some areas where we will not apply the TTP, including to key requirements for the UK Market Abuse Regulation. Firms are expected to comply with these key requirements by 31 December 2020.

Suspicious transaction and order reports

Firms and individuals professionally arranging or executing transactions in certain financial instruments, and operators of a trading venue, must report suspicious transactions and orders (STORs) to us without delay.

A suspicious transaction or order is one where there are ‘reasonable grounds’ to suspect it might be market abuse, such as insider dealing or market manipulation.

Firms and trading venues should make sure that staff, especially those responsible for managing financial crime risks, are given training to identify suspicious transactions and orders.

The Market Abuse Regulation (MAR) took effect on 3 July 2016 and extended the scope of the UK market abuse framework to new markets, new platforms and new behaviours.

Firms and trading venues must report suspicious ‘orders’ as well as suspicious transactions and ‘attempted market abuse’.

In December 2018, we updated the Financial Crime Guide with a chapter on insider dealing and market manipulation. Chapter 8 provides guidance to firms on their obligations to counter the risk of financial crime, as it relates to insider dealing and market manipulation.

You should only use STORs to report potential market abuse under Article 16 of MAR. Don’t use them to report other types of suspicion or incidents which are not considered market abuse as defined in MAR.

Suspicious Activity Reports (SARs) are governed by the Proceeds of Crime Act 2002 and the Terrorism Act 2000, and do not fall under our market abuse regime. The National Crime Agency (NCA) has more on SARs.

How to submit a STOR

Log in to Connect and complete the STOR form to report a STOR to us.

Please make sure the form is completed in full. Include all relevant information in the body of the STOR, including the basis for reporting the STOR. Add attachments for trade data, graphs and any other relevant documents in section 6 of the form.

Firms and trading venues with questions about how to complete or submit a STOR can call our STOR helpline on 020 7066 5577 or email [email protected]. We cannot advise firms on whether to submit a STOR, as the decision is the responsibility of firms.

Find out how to fill in and submit a STOR using Connect.

The number of STORs received

See how many STORs we received in the past year. This list is updated annually in February.

How to submit a market observation

Firms and trading venues may want to notify us of activity they have observed in the market which is not required as a STOR. For example, the firm or trading venue is not involved in the activity and therefore does not have complete information. In these cases, please submit a market observation.

To do this, log in to Connect and complete the market observation form under ‘Notifications’.

Please complete it in full, making sure you include why you are making the report.

If you have any questions, please call our STOR helpline on 020 7066 5577 or email [email protected].

Do not use this to submit a STOR – if you do we will contact you to resubmit the correct form.

Market Watch

Our Market Watch newsletter looks at suspicious transaction and order reporting, market abuse risks, transaction reporting and other market conduct issues. Market Watch 48, 50 and 56 include observations from our STR and STOR supervisory visits.

See all editions of Market Watch

Page updates

27/10/2020: Information added TTP update at the start of the page