On January 20, the Financial Conduct Authority (FCA) published a letter to the CEOs of UK-based alternative investment firms to outline the FCA’s view of the key risks of harm to the customers or markets in which such firms operate (the Letter). The FCA defines alternative investment firms as firms that predominately manage alternative investment vehicles (such as hedge funds or private equity vehicles), or manage alternative assets directly, or provide advice on such vehicles or assets.
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Market Abuse Regulation
ESMA Publishes AMP Annual Report
Posted in EU Developments, Financial Markets
On December 13, the European Securities and Markets Authority (ESMA) published their second annual report on the application of the accepted market practice (AMP) regime under the Market Abuse Regulation (MAR). The annual report is available here.
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FCA Publishes SAR and STOR Guidance
Posted in Financial Markets, UK Developments
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.’
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FCA Publishes Market Watch Newsletter
Posted in Financial Markets, UK Developments
On October 18, the Financial Conduct Authority (FCA) published issue 62 of the Market Watch newsletter. The focus of the newsletter is on personal account dealing (PAD) and transaction reporting.
PAD is meant to be tightly controlled in order for firms to ‘minimize the risk’ of conflicts and market abuse. The newsletter states, ‘We are concerned how often we are seeing apparent breaches of PAD policies and the issues which have come to light as a result.’
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FCA Publishes Market Watch Newsletter on Transaction Reporting Issues and Market Conduct
Posted in Financial Markets, UK Developments
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).
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ESMA Publishes Updates Q&As on MAR
Posted in EU Developments, Financial Markets
On March 29, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on the Market Abuse Regulation (MAR). ESMA last updated the Q&As on November 12, 2018 (as reported in the November 16, 2018 edition of the Corporate & Financial Weekly Digest).
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ESMA Updates Q&As Relating to the Market Abuse Regulation
Posted in EU Developments, Financial Markets
On November 12, the European Securities and Markets Authority (ESMA) published version 13 of its questions and answers document (Q&As) on the Market Abuse Regulation (MAR).
The Q&As now include a new question, 7.10, relating to the scope of the trading restrictions for persons discharging managerial responsibilities (PDMRs) during a closed period under MAR.
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ESMA Publishes Stakeholder Group Advice on Containing Risks of ICOs and Crypto Assets
On October 19, the European Securities and Markets Authority (ESMA) published an own-initiative report, produced by its Securities and Markets Stakeholder Group (SMSG), on initial coin offerings (ICOs) and crypto assets. The report gives advice to ESMA on steps it can take to contain the risks of ICOs and crypto assets, on top of existing regulation.
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ESMA Updates Q&As Relating to the Market Abuse Regulation
Posted in EU Developments, Financial Markets
On October 1, the European Securities and Markets Authority (ESMA) published an updated version of its sets of question and answer documents (Q&As) on the Market Abuse Regulation (MAR). ESMA has added three new questions and answers relating to the delay of the disclosure of inside information by a credit or financial institution to preserve financial stability under Article 17(5) of MAR:
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ESMA Updates Q&As on Market Abuse Regulation
Posted in EU Developments, Financial Markets
On March 23, the European Securities and Markets Authority (ESMA) updated its Q&As on the Market Abuse Regulation (MAR).
ESMA last updated the Q&As on December 14, 2017, as reported in the Corporate & Financial Weekly Digest edition of December 15, 2017.
The updated Q&As now consider the disclosure of inside information related to…