No, not the M&A type. This type:
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.
For some reason, the regulator has also taken the opportunity to remind us of its action against alleged insiders over the past year – a perusal of which leads us to one snap observation: if you’re a City professional (i.e. can afford a decent brief) you tend to get routed down the reg-lite path of civil action for market abuse; and if you are an idiot retail punter you are likely to get the criminal book thrown at you for insider dealing.
Judge for yourself:
Criminal prosecutions:
22 January 2008 – Two appear at City of London Magistrates’ Court
24 July 2008 – Financial Services Authority prosecutes Mr Malcolm Calvert
19 September 2008 – Two charged at City of Westminster Magistrates Court
07 January 2009 – 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 January 2009 – Belgian private investor fined £176,254 for market abuse
Maybe supergrasses, witness protection programmes and all the other US-style enforcement paraphernalia will change all that.
Maybe…
The legislation into which these new powers are being inserted is best known for being used to try and keep the Iraq war protester Brian Haw away from Parliament Square.
Related links:
Serious Organised Crime and Police Act 2005 – Office of Public Sector Information