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To: maceng2 who wrote (332305)	3/11/2007 4:14:44 AM
From: maceng2	Respond to of 436258

Insider trading still a scourge in deals business.scotsman.com INSIDER trading is still rampant in the City, despite a campaign by the financial services watchdog to stamp out such illegal activity. The Financial Services Authority (FSA) said that there is possible insider trading in almost one in four cases before a company reveals it is in talks about a possible takeover. The FSA's Market Cleanliness study showed that 23.7 per cent of takeover announcements in 2005 were preceded by some form of irregular share trading activity ahead of information on the deal being made public. In 2000, when the Financial Services and Markets Act gave the FSA formal powers to tackle the problem, around 24 per cent of deals showed signs of possible insider trading. And the problem hit a recent high in 2004, at 32.4 per cent. Sally Dewar, director of the FSA's market division, has already ordered a review of the roles of people involved in deals - including investment bankers, lawyers, PR firms and printers. She said: "The figures for takeover announcements. although moving in the right direction, remain a cause for particular concern and there will be no let up to tackle the problems in this area." Adam Epstein, partner at law firm Mishcon de Reya, added: "The reality is that there will always be people who look to take improper advantage of information, whether they come from the regulated or unregulated communities."