9 Enforcement Procedure

Subject(s):

Enforcement — Market abuse — UK Financial Conduct Authority (FCA)

This chapter discusses the enforcement of Market Abuse Regulation. The Regulation was not intended to replace national provisions regarding regulatory authorities. However, it was intended to support the creation of a single competent authority for regulating market abuse within each Member State. That authority was required to be given a minimum list of powers in order to correctly implement and enforce the Regulation provisions. Both before and after the Regulation, the ‘Authority’ charged with enforcing market abuse regulation in the UK is the Financial Conduct Authority (FCA). The discussions cover FCA market abuse enforcement powers, basic FCA enforcement policy, the enforcement referral decision, post-referral investigation, informal disciplinary action, formal disciplinary action, the Regulatory Decisions Committee, settlement, private actions, and complaints to the Financial Conduct Authority.