FCA has now finalised its guidance on insider dealing and market manipulation within the Financial Crime Guide. It received 8 responses to its consultation, generally positive. However, some respondents raised concerns about:
- mandating a duty to prevent these crimes;
- the risk of firms tipping off by taking some of the actions the guidance proposed;
- where the guidance did not fully reflect the 2017 MLRs; and
- why the guide did not refer to the SMCR.
FCA made only minor changes to the consultation version of the guidance, but responded fully to all comments.