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COPYRIGHT 2008 FT Business
Byline: Richard Burger
The Financial Services Authority is set to target individuals for incompetence as well as market misconduct, but detection may not be such an easy task
Judging the mood and the future actions of the FSA is a bit like being a storm chaser waiting to see when and where a tornado will appear. But unlike meteorologists, regulated firms do not require a weather balloon. They simply need to watch and listen to the regulator, in particular its speeches. So when the director of FSA enforcement states "the FSA means business", it may be time to take notice.
At the annual FSA Enforcement Law Conference, the director's speech focused on enforcement as a tool "to bring about real changes in behaviour to protect consumers and to guard against abuse in the markets". A particular concern for the regulator is market misconduct - the criminal offences of insider dealing and market manipulation - plus the civil offence of market abuse. However, its detection and successful prosecution is...
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