UK

Market Abuse Update

Barry Donnelly, Jones Day Gouldens, London. Co-Authored by Tim Flood and Bruce Lincoln

Enforcement levels post- N2

More than a year after N2, the anticipated headline market abuse cases have not materialised. It is the Market Integrity Group (MIG) of the FSA’s Enforcement Division which is responsible for handling market abuse cases. Apparently, between 15-20 investigations were opened last year and 20-30 are active (including pre-N2 cases). However, between 5-10 have progressed to the Regulatory Decisions Committee and 60-70% of MIG’s workload is said to be insider dealing related.