Joint HM Treasury and FCA statement on the Criminal Market Abuse Regime
HM Treasury and the Financial Conduct Authority (FCA) have completed a review of the criminal market abuse regime, fulfilling the commitment made in the Economic Crime Plan 2019-22.
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The criminal market abuse regime sets out the UK’s criminal sanctions for insider dealing and market manipulation. It is important in helping the Financial Conduct Authority (FCA) fulfil its statutory objectives of protecting consumers, enhancing market integrity, and promoting competition. The criminal regime has not been materially updated since it was introduced. As a result, the government committed, as part of the Economic Crime Plan 2019-22, to reviewing the criminal regime to ensure that the FCA can take action against market abuse in a way that is commensurate to the seriousness and market impact of the abusive behaviour. This statement confirms that the review of the criminal regime has been completed, which has identified a number of areas where the government believes it would be appropriate to update the criminal regime.