The following Corporate Crime guidance note provides comprehensive and up to date legal information covering:
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 market abuse and market manipulation:
the civil or regulatory regime, governed by the Financial Services and Markets Act 2000 (FSMA 2000) and, after 3 July 2016, the Market Abuse Regulation (EU) 596/2014, under which the Financial Conduct Authority (FCA) can issue civil fines and penalties for no-compliance with safeguards; and
criminal offences under the Criminal Justice Act 1993 (CJA 1993) and the Financial Services Act 2012 (FSA 2012)
This Practice Note provides an overview of the civil/regulatory regime which governed market abuse and insider dealing before the coming into force of the Market Abuse Regulation (EU) 596/2014 on 3 July 2016. This regime will still apply to infringements and civil offences under FSMA 2000 which occurred before 3 July 2016.
For further information on the criminal regime governing insider dealing and market manipulation, see Practice Notes:
Financial crime in the financial services sector
Misleading statements under the FSA 2012
Misleading impressions under the FSA 2012
Misleading statements etc in relation to benchmarks
Insider dealing—a quick guide
Before 3 July 2016, market abuse was defined in FSMA 2000, s 118, as interpreted in the FCA's Code of Market Conduct
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234