UK FCA Handbook Notice 131

The UK Financial Conduct Authority (FCA) has published Handbook Notice 131, outlining updates to the FCA Handbook resulting from the following statutory instruments.

• Enforcement Guide (Amendment) Instrument 2025. Revokes the previous Enforcement Guide and introduces a new Enforcement Guide (ENFG). Accompanied by the Enforcement Guide (Consequential Amendments) Instrument 2025, which amends various sections of the FCA Handbook, including the Glossary and introduces a new chapter named SUP 6B. Both instruments entered into force on 3 June.
• Private Intermittent Securities and Capital Exchange System (PISCES) Instrument 2025 and Private Intermittent Securities and Capital Exchange System (PISCES) (Consequential Amendments) Instrument 2025. Establishes the regulatory framework for the PISCES sandbox, a new private market for the intermittent trading of private company shares and introduces the PISCES (PS) sourcebook. Both instruments entered into force on 10 June.
• Data Decommissioning Instrument 2025. Introduces provisions for the decommissioning of legacy regulatory data systems, resulting in the removal of firm data submissions requirements for three regular returns. Entered into force on 27 June.
• Compliance Oversight Function (SMF16) and Insurance Special Purpose Vehicle Instrument 2025. Removes the requirement for UK special purpose vehicles to comply with SYSC 3.2.8R and to allocate the Compliance Oversight Function. Entered into force on 27 June.
• Training and Competence Sourcebook (Amendment) Instrument 2025. Entered into force on 27 June.
• UK Listing Rules (Amendment) Instrument 2025. Introduces minor amendments to the Handbook and entered into force on 27 June.
• Technical Standards (Markets in Financial Instruments Regulation) (Derivatives Trading Obligation and Transparency) (Amendment) (No 2) Instrument 2025. Aligns FCA rules with the commodity futures trading commission made-available-to-trade (MAT) list for the Secured Overnight Financing Rate (SOFR). This brings SOFR within the scope of the UK derivatives trading obligation, ensuring consistency with U.S. regulatory standards. Entered into force on 30 June.
• Handbook Administration (No 74) Instrument 2025. Makes minor administrative and formatting corrections across various modules of the Handbook. Entered into force on 27 June.

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