The UK Financial Conduct Authority under Andrew Bailey, its new Chief Executive, issued a mission statement in which, among other things, it suggested when it might take enforcement action. According to FCA, “[w]e are more likely to take action where the actual or potential severity [of misconduct] is high …or the impact on the wider financial markets is greatest.” Moreover, the FCA indicated that, going forward, it will help ensure that parties in enforcement actions “are able to clearly track FCA action from harm to causes identified in interventions” to help firms better understand FCA’s expectations. Responses to specific questions raised in FCA’s mission statement will be accepted through January 26, 2017.