The UK's Market Abuse regime has seen a flurry of recent activity.  The Financial Services Authority has been seen to take action against a wide range of people in the criminal courts and through the civil regime introduced in the Financial Services and Markets Act 2000. 

The civil regime has also seen two important decisions - one in the Court of Appeal and one in the European Court of Justice. Both confirmed, from their different contexts, the point made by the Financial Services Authority (and earlier in Parliament) that market abuse can be committed without the person concerned having intended the abuse. However, both also confirmed that mere trading and an abusive impact are insufficient in themselves. A more detailed analysis is always needed.

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