UK

ABN Amro – The true significance of the FSA’s recent punitive action is being missed

Simon Firth, James Greig and David Capps, Wilmer Cutler & Pickering, London

On 15 April 2003 the UK Financial Services Authority (“FSA”) fined ABN Amro Equities (UK) Limited (“AAE”) £900,000. The final notice stated the fines were in respect of breaches of former Principle 3 and Principle 9 of the FSA’s Statements of Principles.