Market abuse (the FCA role, safe harbours and defences)—a quick guide
Market abuse (the FCA role, safe harbours and defences)—a quick guide

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Market abuse (the FCA role, safe harbours and defences)—a quick guide
  • The role of the Financial Conduct Authority
  • Safe harbours for market abuse offences
  • Defences against market abuse offences

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 in force in the UK until 3 July 2016 when the Market Abuse Regulation came into effect. The Market Abuse Regulation repealed and replaced MAD. Financial Services has updated content on the Market Abuse Regulation which can be found in the following content: Market Abuse Regulation (MAR)—essentials, Market Abuse Regulation (MAR)—level 2 and level 3 measures, Market Abuse Regulation (MAR)—one minute guide and Market Abuse Regulation (MAR)—timeline and the text of the Market Abuse Regulation (EU) 596/2014. This note and related notes on aspects of the pre-Market Abuse Regulation UK market abuse regime have been retained for reference purposes but state the law as at 2 July 2016. It is no longer maintained.

The role of the Financial Conduct Authority

One of the statutory objectives of the Financial Conduct Authority (theFCA) is the integrity objective of protecting and enhancing the integrity of the UK's financial system. This includes the financial system not being used for a purpose connected with financial crime and not being affected by behaviour that amounts to market abuse.

The FCA's strategic objective is ensuring that the relevant markets function well.

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