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Market Manipulation and Insider Trading: Regulatory Challenges in the United States of America, the European Union and the United Kingdom


ISBN13: 9781509951987
Published: April 2021
Publisher: Hart Publishing
Country of Publication: UK
Format: Paperback (Hardback in 2019)
Price: £33.99
Hardback edition , ISBN13 9781509903078



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The European Union regime for fighting market manipulation and insider trading – commonly referred to as market abuse – was significantly reshuffled in the wake of the financial crisis of 2007/2008 and new legal instruments to fight market abuse were eventually adopted in 2014. In this monograph the authors identify the association between the financial crisis and market abuse, critically consider the legislative, policy and enforcement responses in the European Union, and contrast them with the approaches adopted by the United States of America and the United Kingdom respectively. The aftermath of the financial crisis, ongoing security concerns and increased legislation and policy responses to the fight against irregularities and market failures demonstrate that we need to understand, in context, the regulatory responses taken in this area. Specifically, the book investigates how the regulatory responses have changed over time since the start of the financial crisis. Market Manipulation and Insider Trading places the fight against market abuse in the broader framework of the fight against white collar crime and also considers some associated questions in order to better understand the contemporary market abuse regime.

Subjects:
Banking and Finance
Contents:
1. Introduction
I. Introduction
II. The Financial Crisis and the Fight against Financial Crimes: Some Hardcore Data
III. Market Manipulation: The Major Crime
IV. Structure of the Chapters
V. Conclusion
2. Market Manipulation and Insider Dealing in the EU Context
I. Introduction
II. The EU's Fight against Financial Crimes and the Importance of 'Confidence' in the Market
III. The EU Legislative Framework to Fight Market Abuse
IV. Criminal Liability for Legal Persons – A Brief Overview
V. Conclusion
3. Regulatory Strategies: On the Choice of Sanction
I. Introduction
II. Quasi-criminal Law in the EU Context
III. The Eternal Debate: Criminal or Administrative Sanctions?
IV. Market Abuse Sanctions – The EU Context and the Question of Proportionality
V. The United Kingdom
VI. The United States of America
VII. Conclusion
4. Market Abuse and the Wider EU Fight Against Financial Crimes
I. Introduction
II. The Wider Area of Financial Crimes: Money Laundering and Fraud
III. The European Public Prosecutor's Office and EU Agencies
IV. Subsidiarity Questions and Accountability with Broader Relevance for the EU Market Abuse Regime
V. Fundamental Rights and Data Protection
VI. Conclusion
5. The United Kingdom
I. Introduction
II. Insider Dealing
III. Market Abuse
IV. The 2007/08 Financial Crisis, Market Manipulation and the Enforcement Response
V. The Serious Fraud Office
VI. The Financial Conduct Authority
VII. Conclusion
6. The United States of America
I. Introduction
II. Insider Trading
III. Market Manipulation
IV. The 2007/08 Financial Crisis, Market Manipulation and the Enforcement Response
V. The Securities and Exchange Commission
VI. The Department of Justice
VII. Commodities Futures Trading Commission
VIII. Conclusion
7. Conclusion
I. Introduction
II. Final Remarks