Britain to bolster post-Brexit criminal sanctions for financial market abuses

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LONDON, March 24 (Reuters) – Rules inherited from the European Union that crack down on abuses in financial markets need updating to ensure regulators can act properly against breaches, Britain’s finance ministry and Financial Conduct Authority (FCA) said on Friday.

The criminal market abuse regime, which sets out sanctions for insider dealing and manipulative behaviour in markets, was reviewed by the ministry and the FCA following Britain’s departure from the EU in 2020.

“The government committed 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,” the ministry and FCA said in a joint statement.

“The review has identified a number of areas where the government believes it would be appropriate to update the criminal regime.”

Changes to criminal sanctions will form part of a wider post-Brexit examination of regulation, known as the Future Regulatory Framework (FRF) review.

“As part of the FRF programme, the government intends to repeal the Market Abuse Regulation, the civil market abuse regime, and replace it with UK-specific legislation. We will set out a timetable for this in due course,” the statement said.

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