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13 Financial Crime

From: Financial Services Regulation in Practice

Simon Morris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 01 July 2022

Criminal proceedings — Improper disclosure — Insider dealing — Misleading impressions — Misuse of information — Misleading statements — Money laundering — Market abuse — Market Abuse Directive (MAD)

This chapter concerns financial crime. While the Financial Conduct Authority (FCA) can prosecute offences such as insider dealing and money laundering, its principal role in relation to financial crime is to require authorised firms to take adequate steps to protect against the risk of being used in connection with such offences. The elements (offences, defences, and penalties) of market abuse under the UK regime—which implements the EU Market Abuse Directive (MAD)—are explained. The main types of behaviour which can constitute market abuse—dealing on inside information, disclosing inside information, manipulating transactions, manipulative devices, disseminating misleading information—are analysed. The UK regulatory position on money laundering, fraud and other financial crimes is also considered.

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