After Quiet Years, British Regulator Gets Tough on Abuses
Britain's securities regulator once had a reputation for taking a light-touch approach to regulation.
No longer. The regulator, the Financial Services Authority, is acting instead more and more like a heavy, conducting predawn raids and bringing a rising number of cases for insider trading and other market abuses.
The efforts have begun to snare some big names. This month, Ian Hannam, JPMorgan Chase's global chairman of equity capital markets in London, resigned after the regulator fined him £450,000 ($725,000) over disclosing inside information. Mr. Hannam is appealing the decision. In January, the prominent money manager David Einhorn and his hedge fund, Greenlight Capital, also were fined a combined £7.3 million over using confidential information to trade in the stock of a British pub chain. Mr. Einhorn denied any wrongdoing, but decided to settle the case rather than fight it.
No longer. The regulator, the Financial Services Authority, is acting instead more and more like a heavy, conducting predawn raids and bringing a rising number of cases for insider trading and other market abuses.
The efforts have begun to snare some big names. This month, Ian Hannam, JPMorgan Chase's global chairman of equity capital markets in London, resigned after the regulator fined him £450,000 ($725,000) over disclosing inside information. Mr. Hannam is appealing the decision. In January, the prominent money manager David Einhorn and his hedge fund, Greenlight Capital, also were fined a combined £7.3 million over using confidential information to trade in the stock of a British pub chain. Mr. Einhorn denied any wrongdoing, but decided to settle the case rather than fight it.
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