A NOTEPAD ON COMPANY AND FINANCIAL LAW, NEWS AND REGULATION
Einhorn/Greenlight refused to be wall-crossed, requested that they were not given any inside information, FSA accepts they did not believe they had inside information, broker also disputes that inside information was passed
The Financial Services Authority has fined David Einhorn and his hedge fund, Greenlight Capital, £7.2 million for engaging in market abuse in relation to an anticipated significant equity fundraising by Punch Taverns Plc (Punch) in June 2009. From the FSA press release:
Martin Wheatley on failed orthodoxies and the new conduct authority’s pro-active approach to financial regulation and product intervention
In a speech today at the British Bankers’ Association, Martin Wheatley – the CEO designate of the new Financial Conduct Authority (FCA) and presently a managing director of the Financial Services Authority – set out his and the FCA’s new approach to financial conduct regulation. The FCA will be one of the successor bodies to the Financial Services Authority and will be the new regulatory body that will be of most interest to Corporate lawyers.
Music and film companies given potential upside if HMV survives
HMV, the financially-troubled London-listed entertainment retailer, announced last week that it intends to grant “warrants representing 2.5% of its equity” to its key music and film suppliers. The terms of these warrants were not disclosed, but the warrants will presumably be exercisable at the same price, or a discount to, HMV’s share price at the date of grant.
