
FSA clamps down on insider trading
Losses and Lawsuits
LONDON - UK regulator the Financial Services Authority (FSA) is showing an increased focus on insider trading and market abuse. In the past month, it has made at least eight arrests, including that of Malcolm Calvert, an ex-senior employee of city brokerage JP Morgan Cazenove. Calvert has pleaded not guilty to having insider information relating to a number of mergers, takeovers and management buyouts involving Cazenove when buying shares in the companies involved between April 2003 and March 2005.
The FSA is also prosecuting two relatives, Matthew and Neel Uberoi, for using illegal information to buy hundreds of thousands of shares in NeuTec Pharma and Gulf Keystone Petroleum over a four-month period in 2006. In January, the regulator also launched its first insider-trading prosecution against Christopher McQuoid, former general counsel of telecom firm TTP Communications, and his father-in-law James Melbourne, both accused of insider trading concerning telecom company Motorola's takeover of TTP.
The regulator's increased focus on seeking criminal prosecutions for insider trading comes as the number of FSA staff with criminal investigation expertise has risen from 12 to 30, in line with the regulator's objective.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Regulation
French regulator questions need for share trading equivalence
Esma’s reinterpretation ahead of Brexit reduces need for equivalence system, says AMF official
Receive this by email