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On 1 July, 2005, the UK legislation and Financial Services Authority (FSA) rules implementing the European Union (EU) Market Abuse Directive come into force. They bring with them some important changes for issuers of publicly traded securities, their advisers and senior management, for those authorised under the Financial Services and Markets Act 2000 (FSMA), for those in the media who recommend investments or investment strategy and for participants in the investment markets.

The central prohibitions

Prohibitions on the misuse of information and market manipulation form the core of the Directive. Although all member states have already had legislation in place to address insider dealing, market manipulation provisions are new for many member states. The UK, however, already has prohibitions in Part VIII FSMA, which cover both of these areas.

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