Bank of England - White Paper - Fair and Effective Markets Review
On June 10, 2015 the Bank of England released it's Fair and Effective Markets Review (FEMR). The paper includes a list of proposals to better regulate the Fixed Income, Currency, and Commodity (FICC) markets.
FEMR was a study on how to better regulate FICC markets after the Forex Scandal and the LIBOR Scandal rocked the financial industry. The review was announced in 2014, and was released on June 10, 2015.
The commission focused on what constitutes a fair and efficient market, where the markets are not fair and efficient, how current regulations address the issues, and where they failed. After doing so, they proposed how the market could be better regulated to prevent things like the LIBOR and Forex scandals from occurring. These proposals in the UK include:
- an expanded criminal sanctions regime
- longer prison sentence maximums
- A new SRO
- Extending some SMR rules to FICC markets 
Recognizing that FICC markets are global in nature, the commission also proposed that:
- International action must be undertaken to create a set of standard rules
- Regular reports by IOSCO
- Global remuneration and risk taking policy 
Review as Published
- Competitiveness concerns limit ambition in UK's fair markets review. Yahoo Finance. Retrieved on June 16th, 2015.
- UK Authorities Publish Fair and Effective Markets Review. National Law Review. Retrieved on June 16th, 2015.
- Fair and Efficient Markets Review News Release. Bank of England. Retrieved on June 16th, 2015.