The Financial Services Authority has imposed a significant fine on a hedge fund and its portfolio manager for market abuse insider dealing, notwithstanding that the manager received the information in question on the express understanding that he was not being made an insider or “wall-crossed”.
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Following the approval since 2008 of several regulations in order to shore up, restructure and strengthen the Spanish financial system, which included the regulation which created the Fund for the orderly restructuring of the Spanish financial system (the “FROB”), the Spanish Council of Ministers approved a new Royal Decree-law 2/2012 (“RDL 2/2012”), which entered into force on 4 February, aiming to complete the rationalization of the Spanish financial system by correcting the several deficiencies still persisting.
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The UK Financial Services Authority has imposed a significant fine on a US-based hedge fund for market abuse insider dealing, notwithstanding that the fund manager received the information in question on the express understanding that he was not being made an insider or “wall-crossed”.
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