The Financial Services Authority (FSA) today welcomed the proposals announced by the government to give it new statutory powers, including the power to grant immunity, when investigating criminal cases such as insider dealing.
The proposed change will be made to the Serious Organised Crime and Police Act 2005 which will be amended by a provision in the Coroners and Justice Bill published today.
Commenting on the proposed amendment, Margaret Cole, director of enforcement at the FSA, said:
“We remain committed to using every possible route to tackle market abuse. Getting the power to offer immunity and other protections to witnesses will be beneficial to our enforcement process and further strengthen our ability to achieve credible deterrence in the financial services industry.”
In the last year, the FSA has brought four insider dealing criminal prosecution cases and has taken civil action, including imposing fines, on seven individuals for market abuse.
Criminal prosecutions:
22 January 2008
Insider Dealing: Two appear at City of London Magistrates' Court
24 July 2008
Insider dealing: Financial Services Authority prosecutes Mr Malcolm Calvert
19 September 2008
Insider Dealing: Two charged at City of Westminster Magistrates Court
07 January 2009
Insider Dealing: Financial Services Authority prosecutes Mr Neil Rollins
Civil action:
01 July 2008
FSA fines IT professional £85,000 for market abuse
08 September 2008
Hedge Fund manager sanctioned by FSA for Market abuse
13 November 2008
Former UK ambassador and Belgian businessman fined for market abuse
19 December 2008
FSA fines two individuals for market abuse
14 Jan 2009
Belgian private investor fined £176,254 for market abuse
