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.

Prospects for a close EU-UK trade deal are not good

2019 ◽  
Keyword(s):  
United Kingdom ◽  
Financial Services ◽  
Transition Period ◽  
Content Type ◽  
The United Kingdom ◽  
Uk Government ◽  
The Uk ◽  
The Impact ◽  
Limited Period ◽  
The Eu

Subject UK-EU trade talks. Significance The United Kingdom will leave the EU on January 31, 2020, but will abide by EU rules as part of the transition period, which runs to December 31, 2020. During this limited period of time, London and Brussels will seek to negotiate a permanent trading relationship. While the transition deadline can be extended, the UK government has committed not to seek an extension. Impacts The impact of no trade deal or a 'thin' one may force the UK government to increase taxes in order to meet spending pledges. UK financial services will rely on an equivalence deal with the EU; London hopes to agree this by mid-2020. The EU’s future trade policy will focus on having stronger sanction powers as well as legal ones for those that unfairly undercut EU firms.

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.

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.

Investment recommendations under the Market Abuse Regulation (MAR) – operative guidelines issued by the Italian Securities and Exchange Commission (CONSOB)

2017 ◽  
Vol 18 (3) ◽  
pp. 85-90
Author(s):  
Lorenzo Parola ◽  
Francesco Falco
Keyword(s):  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Financial Instruments ◽  
Misleading Information ◽  
Content Type ◽  
The Public ◽  
Market Abuse ◽  
Practical Guidance ◽  
Definition Of ◽  
The Eu

Purpose Analysis of the guidelines on investment recommendations (“Guidelines”) issued by the Italian Securities and Exchange Commission (“CONSOB”) on the application of the EU Regulation No. 596/2014, the Market Abuse Regulation (“MAR”). Design/methodology/approach This article focuses on the Guidelines issued with the aim to facilitate the identification of unlawful conducts of firms and individuals disseminating investment recommendations on financial instruments or issuers. In particular, the definition of investment recommendations as per MAR, the duties of persons providing such information and also the investigative powers conferred to CONSOB in order to prevent the dissemination of false or misleading information to the public are examined in detail. Findings The Guidelines are an important interpretative tool for firms and individuals providing investment recommendations on financial instruments or issuers. They further determine the duties deriving from MAR and the investigative powers attributed to CONSOB. Originality/value This article provides useful information on MAR and practical guidance on the applicability of this regulation to persons and firms providing investment recommendations on financial instruments or issuers.

Insider trading in the European Union and in Brazil: a comparison of the essential elements of its definition

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Anna Blachnio-Parzych ◽  
Alexander de Castro
Keyword(s):  
European Union ◽  
Insider Trading ◽  
Design Methodology ◽  
Essential Elements ◽  
The European Union ◽  
Inside Information ◽  
Content Type ◽  
The Subject ◽  
Definition Of ◽  
The Eu

Purpose The purpose of this study is a comparison of anti-insider trading regulations in the European Union (EU) and in Brazil. Design/methodology/approach The subject of the comparison are three key elements that define the shape of the protection against insider trading, namely, the definition of inside information, the definition of insiders and the kinds of behaviours that are forbidden. Findings There are both differences and similarities between EU and Brazilian legislations on insider trading. The main discrepancies found in the three foci of the analysis seem to relate strongly to the different rationales for the prohibition of insider trading adopted in the two legal systems. In the EU, market egalitarianism and thus the parity of information, are the central concepts, whereas fiduciary duties originally constituted the point of reference in Brazil, although it has been losing importance over time owing to subsequent changes in the legislation. In sum, while anti-insider trading regulations in the EU have a well-defined identity, in Brazil their policy basis seems to be in the process of redefinition. Originality/value As of the time of submission of this study no published academic works dedicated substantially to a comparison of the anti-insider trading legislation of the EU and Brazil could be found.

Brexit: what are the options for the financial services industry?

2016 ◽  
Vol 17 (4) ◽  
pp. 45-53 ◽  
Author(s):  
David Sahr ◽  
Mark Compton ◽  
Alexandria Carr ◽  
Guy Wilkes ◽  
Alexander Behrens
Keyword(s):  
Financial Services ◽  
Political Development ◽  
The European Union ◽  
Content Type ◽  
Cross Border ◽  
The Future ◽  
Financial Services Firms ◽  
The Uk ◽  
The Impact ◽  
The Eu

Purpose To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border financial services between the UK and EU in the future. Key to this is the likely loss of the EU “passport” for financial services that allows a firm licensed in one EU state to offer its services freely throughout all EU states. Design/methodology/approach Explains the process by which the UK will leave the EU and negotiate future trading arrangements; the key considerations for financial services firms doing cross-border business in the EU; the various options for cross-border business in the future; and the key steps financial services firms should be taking to respond to the vote to leave the EU. Findings Many issues still remain uncertain and are unlikely to be resolved for a number of years, but long lead times to implement solutions mean that firms should be considering their options now. Practical implications Firms should be evaluating their current reliance on EU passports and the alternative options that might be suited to their business, such as the “quasi-passports” available under certain specific EU laws or relocation of part or all of their business. Originality/value Legal analysis and practical guidance concerning an unprecedented political development with profound impacts on financial services in Europe, by experts with long-term experience of EU negotiations and financial services gained from working for the British government, regulators and regulated firms.

