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United Kingdom - March 1 2012 Shareholders' and joint venture agreements and articles of association often include leaver provisions which require a departing employee member to sell his or her shares to existing members for fair value, as determined by an independent accountant appointed by the parties.
United Kingdom - February 1 2012 On 12 January 2012, the Financial Services Authority ("FSA") levied its second highest ever fine of £3,638,000 against US hedge fund trader David Einhorn and a fine of £3,650,795 against Greenlight Capital Inc for market abuse.
United Kingdom - February 1 2012 Following an informal consultation by HM Treasury in September 2011, The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2011 (the "Regulations") were published on 8 December 2011.
European Union - February 1 2012 On 9 January 2012, the European Securities and Markets Authority ("ESMA") published a Question and Answer paper on the common operation of MAD (the "Paper").
European Union - December 1 2011 The Market Abuse Directive was adopted in early 2003 and introduced a comprehensive framework to tackle insider dealing and market manipulation practices.
Co-authors: Richard Ufland.