The UK’s FCA (Financial Conduct Authority) last Thursday night  issued a new version of the Decision Procedures and Penalties manual (DEPP) and enforcement guide, in preparation for MAR (Market Abuse Regulation), which started to apply from last Sunday 3rd July. The press release can be found here and the document here.

The updates set the scene for the application of MAR, which widely applies to those in the energy and commodities markets. This includes a requirement for “effective monitoring” processes and technology, that must be complied with by the majority of energy and commodity market participants. While most in the market have attempted to get policies and systems up to scratch for the deadline, it will also necessary for many to continue the effort to improve monitoring, on a continuous basis.