Examining the new market abuse regime
| Published date | 01 March 2000 |
| Pages | 210-214 |
| DOI | https://doi.org/10.1108/eb025044 |
| Date | 01 March 2000 |
| Author | Gay Wisbey |
| Subject Matter | Accounting & finance |
Journal of Financial Regulation and Compliance Volume 8 Number 3
Examining the new market abuse regime
Gay Wisbey
Received: 15th June, 2000
Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS;
tel:
+
44
(0)20 7676 3318; fax: +44 (0)20 7676 1071
Gay Wisbey is the Director of the Markets
& Exchanges Division of the FSA. She
joined the FSA in September 1998. The
Markets & Exchanges Division is responsi-
ble for the supervision of exchanges and
clearing houses, name passing brokers,
market service providers and market
sur-
veillance of the UK markets.
Gay had previously been employed by
Bankers Trust Company since 1984,
located both in London and New York in
Risk Management Services where she had
been a Senior Managing
Director.
Since
1994 she had served as Chairman of the
International Swaps and Derivatives Asso-
ciation (ISDA). She had co-chaired the
Principles & Practices Committee spon-
sored by the New York Federal Reserve
Bank and participated in the European
Commissions Committee on the Impact of
the Introduction of the Euro on capital
markets and also participated on the Bank
of England's Derivatives Joint Standing
Committee.
Gay was educated at Bucknell University
in Lewisburg, Pennsylvania where she
gained a BA in Economics. She is a
member of the Board of Directors of the
Bucknell Alumni Association and also
serves on the Wigmore Hall's Advisory
Committee.
ABSTRACT
The Financial Services and Markets Act will
introduce a new framework for dealing with
cases
of market abuse. In
broad
terms the frame-
work will cover market manipulation, the
misuse of
information
not generally available to
the market and the dissemination of
misleading
information.
The Government made a number of
changes
to the proposed regime during the Bill's parlia-
mentary stages with the outcome that what is
now Part VIII of the act looks quite different
from the original Part VII published in the
July 1998 Bill. That, however, begs the ques-
tion of how different the current version of
Part
VIII is to its
predecessor
in substance. This
paper addresses the following broad areas in
order
to summarise where we now
stand:
— the original intentions behind the introduc-
tion of
a
new
regime
for dealing with cases
of market abuse, complementary to the
criminal regime
— the concerns which the original approach
raised in the minds of market practitioners
and their advisers
— an assessment of
the changes
that have been
made to Part VIII (formerly Part VII) of
the Bill as originally published, and
— some
concluding
thoughts.
THE ORIGINAL INTENTIONS
The Government's original intention in
introducing a new framework through
which to tackle market abuse was, and is,
to protect the efficiency and the integrity
of the UK's financial markets. London has
long been the pre-eminent financial centre
Journal of Financial Regulation
and Compliance. Vol. 8, No. 3,
2000,
pp. 210-214
© Henry Stewart Publications,
1358-1988
Page 210
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