Written by Ciara Davies

The FCA has published an updated webpage providing information for firms on COVID-19, including its expectations on market trading and reporting.

The FCA states that it now expects firms to ensure that all relevant communications (including voice calls) are recorded when working outside of offices. The FCA had previously agreed that it might not be possible on some occasions to record calls and instructed firms to inform it if it would be unable to meet its requirements.

Firms must also continue to take all steps to prevent market abuse risks and to submit regulatory data without undue delay. Where firms experience difficulties in submitting their regulatory data, they should maintain appropriate records and submit the data as soon as possible.

The FCA advises firms that have further concerns about meeting their obligations due to the effects of the pandemic to make contact with the FCA through the regular supervisory channels as soon as possible.

Firms should expect further updates on the FCA’s expectations of market participants, through its usual communication channels, including supervisory communications, Market Watch and Primary Market Bulletin publications.