- U.K. – FCA Short-Selling Abuse Brexit
On 22 February 2019, UK FCA issued bulletin of guidance on no-deal Brexit.
- Advised market makers, issuers of new regulatory obligations in case of no-deal. In respect of short selling regulation (SSR) and market abuse regulation (MAR).
- Key Points
- Expect firms to undertake reasonable steps to comply with changes by exit day.Government made market abuse (amendment) (EU Exit) regulations 2019, and short selling (amendment) (EU Exit) regulations 2018.
- The guidance will be of particularly importance for firms using the market maker exemption under the SSR, as they may need to take some action before exit day.
- At end of Feb. FCA will issue policy statement on changes to Handbook, binding technical standards associated with MAR and SRR, and other markets related SIs.
- The FCA is also intending to issue its near-final rules with this policy statement.