- 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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