Before training as a lawyer, principal Roger worked in the City of London on the trading floor of several major banks. Roger traces his long-standing interest in all areas of financial crime, particularly insider trading and market abuse misconduct from this experience. If you require legal advice in connection with a FSA regulatory or criminal investigation into market abuse or insider dealing allegations please contact our offices.
Since 2008 the FSA has decided to take a very tough line in pursuing and prosecuting market abuse and insider dealing cases. Whereas previously many investigations would result in regulatory proceedings the FSA is now much more likely to prosecute than at any time in recent history.
Commenting on this new hardline approach in 2009 the Lord Chief Justice stated that "although those who perpetrate the offence of (insider dealing) may hope, if caught, to escape route regulatory proceedings, they can have no legitimate expectation of avoiding prosecution and sentence".
The FSA has investigation and enforcement powers to bring criminal prosecutions in cases of market abuse which is broadly defined as misleading statements and practices which undermine confidence in the market.
In March 2010 the FSA adopted a new penalties policy with changes to their penalties framework providing for a minimum starting point of £100,000 for individuals who commit serious market abuse. The first fine under the new penalties system imposed was £1m for market manipulation, quickly followed a fine of $6.5m with an order to pay $3.1m in restitution to a Dubai based investor.