Inside Information

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Two convicted of insider dealing in Operation Tabernula trial

The Financial Conduct Authority (FCA) today published a statement in relation to the conviction of two for insider dealing. In a case brought by the FCA and following a three-month trial at Southwark Crown Court, two defendants, Martyn Dodgson and Andrew Hind – a senior investment banker and a Chartered Accountant – have been convicted of conspiring …

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FCA reports on implementation of the Market Abuse Regulation

The FCA today published its policy statement “PS16/13: Implementation of the Market Abuse Regulation”. In this Policy Statement the FCA reports on the main issues arising from Consultation Paper 15/35: Policy proposals and Handbook changes related to the implementation of the Market Abuse Regulation (2014/596/EU) – and Consultation Paper 15/38: Provisions to delay disclosure of inside information …

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ESMA publishes responses to the Consultation on MAR Guidelines

The European Securities and Markets Authority (ESMA) has published the responses received to the Consultation on draft guidelines on the Market Abuse Regulation (MAR). ESMA had published the consultation, which was open until 31 March, since Article 11(11) of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (MAR) …

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The 7 Deadly Sins of Market Abuse (Part VII): Distortion and misleading behaviour

And now for the grand finale, the last of the 7 market abuse offences: Distortion and misleading behaviour, which is where the behaviour: (a) is likely to give a regular user of the market a false or misleading impression as to the supply of, demand for or price or value of, qualifying investments. (b) would …

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The 7 Deadly Sins of Market Abuse (Part VI): Dissemination

Welcome to our sixth posts of this series that looks at the offence of Dissemination. Dissemination is defined as giving out information that conveys a false or misleading impression about an investment or the issuer of an investment where the person doing this knows the information to be false or misleading. The FCA deals with …

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ESMA publishes updated Q&A on the Market Abuse Directive

The European Securities and Markets Authority (ESMA) has published an updated Questions and Answers (Q&A) on the common operation of the Market Abuse Directive “MAD”. The purpose of this document is to promote convergent implementation and application of the market abuse regime by providing responses to specific issues raised by the general public, market participants …

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FINRA bars investment firms VP and Broker Friend in Insider Trading Scheme

The Financial Industry Regulatory Authority (FINRA) announced today that it has barred David Michael Gutman, a Vice President in the conflicts office of J.P. Morgan Securities, LLC, and Christopher John Tyndall, a former registered representative at Meyers Associates, L.P, from the securities industry for their roles in an insider trading scheme. Gutman and Tyndall were …

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ESMA consults on Market Soundings and Delayed Information under MAR

The European Securities and Markets Authority (ESMA) has opened today a public consultation on draft guidelines clarifying the implementation of the Market Abuse Regulation (MAR). MAR strengthens the existing market abuse framework by extending its scope to new markets, platforms and trading behaviours. It contains prohibitions for insider dealing and market manipulation, and provisions to …

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