- Debt — Exchange Rates — Market abuse — UK Financial Conduct Authority (FCA)
This chapter discusses defences to allegations of market abuse. These consist of five basic types: (a) objections to personal or subject matter jurisdiction; (b) compliance with relevant regulatory rules; (c) being within an exemption; (d) evidential defences consisting of other factors indicating that behaviour did not constitute market abuse; and (e) the person in question is acting on behalf of a public authority with respect to: (i) monetary policies, (ii) exchange rate or public debt management policies; or (iii) foreign exchange reserves policies. The Financial Conduct Authority states that behaviour which conforms with article 5 of the Market Abuse Regulation or with a directly applicable EU regulation made under article 5 of the Market Abuse Regulation will not amount to market abuse.
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