Market abuse update - April 2015

2014 was marked by record fines for benchmark manipulation globally, criminal prosecutions for insider trading and market manipulation, and the first publication of warning notices.  The start of 2015 has seen some notable cases in the UK, US and Australia, and as the FCA makes individual accountability a priority in its business plan, it has taken its first public LIBOR actions against senior managers and traders.  Several important court rulings in Europe have impacted the interpretation of the market abuse regime, and in the UK, the FCA's continuing commitment to root out market abuse and make market professionals play by the rules is reflected in many of the cases summarised in this briefing.

New rules in the UK will further widen the regulatory net, and reviews of enforcement procedures and penalties may see the regulators benefit from further enhancement to their powers. Across Europe, change is on the horizon, with the new Market Abuse Regulation due to come into application in July 2016, and thereafter as ESMA fleshes out the statutory framework, issuing technical advice and draft technical standards.

Our briefing aims to assist firms in meeting the challenge of responding to these developments. In this edition, we consider:

• Recent and upcoming criminal prosecutions
• Insider dealing and improper disclosure cases and trends
• The latest from the European courts on inside information and double jeopardy
• The Upper Tribunal's recent decision on market manipulation
• An update on the EU Market Abuse Regulation
• The FCA's first public actions against senior managers and a trader for LIBOR manipulation
• Benchmark manipulation actions and regulatory progress
• Upcoming UK and international regulatory changes
• Lessons learned from the FCA's thematic review on asset managers' market abuse controls

To read our full briefing please click here.