Market Abuse and Insider Dealing

Author: Barry Rider,Kern Alexander,Stuart Bazley,Jeffrey Bryant

Publisher: Bloomsbury Publishing

ISBN: 1780434952

Category: Law

Page: 414

View: 2781

The nature of insider dealing and market abuse -- Insider dealing : the civil law -- The main offences of insider dealing - dealing on the basis of inside information -- The market abuse regime -- FSMA criminalo offences of market manipulation -- Fraud and financial crime -- Anti-money laundering and proceeds of crime -- Conflicts of interest -- Issuer disclosure and liability -- Information gathering -- Investigations -- Enforcement issues -- Compliance procedures and systems -- Personal liability of senior managers and compliance officers -- Control liability -- The impact of other laws : domestic and overseas

Stock Market Efficiency, Insider Dealing and Market Abuse

Author: Paul Barnes

Publisher: CRC Press

ISBN: 1317049934

Category: Law

Page: 224

View: 1795

The recent turbulence in the stock market has brought into question the way, and prices at which, shares are traded, and how the market effectively values companies. It has also raised public concern as to the way by which dealers and investors take advantage of changes in market prices. A number of high profile criminal prosecutions of insider dealing and market abuse and the frequent claims of other instances, combined with the changes in regulations resulting in a more aggressive and proactive stance by the various regulators, have brought the issue under the spotlight. This book discusses what makes stock market efficiency so important for the economy, looks at the theory and issues that underpin market abuse and why an offence often dismissed as a victimless crime is punished so severely. It explores the impact of perception and other factors that distort the market and outlines the extent of abuse. Regulators, lawyers, company officials, investigators, professional advisers and of course investors, both professional and otherwise will find this a helpful guide to the underlying elements of fraud and market manipulation.

Insider Trading and Market Manipulation

Investigating and Prosecuting Across Borders

Author: Janet Austin

Publisher: Edward Elgar Publishing

ISBN: 1786436426


Page: 320

View: 4227

This book explores how the globalization of securities markets has affected market manipulation and insider trading. It delves into the responses of securities regulators, discussing new regulations designed to deter such misconduct, as well as they ways in which detection, investigation and prosecution techniques are adapting to tackle insider trading and market manipulation that crosses international boundaries.

The Mechanics and Regulation of Market Abuse

A Legal and Economic Analysis

Author: Emilios Avgouleas

Publisher: Oxford University Press on Demand

ISBN: 9780199244522

Category: Business & Economics

Page: 517

View: 8240

Economic theory indicates that financial markets play a prominent role to the efficient allocation of resources in the modern world. Financial markets can fulfil this role if they enjoy the confidence of investors and are free of abuse. The financial frauds associated with the collapse of Enron and the major crises in world leading corporations such as WorldCom, Adelphia, Tyco, and the 'Wall Street financial scandals' have shown that fraud, manipulation, and insider dealing retain a catastrophic presence in modern financial markets. Proper deterrence of market abuse is necessary not only for the effective operation of modern financial markets, but also for regaining investor confidence. This book analyses the mechanics and regulation of two of the most harmful market practices in the modern financial world: insider dealing and market manipulation, which together comprise the offence of market abuse. Avgouleas examines the UK and EC regimes from an interdisciplinary perspective, also making extensive and critical use of US case law. He emphasizes the economic analysis of anti-fraud manipulation regulations and their effects upon market welfare and explores the possible deterrent benefits of civil law remedies.

Market Abuse and Insider Dealing

Author: Barry Alexander K. Rider,Rider,Kern Alexander,Lisa Linklater

Publisher: Bloomsbury Professional

ISBN: 9781845925369

Category: Law

Page: 259

View: 6824

"Market Abuse and Insider Dealing defines the nature of insider dealing and takes account of the abuse of privileged information, market manipulation and sharp practices."

A Practitioner's Guide to the Law and Regulation of Market Abuse

Author: Martyn Hopper

Publisher: Sweet & Maxwell

ISBN: 9780414044548

Category: Capital market

Page: 468

View: 6511

'A Practitioner's Guide to the Regulation of Market Abuse' covers all aspects of the law and regulation relating to market abuse in the UK. Its focus is to explain how the market abuse regime operates in practice.

