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FSA Gets Tough on Media Relations

Global Glimpses | September 24, 2010

U.K. regulator the Financial Services Authority has launched a crackdown on companies that leak price-sensitive information to journalists. The move follows the regulator’s concern that an increasing number of senior corporate executives has been strategically leaking information.

A new paper sets out strict policies that companies and their advisers are expected to follow when dealing with questions from the media. The paper also warns companies that they could be committing market abuse even if they just confirm information that a journalist has obtained elsewhere.

The policies are directly aimed at regulated financial firms that advise companies on corporate transactions and securities law, but the regulator said their listed corporate clients should follow them too. Companies need a “much stricter culture that firmly and actively discourages leaks,” the FSA said.

The FSA said if it...

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