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WILL THIS CASE ENCOURAGE MORE APPEALS AGAINST THE FSA?

<strong>SIMON MORRIS </strong>CMS CAMERON MCKENNA<br />&ldquo;This case shows that in nine times out of ten the FSA can spot market abuse from a distance of a hundred yards &ndash; here we have the one-in-ten case. Firms and individuals should always scrutinise the FSA&rsquo;s market abuse allegations, calling in market evidence to rein in its wilder claims.&rdquo;<br /><strong><br />HARRIET TERRITT </strong>JONES DAY<br />&ldquo;A key factor in the RDC's decision to issue a public censure was the lack of guidance available to the two managers and the over-the-counter credit markets generally on this issue. In light of this decision and recent industry guidance future offenders won't have this defence and are unlikely to see the same leniency.&rdquo;<br /><strong><br />ROBERT FALKNER </strong>REED SMITH<br />&ldquo;The censure for insider dealing in the over-the-counter credit (OTC) markets should not be mistaken for the FSA going soft. Rather it should be treated as a serious shot across the bows for trading practices in the OTC credit markets. The usual arguments will likely get short shift in the future. .&rdquo;