Market Watch No 37 is devoted entirely to leaks of inside information – specifically to the media – and the need for firms to ensure sound prevention controls are in place.

We are aware that some FSA relationship managed firms have already been approached by their FSA supervisor drawing attention to the publication and setting a deadline for the firms to review current policies and practices and to implement any required changes.

The publication reminds us that the leaking of confidential or inside information is not simply a Handbook matter but could also be a criminal offence under section 52 of the Criminal Justice Act 1993.

Page 7 of Market watch No 37 contains various recommendations on the handling of inside information (whether the inside information relates to a corporate transaction, a trading update, regular financial information “or otherwise”).