On 5 July 2022, the Financial Conduct Authority (FCA) published a consultation outlining its proposals to improve the UK’s equity secondary markets (the Consultation), including the introduction of what has been referred to as the proposed ‘Super Reporter’ regime.
The Consultation forms part of the UK’s Wholesale Markets Review, which was launched in July 2021 with a view to reforming and improving the UK’s regulation of secondary markets and taking advantage of the UK’s increased legislative freedom following its withdrawal from the EU.
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