Legal & Regulation

Pursuant to the Market Abuse (Directive 2003/6/EC) Regulations 2005 (the “Market Abuse Regulations”), since 1 July 2005 the Central Bank of Ireland has delegated market monitoring and investigation tasks to the ISE. These delegation arrangements ended on 31 January 2012 and the Central Bank is now carrying out all monitoring and investigation functions formerly carried out by the ISE, in addition to its own monitoring and investigation functions under the Market Abuse Regulations. »

The UK Court of Appeal has today handed down judgment in a case which considers the circumstances in which an individual who enters into a members' agreement in a limited liability partnership may be considered to be an employee. Jonathan Exten-Wright, employment partner, DLA Piper explains… »

The decision by the FSA to fine David Einhorn and his firm, Greenlight Capital, GBP7.2 million demonstrates the FSA’s commitment to stamping out market abuse, says Gregory Brandma »

The Financial Services Authority (FSA) has fined David Einhorn (pictured), owner of the prominent US hedge fund Greenlight Capital Inc (Greenlight), and his fund GBP7.2 million for engaging in market abuse in relation to an anticipated significant equity fundraising by Punch Taverns Plc (Punch) in June 2009. »

Diamondback Capital Management LLC has agreed to pay more than USD9 million to settle insider-trading charges brought by the SEC on 18 January. The proposed settlement is subject to the approval of Judge Paul G Gardephe of the US District Court for the Southern District of New York. »

D Harris + Company’s eight-strong hedge fund team has joined law firm Macfarlanes. Daniel Harris, who founded the boutique hedge fund law firm eight years ago, is also joining Macfarlanes as a consultant. »

As part of an initiative to combat hedge fund fraud by identifying abnormal investment performance, the Securities and Exchange Commission has announced enforcement actions against three separate advisory firms and six individuals for various misconduct including improper use of fund assets, fraudulent valuations, and misrepresenting fund returns. »

Carey Olsen has advised Argentum Capital on the Jersey legal aspects of its multi-million pound listing on the Channel Islands Stock Exchange, the first listing of a litigation fund on the CISX. »

The Financial Services Authority (FSA) has fined Dr Sandradee Joseph GBP14,000 and banned her from performing any significant influence function in regulated financial services for breaching Principle 6 of the FSA’s Statements of Principle for Approved Persons. »

By Commissioner Scott D O’Malia - The Commodity Futures Trading Commission (the “Commission”) has confirmed that our Division of Enforcement is investigating MF Global, Inc. (“MF Global”) for possible violations of the Commodity Exchange Act (“CEA”) and/or Commission regulations. I fully support the Commission’s efforts to conduct a thorough investigation to determine what happened with the customer funds, how we can return all customer funds as soon as possible, and punish any wrongdoing. »