Financial crime in the financial services sector

The following Corporate Crime practice note provides comprehensive and up to date legal information covering:

  • Financial crime in the financial services sector
  • Europe’s criminal regime for market abuse
  • Criminal offence of insider dealing
  • Defences to insider dealing allegations
  • Further information
  • Market abuse offences under the Financial Services Act 2012
  • Defences under FSA 2012
  • Further information
  • Criminal offences under the Financial Services and Markets Act 2000 (FSMA 2000)
  • The general prohibition offence
  • More...

Financial crime in the financial services sector

Market abuse and insider dealing are forms of financial crime involving misconduct in, or misuse of information relating to, a financial market.

A civil/regulatory regime designed to detect, deter or prevent all forms of financial crime in the regulated sector exists under the Financial Services and Markets Act 2000 (FSMA 2000) and the onshored UK Market Abuse Regulation (which implements Retained Regulation (EU) No 596/2014 (OJ L 173/1) of the European Parliament and of the Council of 16 April 2014 on market abuse (EU Market Abuse Regulation) (which applies in the UK as of IP completion day)). This sits alongside the criminal offences of insider dealing and market abuse penalise the improper operation of the financial markets and activities which undermine the integrity of the UK’s financial system.

The following resources provide practical guidance on the civil/regulatory regime that applies in the UK:

  1. Practice Notes: Market Abuse Regulation (MAR)—essentials, Market Abuse Regulation (MAR)—timeline, Market Abuse Regulation (MAR)—one minute guide, Market Abuse Regulation (MAR)—level 2 and level 3 measures and Market Abuse Regulation—unlawful disclosure of inside information and market soundings—quick guide for guidance on the implementation of the onshored UK Market Abuse Regulation and provides the basis for the current civil/regulatory regime

  2. UK Market Abuse Regulation—insider dealing for information on insider dealing under Article 14 of the UK Market Abuse Regulation

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