UK: FSA Rolling Out Income-Based Fines

In the UK, the Financial Services Authority has released new rules for calculating fines based on income, which will triple some penalties and set a minimum levy of 100,000 pounds for individuals involved in insider trading.

Bloomberg reports that individuals would pay penalties of as much as 40 percent of salary and bonuses for rule violations not involving market abuse, and companies could be fined as much as 20 percent of the revenue derived from violations.

The new rules take effect March 6.

Read the Bloomberg article