Regulation
MARKET ABUSE
A consultation on the UK Market Abuse Regime has been launched by the Treasury. The UK currently has a wider definition of market abuse— which involves either market abuse or insider dealing—than that established in the EU’s 2003 Market Abuse Directive, and the review aims to assess whether this wider definition is justified. Sunset clauses on the elements of the UK regime that were equivalent to the Directive were introduced when the UK implemented the Directive on 1 July 2005, and the provisions will fall away on 30 June 2008 unless they are extended. The EU plans to review the Directive in 2008 and the tougher UK regime will remain in place until the outcome of that review is known, the Treasury says. A link to the consultation can be found at www.hm-treasury.gov.uk. Views are requested by 7 May 2008.
ANTI-FRAUD GUIDES
The Land Registry has published two guides to help members of the public guard against property fraud: How to Safeguard Against Property Fraud and Identity Checks. The guides suggest simple steps that can be carried out to prevent fraud and forgery through the proper registration of properties and application to the voluntary first registration. Guidance is also provided on when evidence of identity should be lodged in support of registration applications. Identity checks, which will include situations where parties lack legal representation, will also be introduced on 3 March 2008. See www.landregistry.gov.uk.
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