Market Abuse in UK Law

Leading Cases
  • Garden Cottage Foods Ltd v Milk Marketing Board
    • House of Lords
    • 23 June 1983

    This decision of the European Court of Justice as to the effect of Article 86 is one which section 3(1) of the European Communities Act 1972 requires your Lordships to follow. The rights which the Article confers upon citizens in the United Kingdom accordingly fall within section 2(1) of the Act. They are without further enactment to be given legal effect in the United Kingdom and enforced accordingly.

    A breach of the duty imposed by Article 86 not to abuse a dominant position in the common market or in a substantial part of it, can thus be categorised in English law as a breach of a statutory duty that is imposed not only for the purpose of promoting the general economic prosperity of the common market but also for the benefit of private individuals to whom loss or damage is caused by a breach of that duty.

    What, with great respect to those who think otherwise, I do regard as quite unarguable is the proposition, advanced by the Court of Appeal itself but disclaimed by both parties to the action: that if such a contravention of Article 86 gives rise to any case of action at all, it gives rise to a cause of action for which there is no remedy in damages to compensate for loss already caused by that contravention but only a remedy by way of injunction to prevent future loss being caused.

  • Sel-imperial Ltd (Claimant Respondent) v The British Standards Institution (Defendant Applicant)
    • Chancery Division
    • 23 April 2010

    Moreover, one can consider the hypothetical possibility of a situation where BSI decided that it would restrict the number of repairers, whether generally or by region, to which it would grant a Kitemark in respect of PAS 125. That could clearly result in a severe restriction of competition. It is no answer to say that BSI as a responsible body would never contemplate such action.

  • Hobbs v Financial Conduct Authority
    • Court of Appeal (Civil Division)
    • 29 July 2013

    Furthermore, in my judgment it is important for the Tribunal to consider all the facts and evidence put before it on a reference under section 57. To take the present case as an example, I can see that it might be arguable that on Henderson v Henderson grounds the Authority should not be permitted to rely on allegations that it put before the Tribunal but which the Tribunal did not accept demonstrated that Mr Hobbs was not a fit and proper person.

  • Bourgoin S.A. v Ministry of Agriculture, Fisheries and Food
    • Court of Appeal (Civil Division)
    • 29 July 1985

    If an act is done deliberately and with knowledge of its consequences, I do not think that actor can sensibly say that he did not "intend" the consequences or that the act was not "aimed" at the person who, it is known, will suffer them.

  • R v Barnsley Metropolitan Borough Council, ex parte Hook
    • Court of Appeal (Civil Division)
    • 20 February 1976

    Now, there are old cases which show that the Court can interfere by certiorari if a punishment is altogether excessive and out of proportion to the occasion. That is a far more serious penalty than anything the Magistrates could inflict. He is a man of good character, and ought not to be penalised thus. On that ground alone, apart from the others, the decision of the Barnsley Council cannot stand.

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Books & Journal Articles
  • Tackling cross‐border market abuse
    • No. 14-1, January 2006
    • Journal of Financial Regulation and Compliance
    • 29-36
    Purpose: This paper aims to explore the key challenges faced by regulators following the implementation of the market abuse directive (MAD) in developing a consistent approach to tackling market ab...
  • Market abuse, fraud and misleading communications
    • No. 19-3, July 2012
    • Journal of Financial Crime
    • 234-254
    Purpose: The purpose of this paper is to analyse the nature and content of the laws relating to market abuse with a view to determining whether they only offer a civil law remedy for the State. The...
  • Market abuse – A pan‐European approach
    • No. 12-4, December 2004
    • Journal of Financial Regulation and Compliance
    • 306-314
    This paper looks at the aims and objectives behind the Market Abuse Directive, looking at some of its main features, and considers some of the changes that are expected to be made to the existing U...
  • Examining the new market abuse regime
    • No. 8-3, March 2000
    • Journal of Financial Regulation and Compliance
    • 210-214
    The Financial Services and Markets Act will introduce a new framework for dealing with cases of market abuse. In broad terms the framework will cover market manipulation, the misuse of information ...
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Law Firm Commentaries
  • Market Abuse (Amendment) (EU Exit) Regulations 2018
    • LexBlog United Kingdom
    On 19 February 2019,  the Market Abuse (Amendment) (EU Exit) Regulations 2018 was published on legislation.gov.uk together with a draft explanatory memorandum. The statutory instrument is made unde...
  • Market Abuse Regulation – Progress Report
    • LexBlog United Kingdom
    10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, and Charlotte Collins The fourth post in this 10-blog series cons...
  • Ofgem publishes letter on market abuse under REMIT
    • JD Supra United Kingdom
    Ofgem has published an open letter on the prohibition of market abuse under REMIT. The letter covers: - behaviour that may constitute market manipulation; - market participants’ duty to p...
  • Market Abuse Update
    • Mondaq United Kingdom
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Forms
  • Reference notice (Financial Services)
    • HM Courts & Tribunals Service court and tribunal forms
    Chancery forms, including claim forms and applications for orders.
    ... ... a Financial Conduct Authority decision imposing a penalty for market abuse and ... I apply for the legal assistance regarding this Reference ... ...
  • T400)
    • HM Courts & Tribunals Service court and tribunal forms
    Upper Tribunal (Tax and Chancery Chamber) forms and guidance documents including the judicial review form.
    ... ... permission, penalties for market abuse, disciplinary measures and official listings. In ... matters ... ...
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