On December 13, the UK Financial Conduct Authority (FCA) published finalized guidance on financial crime systems and controls relating to insider dealing and market manipulation (FG18/5).
In March 2018, the FCA consulted on an update to its Financial Crime Guide for firms, with an additional chapter on insider dealing and market manipulation, as well as a number of minor amendments to reflect recent regulatory changes.
Following such consultation, Part 1 of the Financial Crime Guide has been renamed as ”Financial Crime Guide: A firm’s guide to countering financial crime risks” (FCG). The FCG includes the new section on insider dealing and market manipulation. Part 2 of the Financial Crime Guide has been renamed as “Financial Crime Thematic Reviews” (FCTR).
The updates in FCG include material on customer due diligence and enhanced customer due diligence. The new section on insider dealing and market manipulation contains guidance on:
- risk assessment;
- policies and procedures; and
- ongoing monitoring.
The FCA Handbook has also been amended to reflect the updated FCG and FCTR.
FG18/5 can found here.