CIPR Corporate and Financial Group Through The Thicket: A Guide for Financial and Corporate Communications Practitioners

06 December 2010

The new edition of the CIPR Corporate and Financial Group's Through the Thicket was launched at a breakfast seminar on Tuesday 30 November, watch the video here. Through the Thicket is a best practice guide for financial and corporate communications practitioners dealing with listed companies and copies can be bought for £15 (discount for multiple copies) please email

Photographs courtesy of Ben Fitzpatrick, Newscast

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Through The Thicket - report by Gorkana

It is eight years since the CIPR's financial communications regulatory guide Through the Thicket was last updated and its third incarnation, rewritten by Finance Talking's Miranda Lane, was launched this morning. Needless to say much of the discussion surrounded the FSA's recent clarification of the regime governing 'market cleanliness', especially the ways in which non-regulated firms (PR agencies) communicate with journalists on behalf of regulated firms (listed companies). How information is disseminated in the market is something the regulator is committed to monitoring.

When the FSA first came to revisit the issue in 2007 it conducted a study of APPMs - abnormal pre-announcement price movements - as an indicator of possible leaks. The regulator was quick to highlight that this is a grey area given the possibility of genuine explanations such as clued up analyst notes or market volatility, which wasn't in short supply in 2009. However, last year the APPM rate for deals was around 30% where it has been for a few years now. This is a metric the FSA has undertaken to track on an annual basis so we can expect a verdict on 2010 next summer in the FSA's annual report. As the FSA said in last year's report "we would expect to see further progress in this area". That's assuming analysts don't get better at reading their tea leaves.



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