“The definition of market abuse in s 118 of the Financial Services and Markets Act 2000 did not require the person engaging in the behaviour in question to have intended to abuse the market and accordingly it was not essential for such an intention or purposes to be present for behaviour to fall below the objective standards expected. Moreover, the regulatory regime introduced by the Act and its Code of Conduct did not offend against the principle of legal certainty, once it was appreciated that the provisions of the Code, other than those falling within s 122(1) of the Act, were intended to have no more than evidential effect.”
WLR Daily, 26th April 2010
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
