The FSA has also embraced more sophisticated, US-style means to deal with financial crime, such as teaming up with the Serious Organised Crime Agency (SOCA), as it did during dawn raids last month on an alleged major
insider dealing ring.
The authority is looking to step up its enforcement activity over
insider dealing with three cases currently before the courts.
City watchdog the Financial Services Authority devotes less than 10 per cent of its resources to tackling financial crime, despite fears of rising levels of
insider dealing, an independent report revealed.
The Commission believes that the United Kingdom did not correctly transpose the Market Abuse Directive (Directive 2003/6/EC, regarding in particular
insider dealing and price manipulation) into the law of Gibraltar.
MORE than a quarter of all UK mergers and acquisitions in 2006 and 2007 involved potential
insider dealing, the City watchdog revealed yesterday.
The FSA, which did not provide details of 2005 deals it considered to have been preceded by
insider dealing, is separately carrying out a review on information leaks ahead of takeover deals.
In a bid to crack down on
insider dealing the Financial Services Authority (FSA) said it was "holding detailed discussions with all the key parties".
He is suing Collins Stewart for unfair dismissal and accused the firm of
insider dealing in a dossier sent to the FSA.
Spector and Van Raemdonck appealed against the CFBA decision to the Hof Van Beroep (Court of Appeal) in Brussels, arguing that the transaction took place in the context of a buy-back of own shares under an employee stock option programme that is not considered by the EU directive as banned
insider dealing. The Belgian courts then asked the ECJ to provide an interpretation of Directive 2003/6/EC on
insider dealing and market manipulation1.
EADS continued to be haunted by the crisis yesterday as French police raided its offices and those of shareholder Lagardere in a probe into alleged
insider dealing.
He was recently cleared of allegations of
insider dealing.
Mr Walker, who founded the company three decades ago, said: ``I never had the slightest doubt that I would be totally vindicated by any inquiry into alleged
insider dealing in Iceland shares in late 2000.
Malcolm Walker, who founded the food chain, quit the company in 2001 amid rumours of
insider dealing. The DTI and the Serious Fraud Office refused to say if any investigation was taking place.
The case concerns possible
insider dealing in a dispute between Spector photo and the Belgian Banking, Financial and Insurance Commission (CBFA).
As well as the possibility of
insider dealing, the Serious Fraud Office looked into how the frozen food supermarket chain, now part of the Flintshire-based the Big Food Group, had drawn up profit figures.
