The Financial Conduct Authority (FCA) has stepped in to try and alleviate some of the strains COVID-19 is putting on market infrastructure.

Last night, the regulator said that firms should continue to record calls, but accepts that some scenarios may emerge where this is not possible.

It added that firms should make the FCA aware if they are unable to meet requirements. It  expects firms to consider what steps they could take to mitigate outstanding risks if they are unable to comply with their obligations to record voice communications. This could include enhanced monitoring, or retrospective review once the situation has been resolved.

Furthermore, the FCA said firms may experience difficulties in submitting their regulatory data, in which case it expects them to maintain appropriate records during this period and submit the data as soon as possible. Firms should not unnecessarily delay these submissions. If firms have concerns, they should contact the FCA as soon as possible.

The regulator added companies should continue to take all steps to prevent market abuse risks. This could include enhanced monitoring, or retrospective reviews. The FCA will continue to monitor for market abuse and, if necessary, take action.

The FCA added in a separate note that its aim is to continue to maintain open and orderly markets despite current volatility.

In a statement, the UK regulator said: “We will continue to consider requests from issuers to suspend trading in certain securities. In line with existing rules and practice, we will consider these requests according to our assessment of risks to the smooth operation of the market and the risk of harm to investors. This means we will challenge the need for suspension where we think the situation is more appropriately addressed by an announcement to the market.”