12. Market abuse

2021 ◽  
pp. 315-336
Author(s):  
Derek French
Keyword(s):  
Criminal Justice ◽  
Financial Services ◽  
Fiduciary Duty ◽  
Market Manipulation ◽  
Market Abuse ◽  
Regulated Markets ◽  
Insider Dealing ◽  
Significant Case

This chapter deals with abuses committed in the trading of shares, with particular reference to insider dealing and market manipulation, and the laws intended to control them. The chapter considers forms of control to prevent market abuse under three key pieces of legislation: Regulation (EU) No 596/2014, the Criminal Justice Act 1993 and the Financial Services Act 2012. It looks at regulations governing disclosure to regulated markets and the fiduciary duty of directors, and offences involving insider dealing and creating a false market. The chapter analyses a particularly significant case: Percival v Wright [1902] 2 Ch 421.

12. Market abuse

2018 ◽  
Author(s):  
Derek French
Keyword(s):  
Criminal Justice ◽  
Financial Services ◽  
Fiduciary Duty ◽  
Market Manipulation ◽  
Market Abuse ◽  
Regulated Markets ◽  
Insider Dealing ◽  
Significant Case

This chapter deals with abuses committed in the trading of shares, with particular reference to insider dealing and market manipulation, and the laws intended to control them. The chapter considers forms of control to prevent market abuse under three key pieces of legislation: Regulation (EU) No 596/2014, the Criminal Justice Act 1993 and the Financial Services Act 2012. It looks at regulations governing disclosure to regulated markets and the fiduciary duty of directors, and offences involving insider dealing and creating a false market. The chapter analyses a particularly significant case: Percival v Wright [1902] 2 Ch 421.

12. Market abuse

2019 ◽  
pp. 320-340
Author(s):  
Derek French
Keyword(s):  
Criminal Justice ◽  
Financial Services ◽  
Fiduciary Duty ◽  
Market Manipulation ◽  
Market Abuse ◽  
Regulated Markets ◽  
Insider Dealing ◽  
Significant Case

This chapter deals with abuses committed in the trading of shares, with particular reference to insider dealing and market manipulation, and the laws intended to control them. The chapter considers forms of control to prevent market abuse under three key pieces of legislation: Regulation (EU) No 596/2014, the Criminal Justice Act 1993 and the Financial Services Act 2012. It looks at regulations governing disclosure to regulated markets and the fiduciary duty of directors, and offences involving insider dealing and creating a false market. The chapter analyses a particularly significant case: Percival v Wright [1902] 2 Ch 421.

13. Market abuse

2016 ◽  
Author(s):  
Derek French ◽  
Stephen W. Mayson ◽  
Christopher L. Ryan
Keyword(s):  
Criminal Justice ◽  
Financial Services ◽  
Listed Companies ◽  
Fiduciary Duty ◽  
Market Manipulation ◽  
Market Abuse ◽  
Model Code ◽  
Regulated Markets ◽  
Insider Dealing ◽  
Significant Case

This chapter deals with abuses committed in the trading of stocks, with particular reference to insider dealing and market manipulation, and the laws intended to control them. After considering objections to the control of insider dealing, the chapter turns to forms of control to prevent market abuse under three key pieces of legislation: the Criminal Justice Act 1993, the Financial Services and Markets Act 2000, and the Financial Services Act 2012. It then looks at regulations governing disclosure to regulated markets and the fiduciary duty of directors, the Financial Conduct Authority’s Model Code for listed companies, and offences involving insider dealing and creating a false market. The chapter analyses a particularly significant case: Percival v Wright [1902] 2 Ch 421.

13. Market abuse

2017 ◽  
Author(s):  
Derek French
Keyword(s):  
Criminal Justice ◽  
Financial Services ◽  
Fiduciary Duty ◽  
Market Manipulation ◽  
Market Abuse ◽  
Regulated Markets ◽  
Insider Dealing ◽  
Significant Case

This chapter deals with abuses committed in the trading of shares, with particular reference to insider dealing and market manipulation, and the laws intended to control them. The chapter considers forms of control to prevent market abuse under three key pieces of legislation: Regulation (EU) No 596/2014, the Criminal Justice Act 1993 and the Financial Services Act 2012. It looks at regulations governing disclosure to regulated markets and the fiduciary duty of directors, and offences involving insider dealing and creating a false market. The chapter analyses a particularly significant case: Percival v Wright [1902] 2 Ch 421.

Part II UK Securities Markets, 5 UK Listing, Prospectus, and Disclosure Regime

2021 ◽  
Author(s):  
Pearce Will
Keyword(s):  
Financial Services ◽  
Action Plan ◽  
European Economic Area ◽  
Market Manipulation ◽  
Inside Information ◽  
Market Abuse ◽  
Eu Legislation ◽  
Capital Markets Union ◽  
Insider Dealing ◽  
The Uk

This chapter talks about the current UK listing regime that stems from the EU legislation that was enacted as part of the European Commission's action plan for the Capital Markets Union (CMU) and Financial Services Action Plan (FSAP). It describes the aims of the CMU and the FSAP in order to achieve a single financial services market with no obstacles to cross—border activity and a sound supervisory structure. It also highlights the key EU legislation that governs the UK listing regime, which includes the prospectus regulation that regulates the prospectus to be published when a company's securities are to be offered to the public or admitted to trading on a regulated market in the European Economic Area (EEA). This chapter discusses the Market Abuse Regulation (MAR), which covers the disclosure and control of inside information and the offences of market manipulation and insider dealing. It also mentions the Transparency Directive that harmonizes transparency requirements for issuers whose securities are admitted to trading on a regulated market.

