MAD ambiguity riles industry experts
LONDON – Industry experts voiced strong dissatisfaction over what many view as ambiguous guidelines on the implementation of the European Union's Market Abuse Directive (MAD) in the UK, at the Compliance05 conference in London in mid-November.
Since implementation became official on July 1 this year, many delegates have complained of a lack of clear guidance from the UK's Financial Services Authority (FSA) on the new 'Code of Market Conduct', especially on which irregularities bank executives should report to supervisors. Under the new rules, bank executives must file reports with the FSA if they believe a suspicious transaction that
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