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    "Noted for the excellence of its white-collar defence practice"

    Chambers & Partners, 2014 edition

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    "Outstanding financial crime defence practice"

    Chambers & Partners, 2014 edition

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    "It’s a deluxe firm which pulls out all the stops for its clients"

    Chambers & Partners, 2014 edition

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    "They are the market leaders for serious crime’"

    Chambers & Partners, 2014 edition

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    "Kangs has an excellent reputation. They care about their clients and go the extra mile for them"

    Chambers & Partners, 2014 edition

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    "Kangs Solicitors is a standout firm"

    Legal 500, 2014 edition

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    "Kangs Solicitors is in the highest tier of firms"

    Legal 500, 2014 edition

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    "Hamraj Kang is noted for his very sharp legal brain"

    Legal 500, 2014 edition

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    "Kangs Solicitors fields a team of ‘technically able solicitors’
    and is well regarded for its serious crime and fraud work"

    Legal 500, 2014 edition

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    "Hamraj Kang is a shrewd tactician and very experienced"

    Legal 500, 2013 edition

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    "What the team is known for - handles an extensive array of criminal matters
    including murder, drugs and white-collar crime"

    Chambers & Partners 2013 edition

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    "Adept at dealing with cases that have an international dimension"

    Chambers & Partners 2013 edition

    Market Abuse Regulation | Kangs Regulatory Solicitors

    Criminal Defence Solicitors | Vat & Tax SolicitorsNEWSMarket Abuse Regulation | Kangs Regulatory Solicitors

    Aug

    3

    August 3 , 2017 | Posted by Kangs Solicitors |

    Market Abuse Regulation | Kangs Regulatory Solicitors

    John Veale of Kangs Solicitors comments further upon the regulatory powers of the Financial Conduct Authority (FCA).

    The Market Abuse Regulation (MAR) came into effect on 3rd July 2016 and is designed to increase market integrity and protect investors with the intent of making the securities markets more attractive for the raising of capital.

    MAR in effect makes insider dealing, unlawful disclosure of inside information and market manipulation civil offences.

    It gives the FCA powers and responsibilities for preventing and detecting market abuse on markets not previously covered by existing legislation/regulations.

    MAR applies to:

    • Financial instruments being traded on a regulated market or for which a request has been made to trade the instrument on a regulated market.

     

    • Financial instruments traded on a multilateral trading facility (a self-regulated financial tradingvenue, this being an alternatives to the traditional stock exchanges that deals in securities) or for which a request has been made to trade the instrument on a multilateral trading facility.

     

    • Financial instruments traded on an organised trading facility (a multilateral system, which is not a regulated market or multilateral trading facility that deals in trading of interests in bonds, structured finance product, emissions allowances or derivatives).

     

    • Financial instruments not covered by the above but the price or value of which depends on or has an effect on the price of financial instruments detailed above.

    European Securities and Market Authority (ESMA) Guidelines

    ESMA is an independent EU Authority that contributes to safeguarding the stability of the EU’s financial system by enhancing the protection of investors and promoting stable and orderly financial markets.

    ESMA issues various Guidelines in relation to the financial markets which are incorporated into MAR and include:

    • information that is reasonably expected or required to be disclosed on relevant commodity derivatives and spot markets.

     

    • on the delay of the disclosure of inside information and when any delay is likely to mislead the public.

     

    • on market soundings (information provided prior to the announcement of a transaction, in order to gauge the interest of potential investors in it, and the conditions relating to it such as its potential size or pricing to one or more potential investors).

    Offences Covered by MAR | Kangs Solicitors for FCA Investigations

    • MAR defines inside information and extends it to cover spot commodity contracts (contractfor buying or selling a commodity, security or currency for immediate settlement on a spot date, which is normally two business days after the trade date).

     

    • MAR defines insider dealing and unlawful disclosure and clarifies that the use of inside information used to amend or cancel an existing order amounts to insider dealing.

     

    • MAR introduces a framework to enable legitimate disclosure of inside information for market soundings (see above).

     

    • MAR prohibits market manipulation and extends its definition to include manipulation in relation to bench marks and spot commodity contracts.

     

    Exemption from the Offences

    As with Criminal Justice Act 1993 and Financial Services Act 2012 offences there are defences/exemptions relating to buy back programmes and market stabilisation measures.

    Penalties

    The FCA can impose unlimited fines.

     How Can We Help? | Kangs Regulatory Team

    Kangs provides an expert  team of solicitors experienced in FCA and financial investigations of every nature from the outset through to trial.

    Our team is led by Hamraj Kang who recognised as a leader in this field and is ranked as a ‘star individual’ in the legal directory Chambers & Partners.

    If you need help in relation to any FCA investigation or prosecution, please do not hesitate to contact our team through any of the following:

    Hamraj Kang
    hkang@kangssolicitors.co.uk
    07976 258171 | 020 7936 6396 | 0121 449 9888

    John Veale
    jveale@kangssolicitors.co.uk
    07779 055907 | 0121 449 9888 | 020 7936 6396

    Fran Murray
    fmurray@kangssolicitors.co.uk
    020 7936 6396 | 07989 521210

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