FSA to fine journalists
Friday 12 June 1998
The FSA said it would be unacceptable for anyone to put out misleading information about shares in which they had a material interest. This would include media professionals.
The measure is part of an extension of regulators' powers that will allow them to police anyone at all involved in financial abuse under a new code of market conduct.
The code, issued in draft form yesterday, seeks to outlaw the abuse of privileged information. It states that no one must deal, or induce others to deal, in an investment when they have information which cannot be legitimately obtained by others.
The new measures,which are subject to consultation until November, will also crack down on artificial transactions designed to manipulate prices. Squeezes, such as the attempt to "corner the market" by Yasuo Hamanaka, the copper trader employed by Sumitomo bank, would be unacceptable. The code is also meant to help victims of financial abuse get compensation.
The reforms are unprecednted in the West in that anyone, whether regulated or not, can be fined. Until now, regulators have only been able to fine registered investment professionals.
Michael Foot of the FSA said: "We will revise and develop the code up to the passage of the bill and beyond. It is important for the London markets that we get this right."
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 3 Do you know this man? Amnesia sufferer found in park pleads for help in identifying who he is
- 4 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Jennifer Lawrence face palms Emma Watson at Christian Dior show in Paris
Mick Jagger denies being World Cup curse and reason for Brazil’s embarrassing defeat
Gingers face extinction due to climate change, scientists warn
Do you know this man? Amnesia sufferer found in park pleads for help in identifying who he is
Sustained immigration has not harmed Britons' employment, say government advisers
British jihadist calls for 'flag of Islam' over Downing Street and Buckingham Palace
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£30000 per annum: Harrington Starr: A global leader in trading platforms and e...
£28000 per annum: Harrington Starr: A fast growing consultancy to the financia...
£30000 per annum: Harrington Starr: Technical Support Analyst - Liverpool Stre...
£65000 per annum: Harrington Starr: One of the world's largest privately owned...