Market Misconduct and Improper Trading Practices
The SFO's dual civil and criminal regime targets insider dealing, false trading, price rigging, stock market manipulation and the disclosure of false or misleading information. This topic identifies the conduct and the consequences.
The six forms of market misconduct
Part XIII (civil, before the Market Misconduct Tribunal) and Part XIV (criminal, in the courts) address the same six forms of market misconduct: insider dealing, false trading, price rigging, stock market manipulation, disclosure of information about prohibited transactions, and disclosure of false or misleading information inducing transactions. Insider dealing turns on a connected person dealing while in possession of relevant, price-sensitive information not generally known. The SFC may take one route or the other for the same conduct, but not both.