The Central Bank has said ‘significant improvements’ are needed in how regulated financial firms comply with Market Abuse Regulations.
The Market Abuse Regulations are rules governing how information, which can give a financial advantage to buyers and sellers, is handled by companies involved in buying and selling shares and bonds.
The Central Bank says the risks of market abuse have risen due to new technologies and pandemic-related issues like working from home and market volatility.
The Bank began a review into compliance with its Market Abuse Regulations last year.
It describes the review, the results of which are published today, as ‘the most comprehensive’ ever undertaken by the Bank.
It says firms must do more to improve their reporting frameworks.
It says they must ensure that public disclosures of inside information be made in a timely manner.
The review also says firms must improve how they handle their lists of people who have access to inside information.
It also recommends more training.
The Director General Finance Conduct at the Central Bank, Derville Rowland, said “We expect individual entities to address these requirements comprehensively and without delay.”