ABSTRACT
Market abuse is an umbrella term that can be used to describe a range of activity and behaviour associated with market conduct, or, maybe more accurately, conduct on a market or in respect of securities traded on a market. The UK's regime against insider dealing and market abuse is a relatively recent addition to measures dealing with financial aspects of criminal behaviour. The global financial crisis that emerged during 2007/08 has profoundly impacted the nature of regulation and has seen wholesale reform of the regulatory structure. To support the application of the provisions, the market abuse regime introduced the regular user approach to assess whether the behaviour amounted to market abuse. While the arguments, the trading of securities on the basis of non-public privileged information should be prohibited, are strong in certain respects and refuse to go away, it is clear that the arguments in favour of prohibition are stronger and have prevailed.
