![]() ![]() As the judge states, 'Protecting the integrity and proper functioning of those markets is a matter of substantial importance to individuals as well as to national and international economic interests'." "This was a sophisticated form of abuse that took place across multiple trading platforms. Today's judgment shows the FCA’s ability and determination to stamp out abusive market practice wherever it may occur in UK markets. ![]() We acted quickly to stop the abusive behaviour in 2011 and today’s judgment means that those behind the abuse will now have to pay significant financial penalties. "This case demonstrates that we are prepared to take robust action to ensure the integrity of UK markets. Georgina Philippou, acting Director of Enforcement and Market Oversight, said: Four of the five defendants were incorporated or resident abroad in Switzerland, the Seychelles and Hungary. This is the first time that the FCA has asked the High Court to impose a permanent injunction restraining market abuse and a penalty. The FCA took action to stop the abuse in July 2011. The defendants were found to have committed market abuse in relation to 186 UK-listed shares using a manipulative trading strategy known as “layering”. ![]() The High Court today held that the Financial Conduct Authority (FCA) is entitled to permanent injunctions and penalties totalling £7,570,000 against Da Vinci Invest Ltd, Mineworld Ltd, Mr Szabolcs Banya, Mr Gyorgy Szabolcs Brad and Mr Tamas Pornye for committing market abuse. ![]()
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