Clifford Chance

FSA market abuse action underlines market participants' responsibilities on inside information

9 February 2012

In the well publicised action taken against Greenlight Capital Inc ("Greenlight") and its owner, President and US based sole portfolio manager David Einhorn, the FSA has imposed fines totalling over £7 million following findings that he and the hedge fund engaged in market abuse contrary to section 118 Financial Services and Markets Act 2000 ("FSMA").

 

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