Asset managers are concerned that local regulators in Europe appear to be applying different rules, and are calling for a more consistent approach between regulators, after Financial News reported today that the UK and Italian regulators reached different conclusions over a market abuse scandal in 2006.

The FSA said in early 2007 that fund managers who received privileged information concerning Italian bank Italease did not trade any shares based on the information. But Italian regulator Consob said last month that four fund managers and an analyst, linked with four different asset management companies, bought and sold shares in Italease using the information, and fined them as a result.