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

Description

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. Preface Contents List of Abbreviations List of Statutory Provisions 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 Bibliography Index