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19 Market Abuse—Statutory Defence and Power to Impose Penalties

From: Insider Dealing: Law and Practice

Sarah Clarke

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 13 April 2024

Financial Services and Markets Act 2000 — Market abuse — UK Financial Services Authority (FSA) — UK Financial Conduct Authority (FCA)
19.01 This Chapter deals with the statutory defence contained in s 118A(5) FSMA which is available in respect of all s 118 behaviours. It also considers the power to impose financial penalties for market abuse contained in s 123(1) FSMA, and the scope of s 123(2) which provides for circumstances in which a penalty may not be imposed. Lastly, this Chapter provides a schedule of penalties imposed in previous market abuse cases. 19.02 Section 118A(5) FSMA provides that: Behaviour does not amount to market abuse for the purposes of this Act if 19.03 MAR 1.10.2G points...
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