- Shareholding disclosures
- Powers of significant shareholders
- Applicability of the Takeover Code
- Insider dealing and market abuse.
A NOTEPAD ON COMPANY AND FINANCIAL LAW, NEWS AND REGULATION
4 December 2012 speech by Jamie Symington, Head of Wholesale Enforcement at the Financial Services Authority; covers:
See also: Einhorn / Greenlight Capital posts.
The NYT Dealbook’s overview of the SAC / Martoma insider dealing case explains controlled-liability theory:
“…the S.E.C.’s warning is the boldest regulatory shot yet across SAC’s bow. The commission filed a parallel civil suit last week alongside the Justice Department’s criminal charges that named Mr. Martoma and CR Intrinsic, the SAC unit that employed Mr. Martoma, as defendants.
A person briefed on the investigation said that an additional action against SAC, or even Mr. Cohen, could involve accusations of fraud based on the so-called controlled-liability theory, meaning that it was in “control” of Mr. Martoma when he engaged in insider trading.”
See also: Expert network firms
Andrew Ross Sorkin on hedge funds and the perils of expert network firms, as exemplified by ongoing the SAC / Martoma insider case.
Jessica Mang and Christina Weckwerth were, unknown to each other, the girlfriends of Thomas Ammann. Today they were found not guilty of insider dealing. Mr Ammann was found guilty of two counts of insider dealing and two counts of encouraging insider dealing. The tone of the FSA’s press release suggests disappointment at the acquittal of the girfriends:
“In the first operation carried out jointly between the Financial Services Authority (FSA) and the Serious Organised Crime Agency (SOCA), 16 addresses have been searched this morning in London, the South East and Oxfordshire in the FSA’s largest ever operation against insider dealing.read more »