Britain's regulator's new market abuse rules are slated to kick in on July 3 2016
Market experts from across the industry have warned the
impending deadline for the Financial Conduct Authority’s market abuse
regulation could be missed by more than 10% of the many thousands of firms under scope.
The British regulator will on July 3 2016 bring in the
market abuse regulation (MAR), a prescriptive set of rules designed to increase
market integrity and transparency, as well as safety and resilience, covering
the disclosure of insider information, senior manager dealings, market abuse
and insider lists at European listed companies.
Less than six weeks until the new rules kick in, market
experts have said that while the looming deadline has reinvigorated work in recent
months, not all will be ready for market application of the regulation.
Wolfgang Fabisch, chief executive officer of capital markets
compliance firm b-next, told FOW: “We are now so close to MAR coming into force
but not all firms will be ready. While the FCA is aware of the challenge firms
have faced in preparing for the rules – and so may show leniency to those that
miss the July 3 deadline – companies will still need a demonstration of where
they are in their preparation programmes.”
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