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.

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.

13 Financial Crime

2016 ◽  
Author(s):  
Morris Simon
Keyword(s):  
Money Laundering ◽  
Financial Crime ◽  
Inside Information ◽  
Misleading Information ◽  
Principal Role ◽  
Market Abuse ◽  
Financial Crimes ◽  
Insider Dealing ◽  
The Uk ◽  
The Eu

This chapter concerns financial crime. While the Financial Conduct Authority (FCA) can prosecute offences such as insider dealing and money laundering, its principal role in relation to financial crime is to require authorised firms to take adequate steps to protect against the risk of being used in connection with such offences. The elements (offences, defences, and penalties) of market abuse under the UK regime—which implements the EU Market Abuse Directive (MAD)—are explained. The main types of behaviour which can constitute market abuse—dealing on inside information, disclosing inside information, manipulating transactions, manipulative devices, disseminating misleading information—are analysed. The UK regulatory position on money laundering, fraud and other financial crimes is also considered.

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.

scholarly journals The EU market abuse regulation, where does it leave us?

2018 ◽  
Vol 26 (4) ◽  
pp. 482-504
Author(s):  
Andrew Haynes
Keyword(s):  
Financial Services ◽  
General Assumption ◽  
Inside Information ◽  
Content Type ◽  
Market Abuse ◽  
Insider Dealing ◽  
Potential Impact ◽  
Definition Of ◽  
The Impact ◽  
The Eu

Purpose The purpose of this paper is to provide an analysis of the market abuse regulation to determine whether the general assumption that it has made little difference to the pre-existing UK law on market abuse is accurate. In particular, the potential impact on compliance and behaviour in financial services firms and those who potentially receive inside information is considered. Design/methodology/approach The methodology adopted is a combination of critical analysis and black letter law utilised to determine the content and potential impact of the market abuse regulation. A process of discovery made more important by the limited assistance given by the European Securities and Markets Authority and the Financial Conduct Authority in terms of the guidance and definitions they have provided. Findings The new Regulation has a wider definition of insider dealing than under the previous law, has a wider application in terms of the financial instruments that it applies to, has triggered significant new compliance and disclosure requirements and it also extends the law to new markets. Research limitations/implications There are limitations in that the relevant regulatory bodies, ESMA and the FCA have made little effort to clarify how they interpret the new Regulation. This is a serious problem because in the case of the FCA, their view will impact on the approach they will take in future enforcement actions. Practical implications This paper provides the first real analysis of the market abuse regulation’s effect and shows that, if carefully analysed in context, it has a significant impact on firms in the financial services sector and those engaged in activities which can put them in receipt of inside information. It will cause an increase in relevant compliance and has significant cost implications for affected firms. Social implications This is not really relevant here. There will be necessary changes to compliance procedures. Originality/value The originality stems from the fact that there appears to be little else published which has engaged in a sustained analysis of the impact and effect of the EU market abuse regulation on the UK’s financial markets and those other firms who receive inside information.

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.

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.

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 III Financial Sectors and Activities, 17 Insurance Regulation

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Third Parties ◽  
Regulatory Regime ◽  
Eu Law ◽  
Compensation Scheme ◽  
Insurance Regulation ◽  
Eu Legislation ◽  
Regulatory Approach ◽  
European Union Legislation ◽  
The Uk

This chapter examines the statutory regime for the regulation of insurers as well as intermediaries and brokers dealing with insurance products. It first provides an overview of terminology and categorisation of insurance under European Union legislation and UK regulation before discussing the evolution of the regulatory approach to insurers. It then considers EU law and UK law on insurance and reinsurance, along with the relevant provisions of the Financial Services and Markets Act 2000, Contracts (Rights of Third Parties) Act 1999, and other applicable legislation. It also analyses insurance regulation under the Financial Ombudsman Service and the Financial Services Compensation Scheme. Finally, it assesses the influence of EU legislation on the structure and much of the detail of the UK regulatory regime for insurance.

Sign in / Sign up

Export Citation Format

Share Document