Joint Committee on Financial Services and Markets Second Report


Memorandum from Mr Guy Morton, partner, Freshfields

  I do not think that I can usefully add anything further to the debate on the ECHR, but I do have one more general comment on the Treasury memorandum. This relates to paragraph 15, which I read as saying that the Government does not intend to make any change to the drafting of the basic definition of "market abuse" in clause 56 of the Bill. If my interpretation is right, I find this disappointing; for the reasons which I explained to the Joint Committee, I remain of the view that clause 56 in its current from does not give a sufficiently clear impression of what conduct is regarded a objectionable. The proposed changes outlined in paragraph 16 of the memorandum are very welcome, but do not seem to me entirely to cure the problem.

21 May 1999

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