Market Abuse Regulation

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.
Continue Reading FCA Publishes Dear CEO Letter for UK Alternative Investment Firms

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

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).
Continue Reading ESMA Publishes Updates Q&As on MAR

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.
Continue Reading ESMA Updates Q&As Relating to the Market Abuse Regulation

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.
Continue Reading ESMA Publishes Stakeholder Group Advice on Containing Risks of ICOs and Crypto Assets

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:

Continue Reading ESMA Updates Q&As Relating to the Market Abuse Regulation