The FSA published its findings from its thematic review of controls over inside information on mergers and acquisitions – principally public takeovers – on 2 July 2007.
Commenting on the findings Richard Burger, senior solicitor in the regulatory team said:
"This review highlights the importance of protecting inside information and emphasises that firms cannot be complacent in ensuring they have robust systems and controls in place.
"Interestingly, the review goes wider than just the regulated sector; of the firms that the FSA spoke to, it included seven public relations firms, six law firms and four printers. The findings are therefore important both for the regulated and unregulated sectors connected with M&A business.
"It is now time for the non-regulated sector to ensure that it has adequate systems in place to combat the leakage of inside information albeit accidentally or intentionally. The proposed Statement of Good Practice is an innovative step, however it will be interesting to see if and how this is adopted by non-professional firms."
For further information on the review and its findings click
here to download our briefing note.