The Financial Services Authority (FSA) has been pursuing enquiries into the roles of certain individuals in the mis-statement of Shell's hydrocarbon reserves. Those enquiries have reached a conclusion and the FSA will be taking no further action.
Background
- The FSA took enforcement action against Shell Transport and Trading Company, Royal Dutch Petroleum Company and the Royal Dutch/Shell Group of Companies in August 2004 for committing market abuse and breaching the listing rules.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
