PSI:Market Abuse23 Apr 2008 08:01
It may be out of Admin's hands. Reminds me of a case when I was at law school I was able to get involved in. Here it was alleged that a Broker had information, which he knew to be price sensitive, he in turn was alleged to have passed that info ont an Associate, who in turn passed the info onto the public. The Broker and Associate must be familiar with FSMA (as amended) Sections 118 (2) (a), 118 (2) (b) , 118 (2) (c), 397 (3) and Sections 52 (1), 52 (2)(a), 52 (2)(b) Criminal Justice Act 1993, along with The Companies Act 1985. No doubt the NOMAD of DOO has already passed on the seriousness of this to the FSA who are the regulatory body pursuant to FSMA, and will investigate any complaints made to them, even from members of the public. If there is a prime facie case, the City of London Ploice will steam in and seize alleged offenders computers mobile phones and chat room transcripts, even deleted ones, they will then conduct interviews under caution. Getting back to the case I witnessed, the alleged perpitrators of the Market Abuse, well Her Majesty required them to give up their cozy lifestyles and they lost on appeal and now reside in less salubrious accommodation, a lesson to us all.