Overview

In January 2012, the FSA sanctioned David Einhorn and his hedge fund, Greenlight Capital Inc for market abuse. Mr Einhorn and Greenlight were fined a total of approximately £7m for dealing on the basis of inside information, imparted by Punch and its broker Merrill Lynch during an "open call" with Mr Einhorn - the "Punch Call" - ahead of a shortly forthcoming and significant equity issuance by Punch.

The FSA has since published its Final Notice for Andrew Osborne, a senior Merrill Lynch corporate broker who acted for Punch, and a participant in the Punch Call. Mr Osborne was found to have improperly disclosed inside information during the Punch Call and received a £350,000 fine.

The FSA's findings against Mr Osborne raise a number of points of likely practical interest for sell-side institutions. This briefing from Macfarlanes summarises the facts of the case and provides a number of detailed practical points of interest.

Click 'View Briefing' to learn more.