Treasury proposal gets CFA backing

  • Story by: Helen Burggraf
  • Magazine: InvestmentAdviser
  • Published Monday , May 12, 2008

The CFA Institute Centre for Financial Market Integrity is supporting the Treasury proposal to extend the so-called “super-equivalent provisions” of the UK market abuse regime until a review of the EU Market Abuse Directive (MAD) has been completed.

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It said the UK’s legislation of regulating market conduct was "more likely to capture market abuse than the EU MAD", because the UK legislation takes a broader, more all-encompassing approach.

The CFA Institute Centre’s comments were contained in a response to a Treasury consultation paper, for which the deadline was last week.

Wider definitions of what constitutes market abusive behaviour, proof of such behaviour and the types of investments included "enables the UK FSMA regime to be more encompassing of market abuse than the current provisions of MAD", the CFA Institute said.

The Treasury’s consultation paper on market abuse comes as recently-released Financial Services Authority figures show insider dealing involving mergers and acquisitions increased in 2007.

The CFA Institute Centre’s response to the Treasury consultation paper may be found at http://www.cfainstitute.org/centre/topics/comment/2008/pdf/hmt_market_abuse.pdf



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