Part A Annotated Guide, 3 The Concept of Market Manipulation

2017 ◽  
Author(s):  
Mock Sebastian
Keyword(s):  
Capital Markets ◽  
Short Selling ◽  
Market Manipulation ◽  
Market Abuse ◽  
Annotated Guide ◽  
Insider Dealing ◽  
European Regulations

This chapter discusses the concept of market manipulation. In contrast to the prohibition of insider dealing, market manipulation is not a single act or set of different behaviours but more of a multi-layer phenomenon covering all kinds of behaviours generally not accepted in any market. In capital markets law, four different forms of market manipulation developed, which can also be found in the Market Abuse Regulation (and other European regulations). These are information-based manipulation, transaction-based manipulation, short selling, and other forms of manipulation. However, the Market Abuse Regulation does not refer expressly to each of these forms of market manipulation but defines market manipulation in its Article 12 in general.

Some Comments on the Enforcement Committee's Jurisdiction in the Adjudication and Settlement of Market Manipulation Cases: Pather and Another v Financial Services Board and Others [2014] 3 All SA 208 (GP)

2018 ◽  
Vol 62 (3) ◽  
pp. 471-482
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
Financial Services ◽  
Market Manipulation ◽  
Market Abuse

AbstractThe article examines the court judgment in Pather and Another v Financial Services Board and Others [2014] 3 All SA 208 (GP) to explore the Enforcement Committee (EC)’s jurisdiction to settle market abuse cases in South Africa.

Part II Financial Services Regulation, 13 Insider Dealing and Misleading Statements and Impressions

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Criminal Justice ◽  
Financial Services ◽  
Regulatory Requirements ◽  
Market Conduct ◽  
Financial Services Regulation ◽  
Insider Dealing

This chapter focuses on the criminal offences of insider dealing under the Criminal Justice Act 1993 (CJA) and misleading statements and impressions under Part 7 of the Financial Services Act 2012 (FSA 2012), along with regulatory requirements relating to market misconduct. It first provides an overview of the relevant provisions of Part V of CJA before discussing the roles of the various regulatory and prosecuting authorities with power to take action in respect of market misconduct and how these bodies interact. In particular, it examines the responsibility of the Financial Conduct Authority (FCA) for prosecuting offences unde CJA and FSA 2012. It also analyses the provisions of Part 7 of FSA 2012 regarding offences in relation to financial services as well as other regulatory provisions relating to undesirable market conduct.

Part A Annotated Guide, 4 Public Disclosure of Inside Information and Market Abuse

2017 ◽  
Author(s):  
Pietrancosta Alain
Keyword(s):  
Public Institutions ◽  
Market Manipulation ◽  
Inside Information ◽  
Market Abuse ◽  
Preventative Measures ◽  
Disclosure Requirements ◽  
Overwhelming Evidence ◽  
Annotated Guide ◽  
Insider Dealing ◽  
High Level

This chapter concerns the provisions laid out in the Market Abuse Regulation (MAR) regarding the unlawful disclosure of inside information and market manipulation. Considering the overwhelming evidence of a high level of market abuse activity, the preventative measures laid out here can be considered the MAR’s main contribution. Articles 17 to 21 of the MAR serve to complement the main market abuse prohibitions, serving the ancillary purpose of reducing the potential occurrences of insider dealing or market manipulation, through special, prompt, or objective disclosure requirements weighing on persons categorized according to the sensitivity of their professional positions. Articles 17 to 19 mainly concern issuers and their managers. Articles 20 and 21 impose objectivity and transparency requirements on persons producing or disseminating investment recommendations and on public institutions disseminating statistics or forecasts.

5 Market Abuse

2020 ◽  
Author(s):  
De Carvalho Robalo Pedro
Keyword(s):  
Financial Crisis ◽  
Market Efficiency ◽  
European Commission ◽  
Market Manipulation ◽  
Market Abuse ◽  
Criminal Sanctions ◽  
Insider Dealing ◽  
Broad Framework ◽  
Undue Advantage ◽  
The Eu

This chapter assesses market abuse. Market abuse offences, in all of their possible forms, frustrate the concept of market efficiency by allowing undue advantage to the individuals performing the abusive actions, thus jeopardizing the development of fair and orderly markets. In turn, this is likely to harm confidence by undermining investors' beliefs that the market is fair, leading them to withdraw their investments. In Europe, the first European-wide legislative package was initiated with the adoption of the Market Abuse Directive in 2003 (Directive 2003/6/EC), with the aim of providing a broad framework that would address market manipulation and insider dealing practices in the EU. However, in the aftermath of the Financial Crisis in 2008, a review of the regime was required as a number of deficiencies were found. In 2011 and in order to address these issues, the European Commission adopted the proposal for the Regulation on insider dealing and market manipulation (MAR) as well as the Directive on Criminal Sanctions for Insider Dealing and Market Manipulation (CSMAD).

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