header-logo header-logo

An inside job?

13 March 2008 / Emma King , Richard Burger
Issue: 7312 / Categories: Features , Banking
printer mail-detail

Richard Burger and Emma King examine the initial impact of the FSA as the lead prosecutor of insider dealing

In late January 2008 two individuals appeared at City of London Magistrates’ Court charged with insider dealing contrary to s 52 of the Criminal Justice Act 1993 (CJA 2003). Such prosecutions are infrequent and therefore attract attention, however, what made this case even more of interest was that it represents the first ever prosecution by the Financial Services Authority (FSA) for insider dealing (“FSA steps up insider dealing offensive” NLJ, 1 February 2008, p 160).

Although historically prosecuted by the Department of Trade and Industry (DTI) (now the Department for Business, Enterprise & Regulatory Reform) and the Serious Fraud Office (SFO), the FSA is now recognised as the lead investigator and prosecutor for insider dealing. Recently the FSA has made cold-calls to investors and traders requesting information, under caution, on specific trades and the reasons behind these trades. 

Section 402 of Financial Services and Markets Act 2000 (FSMA 2000) provides the FSA with

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

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
back-to-top-scroll