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1 Key points of the Prospectus Directive >>more>>
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3 Proposed changes to the AIM Rules >>more>>
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4 Update on the disclosure of Price Sensitive Information >>more>>
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5 Corporate Governance and the Combined Code >>more>>
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6 Corporate Governance Guidelines for Investment Trusts >>more>>
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7 Proposed amendments to the Listing Rules relating to Investment Companies >>more>> |
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Charles Russell Corporate Finance Group
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| Public Companies Update October 2003 |
2 CRACKDOWN ON MARKET ABUSE
The FSA and the City of London Police (Economic Crime Department) have recently signed a memorandum of understanding formalising the police force's powers to arrest individuals in connection with market abuse on behalf of the FSA (pursuant to powers given to the FSA under the Financial Services and Markets Act 2000).
It is believed that this step has been taken as, although the FSA have the right to ask people questions (without an individual's right to remain silent), some people have refused to co-operate. This step will enable the FSA to ask the police to arrest people who have committed arrestable offences such as insider dealing, money laundering and market abuse. They will then be taken to a local police station for questioning by an FSA investigator, with a police officer present.
If you require further information on any matter covered in this note, please contact your principal contact at Charles Russell or Simon Gilbert, Katy Knight, Clive Hopewell or Alexander Keepin (London), Francis Rundall or Richard Norton (Cheltenham) or Geoff Sparks (Guildford) and on 0207 203 5000.
Please note that the summaries above are a general indicative guide only. They are not exhaustive. This information has been prepared by the firm as a service to our clients. As it is a general guide, we recommend that you seek professional advice before taking action. No liability can be accepted by the firm for any action taken or not taken as a result of this information. The firm is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services to clients because we are members of the Law Society. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.
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