FCA has published its final rule amendments for the effective date of EU MAR. The changes will take effect on 3 July 2016 and will amend several parts of the Handbook, but most significantly the Glossary, chapter 1 of the Market Conduct Sourcebook (MAR) and the listing, disclosure and transparency rules. FCA received 25 responses to its consultation, but has made few changes of substance as a result. One complaint was that FCA intends merely to signpost the relevant provisions of EU MAR and the relevant Level 2 legislation and ESMA standards, rather than copying them out or linking to them. FCA says it is more efficient and will not lead to the danger of mis-interpretation to direct readers to the original source, and says its Handbook does not have the technological ability to provide links. The main changes to the Handbook include several new defined terms in the Glossary and several changes to existing definitions, significant changes to 12.4 of the Conduct of Business Sourcebook (formerly called research recommendations, now investment recommendations), a significantly changed chapter 1 of MAR (which FCA resisted requests to rename to save confusion between it and EU MAR), deletion of the Model Code and changes to provisions on disclosure and insider lists in the Disclosure Guidance and Transparency Rules. FCA will need to update the rules further when the final form level 2 legislation and ESMA guidance and standards are officially published, and also noted several issues raised in response to the consultation that are not directly relevant to EU MAR compliance, and which it will assess at a later stage. (Source: FCA makes EU MAR rules)
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