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13 Criminal Law

From: Market Abuse Regulation (3rd Edition)

Edward J Swan, John Virgo

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 10 December 2023

Criminal proceedings — Market abuse — UK Financial Conduct Authority (FCA)

This chapter considers the relationship of the market abuse regime to criminal law. The market abuse regime was not intended to replace existing criminal laws but conceived to work alongside them — while covering a wider range of activities. Indeed, the Financial Conduct Authority (FCA) is empowered to institute criminal proceedings for a range of offences and in respect of certain other offences arising under related legislation. Although this was not originally intended, the market abuse prohibitions are part of criminal law. Although the market abuse regime was originally created to provide the FCA with a flexible administrative remedy for market misconduct, the range of available enforcement options makes it legally impossible not to treat at least some market abuse cases as criminal proceedings.

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