Corker Binning client cleared of market abuse by FSA’s Regulatory Decisions Committee

Following a two year investigation, the FSA commenced proceedings against the CEO of a private investment company alleging that he had committed market abuse by trading while in possession of price sensitive information. The allegation was denied but nonetheless the FSA sought to impose a substantial fine and a lifetime prohibition for the alleged misconduct. After a contested hearing before the FSA’s Regulatory Decisions Committee on 8 February 2012, the RDC directed the FSA to discontinue all proceedings against Corker Binning’s client.