- Where an insider discloses inside information to another person otherwise than in the proper course of the exercise of his employment, profession or duties he commits market abuse by way of improper disclosure: see FSMA, s 118(3).
- FSA Code of Market Conduct, MAR 1.4.5.
- FSA Final Notice in respect of David Einhorn, dated 12 January 2012, www.fsa.gov.uk/pubs/decisions/dn-einhorn-greenlight.pdf (accessed 17 February 2012).
- FSA Final Notice in respect of Greenlight Capital Inc, dated 12 January 2012, www.fsa.gov.uk/static/pubs/decisions/dn-greenlight-capital.pdf (accessed 17 February 2012).
- See FSMA, s 118C(5).
- As defined by the Financial Services and Markets Act 2000 (Prescribed Markets and Qualifying Investments) Order 2001, as amended.
- The test for precision set out in FSMA, s 118C(5).
- FSMA, s 123 provides that the FSA may not impose a financial penalty against a person who has engaged in market abuse if he has used all due diligence to avoid engaging in market abuse.
- Supra, n 3, para 6.8(ii).
- FSA Final Notice in respect of Alexander Ten-Holter, dated 26 January 2012, www.fsa.gov.uk/static/pubs/final/ten-holter-greenlight.pdf (accessed 17 February 2012).
- FSA Final Notice in respect of Caspar Agnew, dated 3 October 2011, www.fsa.gov.uk/static/pubs/final/caspar-agnew.pdf (accessed 17 February 2012).
- FSA Final Notice in respect of Andrew Osborne, dated 15 February 2012, www.fsa.gov.uk/static/pubs/final/andrew_osborne.pdf (accessed 17 February 2012).
- Supra, n 3, para 5.7(iii).
Inside information and “wall-crossing”: FSA enforcement and intent
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