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UK market abuse update
- Herbert Smith Freehills LLP
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- United Kingdom
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- March 9 2010
Recent developments show that the FSA is gaining some momentum in the fight against market abuse
European reforms
- Herbert Smith Freehills LLP
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- European Union
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- November 17 2011
The definition of market manipulation in the existing Market Abuse Directive is sufficiently broad to apply to high-frequency and automated trading
First permanent injunction
- Herbert Smith Freehills LLP
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- United Kingdom
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- November 17 2011
The FSA secured its first permanent injunction to prevent market abuse against Samuel Khan, who had engaged in a scheme deliberately to inflate the share price of Global Brands Licensing plc, a company quoted on PLUS Stock Exchange, in breach of section 118(5) FSMA
Market manipulation decision notice published prior to challenge of FSA decision
- Herbert Smith Freehills LLP
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- United Kingdom
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- November 17 2011
The FSA has published a decision notice against Swift Trade Inc (Swift Trade) stating its intention to impose a £8 million fine for engaging in manipulative trading strategies
The ECJ confirms that short term manipulation is prohibited
- Herbert Smith Freehills LLP
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- European Union
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- November 17 2011
In July this year, the Court of First Instance of the Court of Justice of the European Union (the "ECJ") considered the interpretation of the market manipulation offence in the Market Abuse Directive (20036EC) ("MAD") in IMC Securities BV v Stichting Autoriteit Financiële Markten
How will the US "galleon" insider dealing cases impact the FSA's approach?
- Herbert Smith Freehills LLP
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- United Kingdom, USA
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- November 17 2011
Last month, the United States Securities and Exchange Commission (SEC) secured a record sentence against Raj Rajaratnam the founder of Galleon hedge fund, of eleven years for insider dealing
Court of Appeal reduces insider dealing sentence
- Herbert Smith Freehills LLP
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- United Kingdom
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- November 17 2011
In January the FSA had obtained a twenty seven month conviction for Neil Rollins, in respect of five counts of insider dealing and four counts of money laundering
Latest charges
- Herbert Smith Freehills LLP
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- United Kingdom
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- November 17 2011
In August the FSA charged three individuals with insider dealing following searches and arrests carried out in November last year
First interim injunction
- Herbert Smith Freehills LLP
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- United Kingdom
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- November 17 2011
The first interim injunction to prevent market abuse was obtained against Barnett Michael Alexander in May, together with an order freezing £1 million of assets
Largest fine against an individual to date, for manipulation
- Herbert Smith Freehills LLP
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- United Kingdom
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- November 17 2011
Last week, the FSA fined Mr Goenka, a private investor based in Dubai, $9,621,240 (approximately £6 million) for manipulating the closing price of securities listed on the London Stock Exchange
Current Search
- Firm Name - Herbert Smith Freehills LLP
- Workarea - White Collar Crime
- Author - Karen Anderson
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