REC 2.13 Promotion and maintenance of standards

In determining whether a UK recognised body is able and willing to promote and maintain high standards of integrity and fair dealing in the carrying on of regulated activities, the FCA may have regard to the extent to which the UK recognised body seeks to promote and encourage, through its rules, practices and procedures, conduct in regulated activities which is consistent with the Market Abuse Regulation and with any codes of conduct, rules or principles relating to behaviour in regulated activities which users of the UK financial system would normally expect to apply to the regulated activity and the conduct in question.

In assessing the ability of a UK recognised body to cooperate with the FCA and other appropriate bodies, the FCA may have regard to the extent to which the constitution and rules of the UK recognised body and its agreements with its members enable it to obtain information from members and to disclose otherwise confidential information to the FCA and other appropriate bodies.

In assessing the willingness of a UK recognised body to cooperate with the FCA and other appropriate bodies, the FCA may have regard to:

1. (1)

   the extent to which the UK recognised body is willing to provide information about it and its activities to assist the FCA in the exercise of its functions;

2. (2)

   the extent to which the UK recognised body is open with the FCA or other appropriate bodies in regulatory matters;

3. (3)

   how diligently the UK recognised body investigates or pursues enquiries from the FCA or other appropriate bodies; and

4. (4)

   whether the UK recognised body participates in appropriate international fora.

For the purpose of this section, result matched start'result matched endinformation' includes information held about large positions held by members of a UK recognised body.