On 15 February, the U.K. regulator, the Financial Services Authority (FSA), fined Mr. Andrew Osborne, a former Managing Director at Merrill Lynch, £350,000 for engaging in market abuse by improperly disclosing inside information to Greenlight Capital Inc. that Punch Tavern Plc, for whom he was acting, was in the advanced stages of an equity fundraising. The FSA considered that Mr. Osborne had failed in his duties not to disclose inside information and to consider the risk of market abuse, duties of which Mr. Osborne as an approved person with considerable experience was fully aware. The decision comes on the back of the FSA’s decisions on 25 January to fine Mr. David Einhorn and Greenlight Capital Inc. in relation to the same matter. Final Notice of Andrew Osborne.