On September 19, the UK Financial Services Authority (FSA) was given permission to proceed with legal action in two insider trading cases. Judge Quentin Purdy of the City of Westminster Magistrates Court dismissed an application made on behalf of the defendants which argued that the FSA needed to seek the permission of either the UK Director of Public Prosecutions (DPP) or the UK Secretary of State before commencing insider trading prosecutions.

The Judge ruled that the FSA did not need the prior approval of the DPP or the Secretary of State. He said that it was plain that “the aim of Parliament in creating the FSA was to place it to the forefront in general regulation of fiscal markets, including, where necessary, criminal proceedings dealing with fiscal markets and their regulation."

www.business.timesonline.co.uk/tol/business/law/article4809805.ece