FCA is consulting on proposed changes to the Decision Procedure and Penalties Manual (DEPP) and EG which set out how FCA will enforce EU MAR. This consultation has been delayed until now in order for it to be open when Treasury publishes its statutory instrument for EU MAR implementation. FCA’s proposals include:

  • applying its current penalty policy to all breaches of EU MAR by a firm, its current penalty policies to individuals in non-market abuse cases to all breaches by individuals of EU MAR other than for breach of Articles 14 and 15, to which it will apply its current policy for individuals in market abuse cases;
  • applying its current policy on suspensions and restrictions to breaches of MAR and extending it to include the new powers of disciplinary prohibition;
  • applying the current settlement discount scheme to disciplinary prohibitions, except that there can be no settlement discount for a permanent prohibition; and
  • making consequential amendments to the Glossary, DEPP and EG.

The consultation closes on 22 May. (Source: FCA consults on EU MAR enforcement)