8 Judging Behaviour

Subject(s):

Market abuse — UK Financial Conduct Authority (FCA)

Once the basic standards of behaviour required of market participants are known, market participants will still have questions about how their behaviour in the market will be compared to the prevailing standards of market behaviour. These questions will include: (a) Who is the person being judged? (b) What guides will they use to compare the conduct of the responsible actor against the behaviour expected of a market participant in the actor's position? (c) Who will be judge(s) of whether market misconduct occurred? The answers to these issues are not entirely obvious from the Market Abuse Regulation or the FCA Code of Market Conduct. This chapter will attempt to explain them in more detail.