Abstract
This chapter examines the market abuse regime designed to protect and maintain orderly financial markets in the UK. It first provides an introduction to market abuse before discussing the development of the market abuse regime and the provisions of the European Union Market Abuse Regulation (EU MAR). It then considers the range of civil offences under the market abuse regime, including offences committed before EU MAR took effect, as well as the legislative and regulatory rule changes that were required in the UK to implement EU MAR. It also explains the distinction between criminal prosecution and civil action by the Financial Conduct Authority (FCA), the obligations to detect and prevent market abuse, and the range of sanctions that can be imposed by the FCA for breaches of EU MAR. The chapter concludes with an analysis of enforcement trends, the mood of the regulator and future developments relating to market abuse.
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