Treasury has published the draft statutory instrument setting out proposed changes to UK legislation in order to implement the new market abuse regime under the Market Abuse Regulation (EU MAR). Treasury notes that this draft will be subject to review and amendment prior to entering into force. FCA has previously issued a consultation on proposed changes to its Handbook as a result of EU MAR (see FReD 6 November). The draft legislation will primarily remove the current market abuse offences and powers for FCA to make the Code of Market Conduct from the Financial Services and Markets Act 2000 by deleting sections 118-122 (and to amend the Financial Services Act 2012 in respect of the misleading statements offences) and giving FCA the necessary powers to require information and take a range of inspection, corrective and enforcement actions under EU MAR. It makes a number of consequential amendments to several pieces of primary and secondary legislation to reflect application of EU MAR.  Comments are requested by 4 February 2016, and EU MAR takes effect on 3 July 2016. (Source: Treasury Publishes Draft Instrument for EU MAR)