Market Abuse Update

This first Market Abuse Update considers the impact of two recent market abuse decisions, both of which have arguably made the application of the UK market abuse regime more uncertain:

• the Spector Photo decision from the European Court of Justice
• the Chhabra & Patel decision from the Financial Services and Markets Tribunal

It also considers:

• the Government's recent proposals for regulating short selling, contained in the Financial Services Bill, which underline the questionable legal basis of the existing measures introduced in 2008
• the FSA's recent announcement on the imposition of a record market abuse fine on an individual

Ruth Fox (partner), Jan Putnis (partner), Ben Kingsley (partner)