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Market abuse, Northern Rock and bank rescues

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Abstract

This article analyses the impact of the market abuse laws on the events surrounding support operations for banks and financial services firms. The specific context for the article is the events surrounding the failure of Northern Rock. Problems arise because this area of law was not drafted with the events arising in financial support operations in mind. Consequently, a number of issues can occur that are a major problem for the directors of such an institution. This article goes on to examine the relevant legal problems and their impact, and also proposes a solution.

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References and Notes

  • Question 14, Uncorrected Evidence, Treasury Select Committee, 20 September 2007.

  • MAR 1.2.3 G.

  • s.118(2) ibid.

  • s.118(3) ibid.

  • s.118(4)(a) and (b) ibid.

  • s.118(5)(a) and (b).

  • s.118(6).

  • s.118(7).

  • s.118(8)(a) and (b).

  • s.123(1)(b) ibid.

  • See, for example, Fischel, D.R. and Ross, D.J. (1991) Should Law Prohibit ‘Manipulation’ in Financial Markets. 105 Harv L R 503. 553.

  • s.118(5) ibid.

  • s.118(7) and (8) ibid.

  • Art 6 EU Directive on Market Abuse.

  • Art 6 (3).

  • DTR 1.1.2 (1) G.

  • DTR 1.2.1 (1) R.

  • DTR 1.2.2 R and 1.3.1 R.

  • MAR 1.2 Market Abuse general.

  • s.118C.

  • s.118C (5).

  • EC No 2273/2003.

  • 2003/6/EC.

  • s.118A(5).

  • s.123(3).

  • s.122.

  • s.120.

  • FSA Handbook, LR Annex 1.

  • LR 1.3.3 R.

  • LR 1.3.4 R.

  • LR 9, paras 20, 21 and 22.

  • LR 9.6.6 R.

  • LR 12.4.6 R.

  • LR 12.5.2 R and 12.5.3 R.

  • LR 13.3.1 R (1) and (2).

  • LR 17.3.4 R.

  • MAR 1, Annex 2.

  • MAR 2.4.

  • MAR 2.4.4 (1) R.

  • Question 109, Treasury Select Committee, supra.

  • Question 109, Uncorrected Evidence Treasury Select Committee, 9 October 2007.

  • SI 2005/381.

  • Speech in Dublin, 26 October 2007.

  • Art 6 (4). However, it is only fair to state that the FSA have questioned whether the UK approach is more onerous.

  • Treasury, H.M. (2008) FSMA Market Abuse Regime: Final Impact Assessment on the sunset clauses. June.

  • at 1.8 ibid.

  • s.123 Insolvency Act 1986.

  • s.61(1) Criminal Justice Act 1993.

  • (2005) unreported.

  • In the UK, H.M. Treasury, the FSA or the Bank of England.

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Authors and Affiliations

  1. School of Law and Social Sciences, University of Wolverhampton, Wolverhampton, WV1 15B, UK

    Andrew Haynes

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  1. Andrew Haynes
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Correspondence to Andrew Haynes.

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Haynes, A. Market abuse, Northern Rock and bank rescues. J Bank Regul 10, 321–334 (2009). https://doi.org/10.1057/jbr.2009.11

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  • DOI: https://doi.org/10.1057/jbr.2009.11

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