WILL THIS CASE ENCOURAGE MORE APPEALS AGAINST THE FSA?
SIMON MORRIS CMS CAMERON MCKENNA
“This case shows that in nine times out of ten the FSA can spot market abuse from a distance of a hundred yards – here we have the one-in-ten case. Firms and individuals should always scrutinise the FSA’s market abuse allegations, calling in market evidence to rein in its wilder claims.”
HARRIET TERRITT JONES DAY
“A key factor in the RDC’s decision to issue a public censure was the lack of guidance available to the two managers and the over-the-counter credit markets generally on this issue. In light of this decision and recent industry guidance future offenders won’t have this defence and are unlikely to see the same leniency.”
ROBERT FALKNER REED SMITH
“The censure for insider dealing in the over-the-counter credit (OTC) markets should not be mistaken for the FSA going soft. Rather it should be treated as a serious shot across the bows for trading practices in the OTC credit markets. The usual arguments will likely get short shift in the future. .”