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ARTICLE · 12 SEPTEMBER 2008

UK Financial Services Regulatory Developments – September 2008

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On July 1, the Financial Services Authority (FSA) announced that it had fined John Shevlin, an IT technician at Body Shop International plc (Body Shop), £85,000 ($170,000) for market abuse.

United KingdomFinance and Banking
Katten Muchin Rosenman LLP
Katten Muchin Rosenman LLP
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This edition of London Update covers UK and EU developments from 1 July to 29 August 2008.

UK DEVELOPMENTS

FSA Fines IT Employee For Market Abuse

On July 1, the Financial Services Authority (FSA) announced that it had fined John Shevlin, an IT technician at Body Shop International plc (Body Shop), £85,000 ($170,000) for market abuse.

The FSA found that, based on inside information, Mr. Shevlin had established a short position on January 10, 2006 equivalent to 80,000 Body Shop shares through a Contract for Difference (CFD). The position was closed out the next day after Body Shop announced trading results that were below market expectations. Mr. Shevlin obtained the inside information by improperly accessing confidential emails containing details of Body Shop's Christmas trading results and a draft announcement that Body Shop had underperformed expectations.

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