Insider Dealing Defence

Berkeley Square Solicitors are leading London criminal defence lawyers recognised for their expertise in defending individuals and professionals against allegations of financial impropriety, including insider dealing and market abuse

Before training as a lawyer, principal Roger worked in the City of London on the trading floor of several major banks. Roger traces his long-standing interest in all areas of financial crime, particularly insider trading and market abuse misconduct from this experience.

Since 2008 the FCA has decided to take a very tough line in pursuing and prosecuting market abuse and insider dealing cases. Whereas previously many investigations would result in regulatory proceedings the FCA is now much more likely to prosecute than at any time in recent history. Commenting on this new hardline approach in 2009 the Lord Chief Justice stated that "although those who perpetrate the offence of (insider dealing) may hope, if caught, to escape route regulatory proceedings, they can have no legitimate expectation of avoiding prosecution and sentence".

Market Abuse

The FCA has investigation and enforcement powers to bring criminal prosecutions in cases of market abuse which is broadly defined as misleading statements and practices which undermine confidence in the market.

In March 2010 the FCA adopted a new penalties policy with changes to their penalties framework providing for a minimum starting point of £100,000 for individuals who commit serious market abuse.

The first fine under the new penalties system imposed was £1m for market manipulation, quickly followed a fine of $6.5m with an order to pay $3.1m in restitution to a Dubai based investor.