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- Preliminary Material
- Main Text
- 1 Evolving Regulation
- 2 Promoting Market Integrity
- 3 Defining Market Abuse
- 4 Insider Dealing
- 5 Market Manipulation
- Preliminary Material
- A Introduction
- B Manipulative Behaviour
- C Safe Harbour: Accepted Market Practices
- D Indicators of Manipulation
- E FCA on Market Manipulation
- 5.07
- 5.08
- 5.09
- 5.10
- 5.11
- 5.12
- 5.13
- (1) Manipulating transaction examples
- (2) Abusive squeeze example
- (3) Conduct which may not be ‘abusive’ squeezes
- (4) Illegitimate trade
- (5) Legitimate trade
- (6) Stock lending
- (7) Price positioning
- (8) Manipulating devices as market abuse
- (9) Regulation of producing and disseminating investment recommendations
- F Some Thoughts on Market Manipulation
- 6 Interpretation
- 7 Scope of Coverage
- 8 Judging Behaviour
- 9 Enforcement Procedure
- Preliminary Material
- A Enforcement in the UK
- B FCA Market Abuse Enforcement Powers
- C Basic FCA Enforcement Policy
- D The Enforcement Referral Decision
- E Post-referral Investigation
- F Informal Disciplinary Action
- G Formal Disciplinary Action
- H The Regulatory Decisions Committee
- I Settlement
- J Private Actions
- K Complaints to the FCA
- 10 Penalties and Sanctions
- Preliminary Material
- 10.01
- 10.02
- 10.03
- A Administrative Sanctions
- B Administrative Measures
- C Financial Penalties
- D DEPP—Whether to Take Disciplinary Action
- E Step 1—Disgorgement
- F Step 2—The Seriousness of the Market Abuse
- G Step 3—Mitigating and Aggravating Factors
- H Step 4—Adjustment for Deterrence
- I Step 5—Settlement Discount
- J Statement of Censure
- K Private Warnings
- L Administrative Measures
- 11 Defences
- Preliminary Material
- A Types of Defences—General Considerations
- B Particular Defences—Detailed Considerations
- C Safe Harbours and Exemptions
- D Evidential Defences
- 12 Hearings and Appeals
- Preliminary Material
- A Financial Services and Markets Tribunal
- B Tribunal Rules
- (1) Preliminary matters
- Reference notice
- Regulator’s statement of case
- Applicant’s reply
- Secondary disclosure by the regulator
- Exceptions to disclosure
- Applications and directions
- Particular types of directions
- Filing of subsequent notices
- Summoning witnesses
- Preliminary hearing
- Withdrawal of unopposed reference
- References by third parties
- (1) Preliminary matters
- C Hearings
- 13 Criminal Law
- 14 Market Abuse Cases
- Preliminary Material
- A Introduction
- B Selected Regulatory Decisions
- (1) Robert Middlemiss
- (2) Arif Mohammed
- (3) Peter Bracken
- (4) Michael Thomas Davies
- (5) Shell
- (6) Evolution Beeson Gregory and Christopher Potts
- (7) Robin Mark Hutchings
- (8) Jason Smith
- (9) Indigo Capital LLC and Robert Johan Henri Bonnier
- (10) David Isaacs
- (11) Jonathan Malins
- (12) GLG Partners LP and Philippe Jabré
- (13) Sean Pignatelli
- (14) Woolworths Group plc
- (15) Stewart McKegg
- (16) Boyen and Boyen
- C The Benchmark Cases
- D Observations
- 15 US Jurisdiction
- 16 Conclusions
- Further Material
- [3.229.124.74]
- 3.229.124.74
