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7 Scope of Coverage

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: 04 March 2024

Financial crime — Market abuse — UK Financial Services Authority (FSA)

This chapter discusses the reach of the market abuse regime, the products covered, the ‘markets’ covered, and geographical reach. The Code of Market Conduct covers a range of abuses not covered by existing criminal law and it applies to everyone who participates in, or whose conduct may have an effect on, the UK financial markets. Everyone is covered, whether regulated by the Financial Services Authority (FSA) or not, based in the UK or overseas, and whether a professional or retail investor. The FSA has reserved for itself a very wide band of flexibility in judging who, what, when, and where contributed to market abuse within its jurisdiction. Ultimately, the FSA's view of the reach of the market abuse regime may be tested in the courts, but, for now, it must be regarded as very long.

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