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FSA to increase criminal prosecutions of insider dealings

The FSA will increase the use of its powers as a criminal prosecutor in relation to insider dealing, according to director of enforcement Margaret Cole.

In a speech to the European Policy Forum last week, Cole said in order to make a significant impact it must prosecute a “steady stream” of insider dealing cases.

She said: “I expect to see us bringing criminal prosecutions and I expect us also to use our internal administrative and Tribunal processes to bring market abuse cases under the Act.”

Cole added that it is a reality that UK juries struggle to convict in insider dealing cases.

But she said: “The message for you to take from today is not that FSA switches tack and does criminal cases – but that FSA is determined to use all the avenues, powers and tools available to it, and expects to present a tougher all round edge.”

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