FCA speech contains some noteworthy statements and observations that firms should take into account.
On 14 November 2017, the FCA published the text of a speech entitled “Effective compliance with the Market Abuse Regulation – a state of mind”, delivered by Julia Hoggett, Director of Market Oversight.
The overarching theme of the speech is that effective compliance, both with the provisions of the Market Abuse Regulation (MAR), and the market abuse regime more generally, is a state of mind that all involved “would do well to understand, and seek to uphold”. The regime should not be viewed as “a series of systems and controls and sometimes frustrating components”, but rather a necessary protection to the integrity of our markets. As Ms Hoggett states, “our markets will be at their cleanest when the footfall of the regulator on this particular beat is amplified by a society of market participants who all share the same interest”.
It might be sceptical to view this speech as anything other than that which its title suggests — an observation that effective compliance with the market abuse regime is a state of mind. However, one cannot help but sense that there are some not too thinly veiled warnings underpinning this speech to the effect that the regulator continues to focus on market abuse.