Eu Energy Law

Insider Trading and Market Manipulation in the European Wholesale Energy Markets Remit

Author: John Ratliff,Roberto Grasso

Publisher: Claeys & Casteels Pub

ISBN: 9789077644218

Category: Business & Economics

Page: 300

View: 8006

Regulation (EU) No 1227/2011 of the European Parliament and of the Council on Wholesale Energy Market Integrity and Transparency ("REMIT") entered into force on 28 December 2011. The Regulation is the first attempt to regulate EU trading in energy products which is not purely financial. REMIT introduces two fundamental prohibitions, on insider trading and market manipulation, and a series of disclosure and other obligations on companies active in the wholesale markets for electricity and gas in the EEA, which the Agency for Cooperation of European Regulators ("ACER") has been developing since, in consultation with various stakeholders. This book aims to offer a detailed yet clear guide for practitioners and in-house counsel faced with these issues, drawing on the available texts and experience so far. The book provides commentary on the Regulation, article by article and places it in the legal, economic and political context. In addition, the book describes the relationship between the REMIT and the European financial regulations, such as MAD, EMIR, MiFID II and MiFIR, which inspired its drafting. The book explains the interplay between the REMIT and EU Competition law with regard to the concept of market abuse and the obligation to disclose inside information. The book then provides an overview of the rules governing the trading on wholesale energy products in the United States, their scope, functioning, enforcement and a comparison with the corresponding provisions of the REMIT. A chapter is also dedicated to the economics behind the rules on market manipulation. Finally, the book contains a short discussion of the EU Commission's draft proposal for a Regulation on Indices Used as Benchmarks in Financial Instruments and Financial Contracts and its possible implications for the energy industry. This first edition of the book will be expanded periodically in further editions, as the case-law and practice develops.

Brexit and Financial Services

Law and Policy

Author: Kern Alexander,Catherine Barnard,Eilís Ferran,Andrew Lang,Niamh Moloney

Publisher: Bloomsbury Publishing

ISBN: 1509915818

Category: Law

Page: 224

View: 8530

This timely book examines the legal and regulatory implications of Brexit for financial services. The UK's withdrawal from the EU is likely to have significant market, political, and policy consequences for the UK financial system, for the single market and the euro area, and for the international financial system. As the UK disentangles its financial system from the EU, law will matter to a profound extent. Treaties, legislation, and regulation, at UK, EU, and international levels, and the many dynamics and interests which drive them, will frame and shape the ultimate settlement between the UK and the EU, as well as how the EU financial system develops post-Brexit and how the international financial system responds. Written by leading authorities in the field, this book addresses and contextualises the legal, regulatory, and policy issues across five dimensions, which correspond to the major legal spheres engaged: financial regulation implications and market access consequences for the UK financial system; labour law and free movement consequences for the UK financial system; the implications internally for EU financial governance and the euro area; the implications and relevance of the EEA/EFTA financial services market; and the trade law and World Trade Organization law implications.

Market Abuse Regulation

Author: Edward J. Swan

Publisher: Oxford University Press

ISBN: 9781904501305

Category: Business & Economics

Page: 218

View: 9304

Market abuse prevention is critical in maintaining confidence in financial markets where competition for large financial transactions is growing more intense. The US has had regulations to counter such market abuse as insider dealing and market manipulation for many years. However, it is only recently that the UK and the EU have thought it necessary to introduce legislation giving their regulators powers to deter and punish market abuse. The purpose of this book is to clarify the meaning, impact and application of the new UK and EU regulations, issues which have generated much interest and apprehension. The book examines in detail the new UK market abuse regime, including: the Financial Services and Markets Act 2000; the implementing regulations; the interpretation of the regulations by the Financial Services Authority; the conduct of investigations; the defences and appeals available against a finding of market abuse. The same analysis is applied to even more recent EU regulations, which have changed UK regulation in significant ways. Finally, in order to help clarify the position of traders in an international market, the book also discusses key issues of how the new UK and EU regulations are likely to interact with US regulation.

Insider Dealing: Law and Practice

Author: Sarah Clarke

Publisher: OUP Oxford

ISBN: 9780199672950

Category: Law

Page: 368

View: 7971

Insider Dealing: Law and Practice provides a practical guide to the law in this area, including both the criminal and civil regimes, treatment of recent cases and developments, investigation, enforcement, penalties and sentencing.

Insider Dealing and Money Laundering in the EU: Law and Regulation

Author: R.C.H. Alexander

Publisher: Routledge

ISBN: 1317116054

Category: Law

Page: 288

View: 5173

This work presents a comparative study of the provisions relating to insider dealing under the EC Insider Dealing Directive. The volume begins with a discussion of the rationale for regulating financial services in general and controlling insider dealing and money-laundering in particular. It examines the definition of an insider and of inside information and the various criminal offenses relating to insider dealing. The role of money-laundering is also recognized and the anti-money laundering regime as well as the considerable impact on the financial sector is discussed in detail. The work assesses the efficacy of criminal law in controlling insider dealing and considers the increasing trend to deal with it by means of civil/administrative measures.

