Britain’s finance ministry and Financial Conduct Authority (FCA) said EU financial market abuse regulations needed updating on Friday to help authorities combat transgressions.
Following Britain’s 2020 EU exit, the ministry and FCA reviewed the criminal market abuse framework, which punishes insider trading and market manipulation.
“The government committed to assess the criminal regime to guarantee that the FCA may take action against market abuse in a way that is consistent with the seriousness and market consequences of the abusive activity,” the ministry and FCA wrote.
The government identified numerous criminal regime updates in the evaluation.
After Brexit, the Future Regulatory Framework (FRF) study will affect criminal penalties.
“FRF will replace the Market Abuse Regulation with UK-specific legislation. Scheduled later “he said.
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