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FSA/PN/118/2005
09 November 2005

The Financial Services Authority (FSA) has been pursuing enquiries into the roles of certain individuals in the mis-statement of Shell's hydrocarbon reserves. Those enquiries have reached a conclusion and the FSA will be taking no further action.

Notes to editors

1. The FSA took enforcement action against Shell Transport and Trading Company, Royal Dutch Petroleum Company and the Royal Dutch/Shell Group of Companies in August 2004 for committing market abuse and breaching the listing rules.
2. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
3. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.