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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
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
Market abuse: when is disclosure not in the proper course of employment, profession or duties?
- Herbert Smith Freehills LLP
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- United Kingdom
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- April 16 2012
On 3 April 2012, the FSA published a notice recording its decision to fine Mr Hannam, a senior banker and an approved person, £450,000 for disclosing inside information to third parties on two separate occasions
Market abuse ECJ holds in Daimler case that steps preceding a decision may constitute inside information
- Herbert Smith Freehills LLP
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- European Union
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- June 28 2012
The European Court of Justice has today given judgment in the case of Markus Geltl v Daimler AG C-1911, holding that information about intermediate steps taken in the context of a protracted process leading towards a future event or circumstance can be precise, and therefore “inside information”; and a “reasonable expectation” that an event will occur means that there is a realistic prospect, not a high probability, that it will occur
Market abuse: ECJ holds in Daimler case that steps preceding a decision may constitute inside information
- Herbert Smith Freehills LLP
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- European Union
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- June 29 2012
In its judgment in the case of Markus Geltl v Daimler AG C-1911 yesterday, the European Court of Justice provided clarification on the requirement that information must be "of a precise nature" to be "inside information"
FSA fines bank and its former MLRO for failure to comply with anti-money laundering requirements
- Herbert Smith Freehills LLP
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- United Kingdom
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- May 31 2012
In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) systems and controls and fining its former Money Laundering Reporting Officer (“MLRO”) Syed Hussain £17,500 for failure to take reasonable steps to ensure that Habib complied with relevant AML requirements
Market abuse
- Herbert Smith Freehills LLP
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- United Kingdom
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- April 29 2010
Recent developments show that the FSA is gaining 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
Tribunal concludes that FSA fine and prohibition order were inappropriate
- Herbert Smith Freehills LLP
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- United Kingdom
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- November 17 2011
In September, the Tribunal concluded that the prohibition order and £25,000 that the FSA had intended to impose on Mr Geddis for what it characterised as an abusive trading strategy were inappropriate in the circumstances
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
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- Firm Name - Herbert Smith Freehills LLP
- Workarea - White Collar Crime
- Author - Martyn Hopper
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