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Status: You are viewing the version of the handbook as on 2005-06-30.

ENF 14.11 Action involving overseas authorities

ENF 14.11.1G

In certain circumstances, behaviour that takes place outside the United Kingdom may damage the integrity of prescribed markets. The FSA's Code of Market Conduct (see MAR 1.2.9 G) contains guidance on the circumstances in which behaviour outside the United Kingdom may amount to market abuse or requiring or encouraging.

ENF 14.11.2G

Where behaviour that has taken place overseas amounts to market abuse or requiring or encouraging, the FSA will consider whether it is appropriate to impose a financial penalty or issue a public statement about the person concerned. When deciding whether to impose a sanction in these circumstances the FSA may consider the factors in ENF 14.4. In addition to these factors, the FSA will consider the extent to which the abusive behaviour is capable of being dealt with by action by the relevant overseas regulator or other enforcement agency. The FSA will consider in each case whether it is appropriate for it or another enforcement agency to take action.

ENF 14.11.3G

In some cases both the FSA and the relevant overseas regulator (or other enforcement agency) may have an interest in taking enforcement action against the person concerned. For example, if the behaviour involves a breach of relevant rules or laws of the overseas jurisdiction as well as the market abuse provisions of the UK legislation it may be appropriate for both the FSA and the overseas authority or agency to take action. In those circumstances, the FSA will work with the relevant overseas authorities to coordinate effective enforcement action.