Regulatory Focus - August/September 2016

In this edition of Regulatory Focus, Duff & Phelps provides a synopsis of the Financial Conduct Authority’s (FCA) latest news and publications in August and September.

In preparation for MiFID II, the FCA published its third consultation paper on September 29, 2016 which details the proposed changes to the handbook covering multiple areas impacting firms. The FCA has advised that the consultation will be open until January 4, 2017 enabling firms to provide their comments (either by using the online response form or by writing to the FCA directly). Please note however that comments must be provided by October 31, 2016 for the section entitled ‘Supervision Manual, Authorization and Approved Persons’. 

Also explored in this edition is thematic review of the Market Abuse Systems and Controls of market makers - Market Watch 51. The FCA stated that the level of awareness of market abuse risk was generally below expectations and some firms in the review were unable to demonstrate how their market abuse surveillance tools were fit for purpose. The review also noted that wall crossing procedures generally fell below the expected standard and encouraged firms to clearly define information barriers.

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