Overview

This briefing considers the practical implications of two related FSA Decision Notices, in the context of wall-crossings and market abuse - an area of significant regulatory focus.

The recently published David Einhorn / Greenlight Capital Inc FSA Decision Notices demonstrate that wall-crossings are again in the regulatory spotlight. If it was unclear before, little doubt can remain as to the FSA's current mindset, high expectations and low tolerance threshold in the market conduct sphere. It can be assumed that the regulator's focus on this aspect of market activity will only continue to intensify.

After providing background details on the case, Macfarlanes offers a number of noteworthy findings, of practical relevance to both buy-side and sell-side firms and outlines why the Einhorn / Greenlight case will be of particular interest to brokers, fund managers and research analysts.

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