Market Abuse Regulation

Commentary and Annotated Guide

Author: Marco Ventoruzzo,Sebastian Mock

Publisher: Oxford University Press, USA

ISBN: 9780198811756

Category: Law

Page: 520

View: 6267

This book analyses the European market abuse regime contained in the Market Abuse Regulation (MAR) and related directives and regulations. Written by leading scholars in the field of capital market law from a number of European jurisdictions, the book is divided into two main parts. The first consists of chapters considering relevant issues by topic; whilst the second provides the first article-by-article commentary on the Regulation, with a detailed and technical analysis of its terms. In the first part guidance is arranged by topic and includes aspects not directly addressed by MAR such as enforcement, and the impact of US securities regulation. As well as considering the sources of market abuse regulation in general, this first part also examines its theoretical and economic framework in order to provide better understanding of the Regulation itself.

Insider Dealing and Market Manipulation

Author: Jiri Crha

Publisher: LAP Lambert Academic Publishing

ISBN: 9783843350044


Page: 120

View: 6851

The issue of capital market protection, especially from manipulation with financial instruments' prices and abuse of inside information, forms the content of this essay. After the legal introduction of market manipulation in EU directives and regulations, which gives manipulation relevant context, there follows the analysis of particular forms of manipulation, which can be used to influence prices of investment instruments. Then, analysis of impact of investment recommendation to selected stock prices (i.e. NWR, ERSTE and Telefonica O2), which are traded on Czech stock market RM-System, is performed. Final chapter of the essay handles the analysis of some market manipulation and insider trading cases from the past, together with the discussion of impacts of stricter regulation of financial markets to their efficient functioning."

Market Abuse Enforcement

Practice and Procedure

Author: Stuart Bazley

Publisher: Bloomsbury Professional

ISBN: 9781847665416

Category: Business & Economics

Page: 353

View: 9606

This book is concerned with the interplay between the UK Financial Services Authority's (FSA) statutory powers to impose administrative law sanctions on persons that have engaged in abuse in the financial markets and the statutory system of Tribunal accountability provided by the UK's Financial Services and Markets Act 2000. The book provides a thorough analysis and assessment of both the law of market abuse and the operation of the Financial Services and Markets Tribunal (FSMT) and the Upper Tribunal (Tax and Chancery) (UT), following the implementation of the Tribunal, Courts and Enforcement Act 2007 in April 2010 when, as part of an improved and unified system of statutory Tribunals, the functions of the FSMT were transferred to the UT. The book captures the resulting changes to the Tribunal's governance and rules of procedure. It sets out to question whether the Tribunal has effectively held the FSA's enforcement decision-making to account and whether its individual case decision-making has provided a wider contribution to the law on market abuse. It includes an historical analysis of the law concerning market manipulation and insider dealing regulation. It also explores the relationship between the statutory definitions of behavior constituting market abuse and the source of the FSA's enforcement powers, together with those policy issues that shape how such powers are deployed. Additionally, the book offers a general analysis of concepts of accountability, allowing an appreciation of the framework of accountability within the Act, as well as the benefits and deficiencies of accountability provided by the courts when compared to those provided by a specialist Tribunal.

European Capital Markets Law

Author: Rüdiger Veil

Publisher: Bloomsbury Publishing

ISBN: 1782256547

Category: Law

Page: 848

View: 8917

European capital markets law has developed rapidly in recent years. The former directives have been replaced by regulations and numerous implementing legal acts aimed at ensuring a level playing field across the EU. The financial crisis has given further impetus to the development of a European supervisory structure. This book systematises the European law and examines the underlying concepts from a broadly interdisciplinary perspective. National experiences in selected Member States – Austria, France, Germany, Italy, Spain, Sweden and the United Kingdom – are also explored. The first chapter deals with the foundations of capital markets law in Europe, the second explains the basics, and the third examines the regime on market abuse. Chapter four explores the disclosure system and chapter five the roles of intermediaries, such as financial analysts, rating agencies and proxy advisers. Short selling and high frequency trading is described in chapter six. Chapter seven deals with financial services and chapter eight explains compliance and corporate governance in investment firms. Chapter nine illustrates the regulation of benchmarks. Finally, chapter ten deals with public takeovers. Throughout the book emphasis is placed on legal practice, and frequent reference is made to the key decisions of supervisory authorities and courts.

