FCA fine to Citigroup Global Markets Limited – £12.5M

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FCA fine to Citigroup Global Markets Limited – £12.5M

The FCA has been active as of late in enforcing legal and regulatory obligations on financial services firms. This includes a recent enforcement action against Citigroup Global Markets for failing to implement the Market Abuse Regulation (MAR) which has been in force since 2016.

MAR is a piece of EU legislation that continues to be relevant in the UK, post-Brexit, following amendments from the UK legislative body in “The Market Abuse (Amendment) (EU Exit) Regulations 2019”. Therefore, the UK financial regulator still expects firms to comply with the requirements in MAR, including having the necessary arrangements, systems, and procedures for trade surveillance; enabling firms to detect potential and attempted market abuse across a broad range of markets and financial instruments.

The £12.5m fine for CitiGroup highlights the need for firms to comply with the market integrity regulatory framework which, since Brexit, has a unique structure in the UK. At Plenitude, we maintain a UK Market Integrity Obligations Register as part of our RegSight product, through which, clients subscribing to RegSight can more easily understand and align to market integrity regulatory obligations to mitigate the risk of any breaches which could lead to a fine from the FCA.

Learn more about out RegSight product here: https://www.plenitudeconsulting.com/what-we-do/plenitude-regsight/

Read more about the FCA’s fine here: https://www.fca.org.uk/news/press-releases/fca-fines-citigroups-international-broker-dealer-failures-detection-market-abuse

Be sure to stay tuned for a forthcoming Thought Leadership paper which will outline the regulation of capital markets in the UK following Brexit and how this affects trade with the EU.

ABOUT PLENITUDE
Plenitude are Financial Crime, Risk and Compliance specialists, offering advisory, transformation services and innovative cloud-based RegTech subscription products. We help our clients meet their regulatory obligations and reduce their financial crime risk exposure by providing deep subject matter expertise, advisory and transformation services. Our RegTech subscription products which are used by leading financial institutions, offer clients enhanced insight into the vast array of FCC laws, regulations, guidance and risk indicators globally.

Plenitude has extensive experience of assisting financial institutions with assessing and improving their sanctions programs, systems and controls; and have a proven suite of assets and deliverables to accelerate the delivery of our engagements and support industry wide benchmarking.

Our consultants come from a variety of backgrounds and disciplines across consulting, in-house financial crime compliance, regulators, government and law enforcement. As experts in financial crime compliance, we fully understand the financial crime compliance challenge, and have the expertise and skills to design and implement effective programmes or initiatives.

To find out more go to: www.plenitudeconsulting.com

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