Express consent needed for collateral use of Mutual Legal Assistance material in FCA civil proceedings

The High Court has declined to strike out civil proceedings brought by the Financial Conduct Authority in respect of alleged market abuse, even though it found that the Financial Conduct Authority (FCA) had made impermissible collateral use of material obtained through mutual legal assistance (MLA) requests without first obtaining the consent of the relevant overseas authorities. Read more

FCA outlines its updated approach to alternative asset management supervision

In a "Dear CEO" letter sent in early August 2022, the FCA outlined the robust approach it will take to the supervision of firms in its alternative asset management portfolio – namely FCA authorised hedge funds, private equity firms and firms that manage and advise alternative assets directly. Relevant firms can expect the FCA to focus on excessive investment risks to retail and elective professional investors, conflicts of interest, inadequate mitigation against ongoing market disruption, poor market abuse controls, and culture, as well as ESG disclosures. Read more

The alchemy of journalism – turning market rumours into inside information

The recent judgment of the Court of Justice of the European Union (CJEU) has ruled that details of the forthcoming publication of a press article reporting a market rumour about a potential takeover bid for a listed issuer may constitute ‘inside information’.  This conclusion may not come as a complete bolt from the blue to market participants: just as a star analyst's research can move markets, so too can an article from a prominent journalist in a media organization, whose prominence and professional reputation lend credibility to their reports. Read more