The Little Book of Market Manipulation by Durston Gregory J.;McKeon Ailsa;

Author:Durston, Gregory J.;McKeon, Ailsa;
Language: eng
Format: epub
Tags: market manipulation;fraud;share price manipulation;insider dealing;financial crime;financial fraud;city crime;white collar crime
Publisher: Waterside Press
Published: 2020-01-06T00:00:00+00:00

A Precautionary Approach

Each of the offences in Part 7 FSA is focussed not on the outcome of the wrongdoer’s conduct, but the fact of that conduct in light of what could be the outcome. So, albeit that an individual may, for example, be induced to enter into an investment by a misleading statement, it is not necessary that that be proven to have occurred for the offence to be successfully prosecuted. Similarly, there is no requirement that the wrongdoer or anyone else actually make a profit or loss as a result of what they have done. Section 90 comes closest to this, by providing in subsection (3)-(4) that an offence will be committed if a wrongdoer intends, by creating a false or misleading impression, to make a gain for himself or herself or another, or to cause another loss or exposure to loss.25

Nonetheless, the outcome of the wrongdoer’s conduct is likely to have some bearing on any decision to prosecute, based on the Code for Crown Prosecutors (applicable to the FCA). The ability to prove that an individual has relied on the wrongdoer’s conduct to their detriment or the wrongdoer’s gain may both bolster the prosecution case evidentially, as well as increasing the public interest in prosecution due to the harm caused.

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