§ Mr. BercowTo ask the Chancellor of the Exchequer what proposals he has to amend legislation in relation to the offence of insider dealing. [26270]
§ Ruth KellyThe Financial Services and Markets Act 2000 introduced a new civil market abuse regime to complement existing insider dealing and other criminal legislation. The Government have no further plans to amend the legislation in this area, although some adjustment of the UK legislation may be necessary when and if the proposed European Market Abuse Directive is agreed.
§ Mr. BercowTo ask the Chancellor of the Exchequer what assessment he has made of the effectiveness of legislation relating to insider trading. [27444]
§ Ruth KellyThe Government are committed to ensuring that UK financial markets are, and are seen to be, a safe and fair environment in which to trade. Insider dealing is a criminal offence under the Criminal Justice Act 1993. The Financial Services and Markets Act 2000, which came into force on 1 December last year, introduced a new civil market abuse regime to complement existing insider dealing and other criminal legislation. Under the new provisions, the FSA can impose financial penalties on, and publicly censure, those who abuse markets, including through misuse of information. The FSA can also now investigate and prosecute insider dealing offences under the Criminal Justice Act 1993.