UK - The Financial Services Authority (FSA) has signed an agreement with the UK investment exchanges in bid to crack down on market abuse.
The FSA also set out criteria to determine whether or not to take forward investigations into alleged abuse when it assumes new powers on November 30.
Market abuse most recently came into the fore following September 11 when cases of buying airline stocks and insurance firms preceded the terrorist attacks.
Under the terms of the agreement, ‘straightforward cases’ will be handled by the exchanges. However, in more complex cases, the FSA will take things forward.
Speaking at the signing ceremony Gay Huey Evans, the FSA’s director of markets and exchanges division, said that the move aimed to “prioritise” cases so that industry could make the best use of resources.
The FSA has already agreed operating arrangements with the London Stock Exchange, Virt-X, Coredeal, LIFFE, the International Petroleum Exchange, the London Metal Exchange and OM London Exchange.
By Madhu Kalia
This week's top stories include ITS' management buyout from Mercer, and The Pensions Regulator launching a probe into single-employer defined contribution schemes' default funds.
People retiring in the UK will on average outlive their pension savings by 10 years, according to research by the World Economic Forum (WEF).
Steps to improve auto-enrolment are uncontroversial and obvious, but the government is dawdling on introducing the necessary changes, argues Jack Jones.
Professional trustees will be expected to apply for accreditation as part of a framework intended to be launched on 1 July by the Professional Trustee Standards Working Group (PTSWG).