2017年-FCA英国金融行为监管局_flows_of_confidential_and_inside_information_2页_108kb

Regulator Assessment Summary: Thematic Review 15/13 - Flows of Confidential and Inside Information

Core Content

The Financial Conduct Authority (FCA) conducted a thematic review titled "Flows of Confidential and Inside Information" in September 2016. The review aimed to assess how well and consistently firms were implementing existing FCA rules and guidance related to the handling of confidential and inside information. It did not introduce new rules or additional guidance but focused on reinforcing existing obligations.

Main Points

• Objective: To evaluate firms' adherence to current rules and provide feedback on their practices.
• Methodology: The FCA made information requests and performed on-site visits to assess compliance.
• Feedback Mechanism: Firms received individual feedback via letters, and a general report was published to highlight good and poor practices.
• Adherence Level: The review found that adherence to the rules was generally good, with no serious breaches requiring significant action.
• Scope: The review primarily affected firms engaged in debt capital market activity, with an estimated 500 firms being sufficiently involved to require attention.

Key Information

Regulatory Activity Overview

• Lead Regulator: FCA
• Date of Assessment: September 2016
• Commencement Date: 2016
• Origin: Domestic
• Cutting Red Tape Review: Not included

Impact on Business

• No New Rules or Guidance Introduced: The review was based on existing regulations and guidance.
• Feedback Consistency: All feedback was aligned with current FCA requirements and communications.
• Cost Estimate:
  • Familiarisation and Gap Analysis: Estimated at £8,000 per firm (20 days @ £400/day).
  • Time Assumption: 20 days for a middle-level contractor at £50/hour.
• Benefits:
  • Encourages firms to conduct periodic reviews of their processes and controls.
  • Promotes improved staff training and oversight of confidential information.
  • Enhances the overall integrity of the UK financial market.

Business Response

• Firms may update their policies, emphasize staff communication, or adjust procedures based on the feedback.
• These changes are considered optional and de minimis in terms of cost.
• The effort is part of the existing responsibility of senior management to review systems and controls, not an additional burden.

Broader Implications

• The review encourages periodic and proactive improvements in handling confidential information.
• It reflects industry changes such as expansion, new products, or market shifts, rather than regulatory changes.
• The qualitative impact is expected to be positive, contributing to a more transparent and trustworthy financial market.

Additional Information

For further details, the full report can be accessed at:
https://www.fca.org.uk/publication/thematic-reviews/tr-15-13.pdf

BIT Score Context

• BIT Score: 2.0
• Net Cost to Business (EANDCB): -0.4
• Business Net Present Value: -4
• Duration of Policy: 10 years
• Price Base Year: 2016
• Implementation Date: 2016

The BIT score reflects the overall assessment of the regulatory activity's impact on business, indicating a moderate impact with minimal net cost and positive long-term value for the market integrity.