REGULATION
CredibleDeterrence some commodities firms, clearly the
Theregulator isrealistic thatdetecting,investigatingand success- regulatoristestingitsrange.
fully prosecuting market misconduct is very difficult, perhaps more Firmswhofallfouloftheregulatorfor
so in the commodities market. The FSA therefore seeks to achieve inadequate systems will receive signifi-
‘credibledeterrence’witharangeofinitiativestomakeitasdifficult cant financial penalties and adverse
aspossibletocommitmarketabuse–preventionisbetterthancure. publicity. There is a precedent for such
Suchpreventativemeasuresincludepromotingtotheregulatedsec- fines since the introduction of the
tor the need for effective and robust anti-market misconduct sys- Financial Services and Markets Act
temsandcontrols. 2000, the FSA have imposed sizeable
financial penalties on banks and build-
Firms who fall foul of the regulator for
ing societies for failing to have ade-
inadequate systems will receive significant
quate anti-money laundering systems
financial penalties and publicity
and controls. In order to protect them-
selvesfirmsshouldstresstesttheirexist-
The FSA has made it particularly clear to the senior management ingsystemsandcontrolsagainstissues,
of regulated firms that they must take responsibility for ensuring good practices and case studies identi-
that firms can identify the risks, both external and internal, of mar- fied by the FSA during sector related
ket abuse and develop appropriate anti-market abuse systems and thematicreviews
•
controlstomanagetheserisks.
Richard Burger is a solicitor in the
There is no doubt that the next weapon to be loaded on the ram-
Professional Risks Group of City law
partswillbeFSAenforcementactionagainstfirmsforfailingtodevel-
firm Reynolds Porter Chamberlain LLP.
op and apply robust anti-market abuse systems and controls. The A former FSA Enforcement Lawyer, he
FSAhasstatedinMarketWatchissueNo.26April2008,“…wherewe
specialises in financial regulation and
believefirms’systemsandcontrolsarenotmeetingourstandards,we
compliance and professional
will consider enforcement action – even if those firms themselves
disciplinary work.
have not necessarily committed market abuse.” Although perhaps
E:richard.burger@rpc.co.uk
aimedatthesecuritiessector,followingtherecentthematicreviewof
www.rpc.co.uk
Key speakers
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Kate Hoey
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MP, Chairwoman
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18 -20 November 2008, The Royal Garden, London, UK
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David Humphreys
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The Congress unites producers with distributors and examines major trends in
Chief Economist
demand and future uses of platinum. Norilsk Nickel
Sponsored by
Eight reasons to come to World Platinum Congress
1. Analyse new opportunities and assess new threats to the industry and your
business in particular
John Starke
Vice President
2. Examine new concepts, leading thinking and best practice in successfully Stillwater Mining
planning and executing future projects that will deliver long-term results
and rewards
3. Acquire informed opinions on key initiatives available to establish new
Stephen Forrest
projects and what would best suit your current business strategy and
Director & Founder
resources; be it from a procurement, investment or production angle SFA Oxford
4. Obtain unparalleled access to key decisions makers and industry figureheads
in the platinum industry allowing you to discuss future supply gaps.
Alex Vines OBE
Director of Research for
5. Learn from other’s experiences as to how they overcame similar challenges
Regional and Security Studies
6. Gain insights from thought leaders outside the platinum industry who are
& Head of Africa program
directly involved in areas that impact on platinum supply and demand
Chatham House
7. Gather all the information necessary to form a successful investment strategy
Organised by
into the platinum market
8. Find out whether future legislation will drive demand for Autocatalysts
Rita Moore
Commodity Manager
This is your chance to meet and engage with others in the platinum industry.
Navistar Inc.
For more information please contact Paul Gilbertson
Tel: +44 (0)20 7092 1245 Fax: +44 (0)20 7242 1508
Email: paul.gilbertson@terrapinn.com Web: www.terrapinn.com/2008/platinum Booking code: CN
WPC 2008 Ad 180-130-CN.indd 1 8/6/08 3:48:30 PM
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