UK:
UK High Court Issues Injunction And Penalties For Market Abuse
21 August 2015
Shearman & Sterling LLP
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On August 12, 2015, the High Court of Justice, Chancery Division
issued a judgment granting a permanent injunction to prohibit
market abuse and imposing fines amounting to £7,750,000
against Da Vinci Invest Ltd and Mineworld Ltd as well as individual
traders Szabolcs Banya, Gyorgy Szabolcs Brad and Tamas Pornye. Four
of the five defendants were resident or incorporated abroad. The
defendants were found to have committed market abuse in 2010 and
2011 using a trading tactic called "layering" or
"spoofing," which enabled them to trade UK-listed shares
at artificial prices. This is the first time that the FCA has asked
the High Court to impose a permanent injunction for market abuse
and to impose a penalty. Usually, the FCA would impose any penalty
for market abuse.
The judgment is available at: http://www.bailii.org/ew/cases/EWHC/Ch/2015/2401.html
and the FCA's press release is available at: http://www.fca.org.uk/news/fca-secures-high-court-judgment-awarding-injunction-and-over-7-million-in-penalties
.
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