News & Analysis as of

Enforcement Actions Financial Conduct Authority (FCA) Market Abuse

BCLP

FCA: Unlawful Disclosure of Inside Information and M&A Transactions

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The FCA has published Primary Market Bulletin (PMB) No 54 outlining its concerns around the unlawful disclosure of inside information during the course of M&A transactions....more

McDermott Will & Schulte

CLOs and Material Nonpublic Information: Key Takeaways from the SEC’s Settlement with Sound Point

In this alert, we present the key lessons to be learned from the U.S. Securities and Exchange Commission’s (the SEC) settlement with Sound Point Capital Management, LP (Sound Point), and discuss whether a similar enforcement...more

Katten Muchin Rosenman LLP

The ‘Inside’ Story: Market Abuse Trends

Katten recently hosted an interesting and insightful panel discussion on the latest market abuse trends in the UK and US. The session was presented Katten Financial Markets Regulatory Partner Neil Robson alongside RQC Group’s...more

Cadwalader, Wickersham & Taft LLP

Bond Traders Face Ban for Market Abuse in the UK

The Financial Conduct Authority (“FCA”) has banned and fined three bond traders for placing large-sized orders for future contracts in relation to Italian government bonds that they did not intend to execute, while...more

Cadwalader, Wickersham & Taft LLP

Former Non-Executive Chairman of UK-Listed Company Fined for Unlawfully Disclosing Inside Information as a Result of Negligence

Christopher Gent, a former CEO of Vodafone Group plc and non-executive Chairman of GlaxoSmithKline plc, was appointed as the non-executive Chairman of ConvaTec Group Plc (“ConvaTec”), a company admitted to trading on the...more

Hogan Lovells

Market abuse surveillance: How to get it right

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Identifying and reporting instances of potential market abuse is required under the Market Abuse Regulation ('MAR'). A firm must have effective arrangements, systems and procedures in place to detect and report suspicious...more

A&O Shearman

A new perspective on the FCA’s focus on market abuse

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The FCA's focus on market abuse is nothing new. Frequent references to the FCA's focus on tackling market abuse have featured in every single one of its Business Plans since 2013/14, with similar references also running...more

BCLP

FCA publishes Decision Notice against former CEO for market abuse

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The FCA has published a Decision Notice and fined the former CEO of WorldSpreads Ltd for engaging in market abuse (dissemination, manipulating transactions and false or misleading impressions) and banned him from performing...more

Cohen & Gresser LLP

The FCA Final Notice on Redcentric PLC – Does it Signal the Enforcement Zeitgeist of the COVID-19 Period?

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At the end of June 2020, the Financial Conduct Authority (the “FCA”) issued a public censure to Redcentric PLC for market abuse resulting from significant accounting errors. The resolution is particularly eye-catching because...more

BCLP

FCA publicly censures AIM company for market abuse

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The FCA has published a public censure against an AIM company, Redcentric PLC (“Redcentric”), for committing market abuse by publishing false information about its debt and cash positions. As an IT firm providing services...more

Latham & Watkins LLP

FCA Issues a Public Censure to Redcentric PLC for Committing Market Abuse

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The FCA publicly censured the IT service provider for publishing false information about its net debt and holdings of cash and cash equivalents. On 26 June 2020, the FCA issued a final notice to Redcentric PLC...more

Skadden, Arps, Slate, Meagher & Flom LLP

Impact of COVID-19 on White Collar Enforcement

While enforcement agencies have yet to indicate that they intend to put their pens down in response to COVID-19, there is anecdotal evidence that some agencies have slowed their investigations as remote working impacts matter...more

Akin Gump Strauss Hauer & Feld LLP

In Principle: 10 Things Authorised Firms Need to Know for 2020

Welcome to the 2020 edition of In Principle. With the United Kingdom (UK) leaving the European Union (EU) on31 January 2020, and moving into a transition period which will last until 31 December 2020, Brexit of courselooms...more

A&O Shearman

UK Brokerage Firm Fined for Inadequate Controls Against Potential Market Abuse

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The U.K. Financial Conduct Authority has published a Decision Notice (dated June 7, 2018) imposing a fine of £409,300 on a U.K. brokerage firm for failure to take reasonable care to organize and control its affairs...more

Akin Gump Strauss Hauer & Feld LLP

In Principle: 10 Things Authorised Firms Need to Know for 2018 – The World of Financial Regulation as the UK Prepares to Exit the...

There is much for authorised firms to consider in the year ahead. Firms have been through the intensive period of the enactment of the second Markets in Financial Instruments Directive (MiFID II), but must now step up their...more

Skadden, Arps, Slate, Meagher & Flom LLP

Cross-Border Investigations Update - November 2017

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including new U.K. reporting obligations for sanctions violations,...more

WilmerHale

A better view of “A Better View”: What Steward’s speech tells us about the future of FCA investigations

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In a speech delivered earlier this year to the AFME European Compliance and Legal Conference1, Mark Steward, Director of Enforcement and Market Oversight for the UK Financial Conduct Authority (“FCA”), addressed the agency’s...more

Jones Day

Tesco to Pay Compensation of £85 m and Further Fine of £129 m for Market Abuse

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On 28 March 2017, the FCA announced that Tesco plc and Tesco Stores Limited ("Tesco") had agreed to committing market abuse in relation to a trading update published on 29 August 2014. In that update, Tesco plc had stated...more

A&O Shearman

UK Financial Conduct Authority Takes Action Against Two Individuals for Market Abuse

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The Financial Conduct Authority has banned and fined two individuals for market abuse. Mr. Niall O'Kelly and Mr. Lukhvir Thind were Chief Executive Officer and Financial Controller, respectively, at Worldspreads Limited...more

Proskauer Rose LLP

UK Regulation Round Up - January 2017

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Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK regulation for alternative asset managers. The start of 2017 saw a number of regulatory developments including...more

WilmerHale

The Inside Scoop: What does Tabernula tell us about the future of criminal insider dealing enforcement in the UK?

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The high-profile insider trading prosecution dubbed “Operation Tabernula”, brought by the Financial Conduct Authority (“FCA”), has this month secured two further convictions. After a 12-week trial, Martyn Dodgson and Andrew...more

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