On December 2, the Divisional Court of the High Court confirmed that the UK Financial Services Authority (FSA) may independently commence proceedings for suspected insider trading activities under section 402 of the Financial Services and Markets Act 2000 without obtaining the consent of the Director of Public Prosecutions (DPP) or the Secretary of State. The ruling clears the way for the FSA to continue with three high-profile criminal insider trading cases.

The appeal was brought by the defendant following a ruling in September by District Judge Purdy at the City of Westminster Magistrates Court in which the Judge rejected defense arguments that the FSA needed to obtain the consent of the DPP or the Secretary of State to institute an insider dealing prosecution (as reported in the September 26, 2008, edition of Corporate and Financial Weekly Digest).