UK

Market abuse: first decision of UK Financial Services and Markets Tribunal

Joanna Gray, University of Dundee

On 29 March the Financial Services and Markets Tribunal published its first decision on an application to it concerning a Financial Services Authority (FSA) allegation of market abuse – Asif Mohammed v FSA .As many readers of Financial Regulation International will recall, the introduction of the regime contained in Part VIII of the Financial Services and Markets Act (FSMA) whereby the FSA may impose sanctions on firms and individuals responsible for behaviour it considers constitutes “market abuse”, was one of the most controversial elements of the new legislative framework introduced by the Act in 2001.