2014年-FCA英国金融行为监管局_mpp_annual_report_2013_14_22页_872kb

2013/14 FCA Markets Practitioner Panel Annual Report Summary

Core Content

The 2013/14 Annual Report of the FCA Markets Practitioner Panel outlines the key activities, contributions, and recommendations of the Panel during its first year of operation. The Panel was established to represent the interests of practitioners in the UK's wholesale and securities markets and to provide senior industry input to the FCA on regulatory matters.

Main Objectives

The Panel focused on three main areas:

1. Providing input to the FCA's approach to wholesale and markets supervision
2. Supporting a strategic approach from the FCA on international engagement
3. Identifying risks in the markets

Key Points

Wholesale and Markets Supervision

• The FCA's strategic objective is to ensure that financial markets function well, with operational objectives including consumer protection, market integrity, and effective competition.
• The Panel supported the FCA's planned proportionate approach to supervision, with a gradual shift from retail to wholesale.
• They emphasized the need for a clear regime and working relationship with recognized market bodies, such as exchanges, clearing providers, and settlement systems.
• The FCA's Markets Division was tasked with ensuring efficient, stable, fair, clean, and resilient markets, with a focus on protecting client money and assets.
• The Panel encouraged the use of "market cleanliness" statistics to monitor the effectiveness of the FCA's market monitoring and enforcement efforts.
• They recommended that the FCA should monitor trends and assess the impact of regulation on market liquidity and efficiency.

Enforcement Effectiveness

• The Panel supported the FCA's efforts to combat financial crime and market abuse.
• They recommended that the FCA focus on deliberate rule breaches rather than public censure for accidental or technical breaches.
• Emphasis was placed on clarifying and simplifying rules to prevent technical breaches and improve compliance.
• The Panel highlighted the need for greater transparency and explanation of regulatory requirements for smaller firms with limited compliance resources.

International Engagement

• The FCA is responsible for implementing and enforcing EU and international standards in the UK.
• The Panel encouraged the FCA to maintain its leading position in global markets by actively participating in international regulatory discussions.
• They expressed concern about the FCA's structure for international work and the potential for duplication in data reporting.
• The Panel urged the FCA to consider the global implications of its regulatory decisions and ensure alignment with international standards.

UK Growth Agenda and Competitiveness

• The FCA is committed to sustainable UK economic growth.
• The Panel encouraged the FCA to consider the competitiveness of UK markets in its cost-benefit analyses.
• They warned that making regulations more expensive or burdensome in the UK could lead to the migration of financial activities to other jurisdictions with different standards.
• The Panel emphasized the importance of maintaining a balance between regulatory oversight and market efficiency.

MiFID 2 and Dealing Commission

• The Panel supported the FCA's investigation into the use of dealing commission and encouraged alignment with MiFID 2 requirements.
• They raised concerns about potential unintended consequences of banning commission entirely and suggested that unbundling might not be cost-effective.
• The Panel urged the FCA to consider the impact of MiFID 2 on market liquidity and to explore alternative solutions for addressing consumer harm.
• They highlighted the need for an orderly transition for firms into the new regime, given the complexity and cost of implementation.

Parliamentary Commission on Banking Standards

• The Panel was concerned about the potential unintended consequences of applying the PCBS recommendations to non-bank financial services providers.
• They emphasized the need for a proportionate approach to implementation to avoid undue burden on innovation and service quality.

Market Risk Identification

• The Panel discussed perimeter risks, including the regulation of crowdfunding platforms and the monitoring of emerging markets such as cryptocurrencies.
• They recommended that the FCA maintain a balanced approach in addressing market abuse, with more focus on serious and intentional breaches.
• The Panel stressed the importance of understanding the full context of market arrangements before taking regulatory action.

Panel Members

The Panel members included senior representatives from various sectors of the UK's wholesale and securities markets, such as:

• Paul Swann (Chairman)
• Simon Bragg
• Scott Cowling
• Mark Harding
• John Hitchins
• Mark Ibbotson
• Alexander Justham
• Jim Kandunias
• Abdallah Nauphal
• Julian Palfreyman
• James Palmer
• Daniel Pinto
• Alan Trotter
• John Trundle

Contact Information

• Address: 25 The North Colonnade, Canary Wharf, London E14 5HS
• Tel: +44(0)20 7066 1000
• Email: MPP@fca.org.uk

Conclusion

The Panel played a crucial role in supporting the FCA's regulatory work in the wholesale markets, emphasizing proportionality, international alignment, and market efficiency. They provided strategic advice on key projects such as MiFID 2 implementation and the Wholesale Strategic Review, while also highlighting the importance of protecting consumer interests and maintaining the UK's competitive position in global markets.