Partner James Palmer has penned an article, 'Market abuse and restitution orders: challenges for FCA policy', in the November 2024 edition of Butterworths Journal of International Banking and Financial Law. James examines the potential for the FCA's use of its powers to order restitution for market abuse against a listed or publicly traded company/issuer to undermine the liability regime for such companies to their investors set out elsewhere in the Financial Services and Markets Act 2000 (FSMA). He suggests that the proportionate issuer liability regime, which was adopted, after extensive consultation, between 2006 and 2010, and is now contained in s 90A and Sch 10A FSMA, is a key aspect of UK public market competitiveness and that restitution should not become a substitute means for investors to recover losses for disclosure breaches from the issuer, absent fraud.
For free access to article on the Journal's website, please click on the link here.
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