The Financial Services Authority's market abuse regime is currently failing, according to one of its architects. Martyn Hopper, partner at Herbert Smith, played a leading role in establishing and implementing the regulator's civil regime when he was head of the FSA enforcement division's market integrity group. He stressed that the solution to the problem was not to move to excessive reliance on the criminal law.
Hopper told a recent meeting of the Financial Services Lawyers Association that the FSA would not make things better by "lurching towards greater use of the criminal law in preference to the market abuse regime, nor in lurching towards new legislation or newfangled gimmicks for prosecutors." The answer, he said, lay in more rigorous enforcement of the existing regime and more creative use of the tools that the FSA already had at its disposal.
Margaret Cole, head of enforcement at the FSA, reminded the same meeting that the regulator had already signalled its intention to
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