Who holds overall responsibility for insider dealing legislation?

The overall responsibility for insider dealing legislation lies with HM Treasury (HMT). As the government department responsible for developing and implementing the UK's financial and economic policy, HMT plays a crucial role in overseeing financial legislation, including laws addressing insider trading. It is tasked with ensuring that the financial markets are fair, transparent, and operate efficiently.

While other organizations like the Financial Conduct Authority (FCA) enforce regulations related to insider dealing by monitoring compliance and investigating breaches, the ultimate responsibility for the creation and governance of such legislation rests with HM Treasury. The legislative framework is established through laws passed by Parliament, of which HMT plays a significant role in shaping.

The Bank of England’s functions primarily involve monetary policy, financial stability, and the overall regulation of the banking sector, but not directly with insider dealing legislation. Similarly, while the Prudential Regulation Authority (PRA) is responsible for the prudential regulation of banks, insurers, and investment firms, it focuses on maintaining the safety and soundness of financial institutions, rather than the enforcement of insider trading laws.