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Insider Dealing (UK) At a Glance
Capabilities and Services
Regulators in multiple jurisdictions are increasingly emphasising enforcement against insider dealing. The UK Financial Conduct Authority (FCA), for example, has made use of both civil fines and criminal sanctions in this area. In the five years leading up to 30 September 2015, the FCA (and its predecessor, the Financial Services Authority) fined 11 individuals more than £5 million for insider dealing. Moreover, to date, the authority has criminal convictions against 27 individuals for insider dealing.
NERA experts have over 20 years of experience in providing economic advice and testimony to parties involved in insider dealing investigations and have worked with both private litigants and regulators. In addition to allegations relating to trading in shares, NERA is well-versed in dealing with cases involving a range of securities and other instruments—for example, bonds, options, and credit default swap (CDS) contracts.
As markets and the technology employed by investors evolve, allegations made in insider dealing cases have diversified from the classic paradigm of dealing in shares based on non-public information obtained by a company insider. In some cases, there is controversy surrounding whether the conduct in question should indeed be described as insider dealing. NERA economists are thought leaders in this area and have applied their knowledge of diverse markets and instruments to the economic aspects of these emerging issues.