HM Treasury has published a Consultation Paper entitled FSMA market abuse regime: A review of the sunset clauses (Consultation Paper). The Consultation Paper seeks views on the appropriate scope for the UK’s civil market abuse regime.

The UK currently has a wider definition of market abuse than that contained in the Market Abuse Directive. The UK definition retained the then existing (and wider) scope of the UK market abuse regime that had been introduced by the Financial Services and Markets Act 2000. There were mixed views as to the merits of a 'superequivalent' regime and HM Treasury committed itself to reviewing the position by May 2008.

Comments on the Consultation Paper are due by 7 May 2008. After the consultation period closes, HM Treasury will publish a Feedback Statement setting out its final proposals. The agreed policy will come into effect by 30 June 2008.

View FSMA market abuse regime: A review of the sunset clauses, 7 February 2008