Abstract
Abstract This chapter discusses the legal and regulatory framework dealing with market abuse in the UK. The UK’s market abuse regime has a dual nature and is based both on criminal law and regulatory prohibitions, which overlap to a considerable degree. The regulatory regime dealing with market abuse was introduced by the Financial Services and Markets Act 2000 (FSMA 2000), which provided for a regulatory offence of market abuse. FSMA 2000 came into effect on December 1, 2001; the FSMA 2000 market abuse regime was substantially remodelled in July 2005 following the adoption of the Treasury’s Market Abuse and Investment Recommendation (Media) Regulations and attendant changes to the FSA’s Handbook, which implemented in the UK the EC Market Abuse Directive and its Level 2 Implementing Measures. This reform has left largely unchanged the UK’s criminal regime for insider dealing and market manipulation, based respectively on Part V of the Criminal Justice Act 1993 and section 397 of FSMA 2000.
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