Financial services offences

Financial services offences guidance:

What is asset stripping? Asset stripping involves taking company funds or assets while leaving behind the debts. Sometimes directors then transfer only the assets of a...

Practice Note

What is a boiler room fraud? Boiler rooms are the names ascribed to high pressure sales environments. The idea is that the sales environment creates the pressure of a...

Practice Note

This Practice Note is concerned with one of the three criminal offences created under section 52 of the Criminal Justice Act 1993, that is encouraging another person to...

Practice Note

This Practice Note is concerned with one of the three criminal offences created under section 52 of the Criminal Justice Act 1993 (CJA 1993), that is encouraging another...

Practice Note

Background The Market Abuse Directive (2003/6/EC, commonly referred to as 'MAD') was adopted in 2003 and established a legal framework throughout the European Union (EU)...

Practice Note

The Financial Services and Markets Act 2000 (FSMA 2000) creates a range of criminal and civil/regulatory offences. For further information on civil/regulatory breaches...

Practice Note

This quick guide provides high-level information on the measures taken under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) (as amended by the European Union...

Practice Note

Insider dealing—the criminal offence Insider dealing is the use of sensitive or privileged information that has not yet been released to the public in order to take...

Practice Note

The law relating to insider dealing is contained in Part V of the Criminal Justice Act 1993 (CJA 1993). The offences contained in CJA 1993 are criminal offences and exist...

Practice Note

Insider dealing is the use of sensitive or privileged information that has not yet been released to the public to take advantage of the market. When someone in possession...

Practice Note

What is LIBOR? LIBOR stands for the London Inter-Bank Offered Rate. It is the world’s most widely used benchmark for short-term interest rates. LIBOR was historically...

Practice Note

Please note that the contents of this Practice Note reflect the former market abuse regime in effect in the UK under the Market Abuse Directive (2003/6/EC) (MAD) that was...

Practice Note

Insider dealing and market manipulation can constitute market abuse. In the UK, there are two distinct regimes running alongside each other which regulate and enforce...

Practice Note

Misleading impressions—elements of the offence The Financial Services Act 2012 (FSA 2012) creates an offence of misleading impressions where formerly under section 397 of...

Practice Note

Elements of the offence of misleading statements in relation to benchmarks The Financial Services Act 2012 (FSA 2012) introduces an offence in respect of misleading...

Practice Note

Offences relating to financial services The Financial Services Act 2012 (FSA 2012) created three offences relating to market manipulation where formerly under section 397...

Practice Note

ARCHIVED: This archived Practice Note is not being maintained. In addition to the regime governing civil/regulatory market abuse, the Financial Services and Markets Act...

Practice Note

Introduction to the senior managers regime The Senior Managers and Certification Regime (SM&CR) is a comprehensive suite of legislation, regulation and conduct rules that...

Practice Note

The consequences of a failure to comply with a requirement under Part XI of the Financial Services and Markets Act 2000 (FSMA 2000) (for example, failure to provide...

Practice Note

Change in control of authorised persons Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires individuals or corporate bodies wishing to acquire or...

Practice Note

Criminal offences under the Payment Services Regulations 2017 Under regulation 138 of the Payment Services Regulations 2009, SI 2017/752 (PSRs 2017), it is an offence to...

Practice Note

What is share ramping? Share ramping is a form of illegal market abuse that involves talking up the price of particular shares in order to mislead the market. It is also...

Practice Note

What is spread betting? A spread bet is a bet on the future performance of a number of financial markets, including indices, shares, currencies and commodities, but it...

Practice Note

UK regulatory focus on benchmarks From 2009, the UK, EU and international regulators began to investigate suspected widespread misconduct in the setting of the interest...

Practice Note

The general prohibition under FSMA 2000 The general prohibition is a concept at the heart of the UK regulatory system. This means that persons providing financial...

Practice Note
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