Black Edge

Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street

Author: Sheelah Kolhatkar

Publisher: Random House

ISBN: 0812995813

Category: Business & Economics

Page: 368

View: 6076

NEW YORK TIMES BESTSELLER • “An essential exposé of our times—a work that reveals the deep rot in our financial system . . . Everyone should read this book.”—David Grann, author of Killers of the Flower Moon ONE OF THE BEST BOOKS OF THE YEAR—The New York Times and The Economist • Finalist for the New York Public Library’s Helen Bernstein Book Award for Excellence in Journalism The hedge fund industry changed Wall Street. Its pioneers didn’t lay railroads, build factories, or invent new technologies. Rather, they made their billions through financial speculation, by placing bets in the market that turned out to be right more often than not. In hedge fund circles, Steven A. Cohen was revered as one of the greatest traders who ever lived. But that image was shattered when his fund, SAC Capital, became the target of a seven-year government investigation. Prosecutors labeled SAC a “magnet for market cheaters” whose culture encouraged the relentless pursuit of “edge”—and even “black edge,” which is inside information—and the firm was ultimately indicted and pleaded guilty to charges related to a vast insider trading scheme. Cohen, himself, however, was never charged. Black Edge is a riveting legal thriller that raises urgent questions about the power and wealth of those who sit at the pinnacle of high finance and how they have reshaped the economy. Longlisted for the Andrew Carnegie Medal for Excellence in Nonfiction and the Financial Times and McKinsey Business Book of the Year Award “A modern version of Moby-Dick, with wiretaps rather than harpoons.”—Jennifer Senior, The New York Times “If you liked James B. Stewart’s Den of Thieves, Sheelah Kolhatkar’s thrilling Black Edge should be next on your reading list.”—The Wall Street Journal “Excellent.”—The Economist “A true-life thriller with Shakespearian stakes . . . Her chilling account of a blighted industry is as mesmerizing as a human story as it is as a financial one.”—Fortune “A tour de force of groundbreaking reporting and brilliant storytelling.”—Jeffrey Toobin, New York Times bestselling author of American Heiress

The Law Relating to Financial Crime in the United Kingdom

Author: Karen Harrison,Nicholas Ryder

Publisher: Routledge

ISBN: 1317026055

Category: Social Science

Page: 202

View: 6257

Outlining the different types of financial crime and its impact, this book is a user-friendly, up-to-date guide to the regulatory processes, systems and legislation which exist in the UK. Each chapter has a similar structure and covers individual financial crimes such as money laundering, terrorist financing, fraud, insider dealing, market abuse and bribery and corruption. Offences are summarized and their extent is evaluated using national and international documents. Detailed assessments of financial institutions and regulatory bodies are made and the achievements of these institutions are analysed. Sentencing and policy options for different financial crimes are included and suggestions are made as to how criminal proceeds might be recovered. Drawing the different themes of the book together, the final chapter makes recommendations for the future and will provoke further thought and discussion on this topical subject. Each chapter also has a section on Recommending Reading. It will be a valuable resource for students studying vocational courses and will be a key text for undergraduate and post-graduate students in law schools, departments of criminal justice and business schools.

White Collar Crime and Risk

Financial Crime, Corruption and the Financial Crisis

Author: Nic Ryder

Publisher: Springer

ISBN: 1137473843

Category: Social Science

Page: 372

View: 9016

This edited collection provides an innovative and detailed analysis of the relationship between the financial crisis, risk and corruption. A large majority of the published research has concentrated on identifying the traditional factors that contributed towards the largest financial crisis since the Wall Street Crash and subsequent Great Depression. This original volume contests this, and provides the alternative view that white collar crime was also an underappreciated, and important factor. Divided into five parts: bribery and corruption; financial crime; market manipulation; technology and white collar crime; and the financial crisis, and based on contributions by a wide range of experts in the field, this book will be of great interest to policy makers and practitioners, researchers and students alike.


Technical Assistance Report-Regulation of Market Abuse and Issuer Disclosure Requirements

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

ISBN: 1498375715

Category: Business & Economics

Page: 38

View: 6309

This Technical Assistance report examines regulation of market abuse and issuer disclosure requirements in Ukraine. The Ukrainian regulatory framework for market abuse and issuer disclosure requirements has significant gaps, whose impact is compounded by the National Securities and Stock Market Commission’s (NSSMC) lack of sufficient supervisory, investigative, and enforcement powers. This has contributed to overall lack of transparency and widespread misconduct in the market, including through issuance and trading of “fictitious” securities. To address the current challenges, the Ukrainian legislation needs to be aligned with the international standards to provide the NSSMC with sufficient means to require enhanced disclosures and combat market abuse.