On June 23, the House of Commons published a statement made by the UK Government on its approach to implementing financial services regulatory reforms before the end of the Brexit transition period (the Statement).
Continue Reading Brexit: UK Government Statement on Implementing Regulatory Reforms

On May 27, the UK’s Financial Conduct Authority (FCA) published issue 63 of its Market Watch newsletter in relation to market conduct and transaction reporting issues (the Newsletter).

In the Newsletter, the FCA sets out its expectations around the identification and handling of inside information in light of increased capital raisings and working from home arrangements as a result of the COVID-19 pandemic. The FCA notes that market participants should continue to comply with their obligations under the relevant regulations, including the Market Abuse Regulation. In particular, market participants should:
Continue Reading FCA Publishes Market Watch Newsletter

On May 18, the European Securities and Markets Authority (ESMA) published a statement regarding the non-renewal and termination of the short selling bans imposed by certain EU financial regulators (the Statement).

As a result of the impact of the COVID-19 pandemic on EU financial markets, the Austrian Finanzmarktaufsicht (FMA), the Belgian Financial Securities and Markets Authority (FSMA), the French Autorité des Marchés Financiers (AMF), the Greek Hellenic Capital Market Commission (HCMC), the Spanish Comisión Nacional del Mercado de Valores (CNMV) and the Italian Commissione Nazionale per le Società e la Borsa (CONSOB) introduced bans on short selling from the middle of March 2020.
Continue Reading ESMA Publishes Statement on the End of Short Selling Bans by Certain EU Financial Regulators

On March 16, the European Securities and Markets Authority (ESMA) issued a decision to temporarily require the holders of net short positions in shares traded on an EU regulated market to notify the relevant EU financial regulator if the position is equal to or greater than 0.1 percent of the issued share capital (the Decision). This applies to all positions entered into after the entry into force of the Decision.
Continue Reading ESMA Publishes a Decision on Short Selling in Light of COVID-19

On March 12, the European Securities and Markets Authority (ESMA) issued a public statement to note certain recommendations for EU financial market participants as a result of the impact and developments of COVID-19 (the Statement). ESMA’s recommendations include:
Continue Reading ESMA Recommendation to Financial Market Participants in Light of COVID-19

On October 18, the Financial Conduct Authority (FCA) published a letter giving guidance on the distinction between suspicious activity reports (SARs) and suspicious transaction and order reports (STORs). The letter was sent in response to a request by UK Finance, a trade association, following a meeting of the ‘SARs Collaboration Working Group.’
Continue Reading FCA Publishes SAR and STOR Guidance

On April 17, the UK Financial Conduct Authority (FCA) published issue 59 of its Market Watch newsletter. In this issue, the FCA details its findings on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and the Market Abuse Regulation (MAR).
Continue Reading FCA Publishes Market Watch Newsletter on Transaction Reporting Issues and Market Conduct