header-logo header-logo

An adequate plug?

17 July 2008 / Richard Burger
Issue: 7330 / Categories: Features
printer mail-detail

Richard Burger reports on the FSA's efforts to stop the leak of inside information from the unregulated sector

Last summer the Financial Services Athority (FSA) reviewed the controls over inside information during public takeover and merger transactions (see “Plugging the leaks” 157 NLJ 7287, p 1,222). The review considered how inside information leaks from such transactions, identified good practices to combat these leaks and suggested the introduction of a voluntary code for non-FSA regulated firms who participate in mergers and acquisitions (M&A) work. A year later, the FSA has published a set of Principles of Good Practice (the principles) for the handling of inside information, aimed at the unregulated sector.

The Market Misconduct Problem

The FSA aims to reduce the number of abnormal or informed price movements (IPMs) in advance of significant regulatory and/or takeover announcements to the market by listed companies. According to ongoing FSA research, in 2007 some 28.7% of M&A announcements were preceded by IPMs. It is entirely possible to attribute such movements to accurate financial analysis or deliberate strategic leakage of

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Writing in NLJ this week, Thomas Rothwell and Kavish Shah of Falcon Chambers unpack the surprise inclusion of a ban on upwards-only rent reviews in the English Devolution and Community Empowerment Bill
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
back-to-top-scroll