ii site28 Dec 2018 21:59
2h
Anybody else received an email from the FCA?
"Your correspondence concerning Frontera Resources Corporation has been forwarded to the Market Integrity Unit within the FCA’s Market Oversight Directorate (‘MO’) for review. MO is responsible for monitoring compliance with, amongst other things, the FCA’s Listing Rules, Prospectus Rules and Disclosure Guidance and Transparency Rules, as well as the market abuse regime.
In your email you have raised concerns regarding an email attributed to the FCA on Mr Winnifrith’s blog on www.*************.com and also raised a number of queries regarding our approach to handling complaints along with making a request for details of certain alleged specific complainants to the FCA.
We are reviewing the issues that you have brought to our attention with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.
Once we have completed our review, we will then consider whether it is appropriate for the FCA to launch a formal investigation via its Enforcement Division, whether some other form of intervention is required or whether the case should be closed with no action. The FCA has recently published its Approach to Enforcement document which details the types considerations that we will go through in considering whether to launch an investigation. In particular, an important part of our consideration is the potential seriousness of the misconduct. You can access our Approach to Enforcement document here.
As noted on our website (link here), it is the FCA’s policy that we do not provide information to complainants about what action, if any, we propose to take. This is because there may be circumstances where we feel disclosure may impact our enquiries, or where the information is restricted from being shared under section 348 of the Financial Services and Markets Act 2000. Our policy is to say publicly whether we are investigating only in exceptional circumstances. These circumstances are detailed in our Enforcement Guide (specially within EG6), which you can access here. Similarly, it is inappropriate for us to give details of those that may or may not have contacted the FCA to complain about the conduct of companies or other market participants.
Further information on our approach to complaints can be found on our website.
Thank you for taking the time to raise this issue with us. The FCA takes all complaints seriously, and information received regarding possible breaches of our rules can make a valuable contribution to our work. If you have any further concerns to raise then please do so via this email address.
Yours sincerely
Market Integrity Unit
Primary Market Oversight / Enforcement and Market Oversight Division"
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