The Inside Information Regime of the MAR andthe Rise of the ESG Era

2021 ◽  
Vol 18 (2) ◽  
pp. 256-290
Author(s):  
Peter O. Mülbert ◽  
Alexander Sajnovits
Keyword(s):  
Social Change ◽  
Critical Mass ◽  
Real Life ◽  
Inside Information ◽  
Share Prices ◽  
Market Abuse ◽  
Related Information ◽  
Insider Dealing ◽  
The Impact ◽  
Information Regime

Abstract The rise in ESG investing has been characterized as an “investor revolution” and a manifestation of “social change”. The current coronavirus pandemic will arguably intensify the impact of such social change, with the “S” and “G” components of ESG, in particular, having been brought into sharper focus during the crisis. The issue of the extent to which ESG factors are (currently) of considerable importance – and, in particular, are likely to become even more so in the future – for the performance of share prices remains a highly controversial one in financial economics. However, where an empirically substantiated impact of ESG-related information on the prices of financial instruments can be shown, the question of whether such information is also of relevance to the inside information regime of the Market Abuse Regulation (“MAR”) arises and must be answered. This article explores the potential impact of ESG-related information and an increase in ESG-compliant investments on the prohibition on insider dealing and the obligation to publicly disclose inside information. We believe that the ESG preferences of a critical mass of real-life investors and, as a corollary, ESG-related information, are and will continue to be of great importance to the inside information regime. However, the intense debate regarding the precise depiction of the ‘reasonable investor’ within the meaning of Art. 7 MAR indicates that the relevance of ESG-related information to the inside information regime of the MAR is by no means clear. In light of these uncertainties, and given its efforts to promote sustainable finance, the EU legislature would be well advised to further specify the concept of inside information with a particular focus on ESG-related information.

The international strength of the euro will grow

2021 ◽  
Keyword(s):  
Euro Area ◽  
Financial Services ◽  
Raw Materials ◽  
Domestic Demand ◽  
Content Type ◽  
The Us ◽  
Us Dollar ◽  
Strategic Autonomy ◽  
Geopolitical Risks ◽  
The Eu

Significance The proposals identified areas where the euro could potentially become more dominant, such as the issuance of green bonds, digital currencies, and international trade in raw materials and energy. Ambitions to enhance the international leverage of the euro are being driven by the aim to strengthen EU strategic autonomy amid rising geopolitical risks. Impacts Developing its digital finance sector would be an opportunity for the EU to enhance its strategic autonomy in financial services. Challenging the US dollar would require the euro-area to rebalance its economy away from foreign to domestic demand. Member state division will prevent the economic reconfiguration the euro-area needed to make the euro a truly global currency.

Government failures and non-performing loans in European countries: a spatial approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ferdinando Ofria ◽  
Massimo Mucciardi
Keyword(s):  
Public Debt ◽  
Geographically Weighted Regression ◽  
European Countries ◽  
Weighted Regression ◽  
Second Step ◽  
Ols Regression ◽  
Content Type ◽  
The Impact ◽  
The Relationship ◽  
The Eu

PurposeThe purpose is to analyze the spatially varying impacts of corruption and public debt as % of GDP (proxies of government failures) on non-performing loans (NPLs) in European countries; comparing two periods: one prior to the crisis of 2007 and another one after that. The authors first modeled the NPLs with an ordinary lest square (OLS) regression and found clear evidence of spatial instability in the distribution of the residuals. As a second step, the authors utilized the geographically weighted regression (GWR) to explore regional variations in the relationship between NPLs and the proxies of “Government failures”.Design/methodology/approachThe authors first modeled the NPL with an OLS regression and found clear evidence of spatial instability in the distribution of the residuals. As a second step, the author utilized the Geographically Weighted Regression (GWR) (Fotheringham et al., 2002) to explore regional variations in the relationship between NPLs and proxies of “Government failures” (corruption and public debt as % of GDP).FindingsThe results confirm that corruption and public debt as % of GDP, after the crisis of 2007, have affected significantly on NPLs of the EU countries and the following countries neighboring the EU: Switzerland, Iceland, Norway, Montenegro, and Turkey.Originality/valueIn a spatial prospective, unprecedented in the literature, this research focused on the impact of corruption and public debt as % of GDP on NPLs in European countries. The positive correlation, as expected, between public debt and NPLs highlights that fiscal problems in Eurozone countries have led to an important rise of problem loans. The impact of institutional corruption on NPLs reports that the higher the corruption, the higher is the level of NPLs.

scholarly journals The intelligent library

2019 ◽  
Vol 37 (3) ◽  
pp. 418-435 ◽  
Author(s):  
Andrew M. Cox ◽  
Stephen Pinfield ◽  
Sophie Rutter
Keyword(s):  
Academic Libraries ◽  
Design Methodology ◽  
Resource Discovery ◽  
Library Directors ◽  
Content Type ◽  
Data Literacy ◽  
Ethical Concerns ◽  
Learning Challenges ◽  
Potential Impact ◽  
The Impact

Purpose The last few years have seen a surge of interest in artificial intelligence (AI). The purpose of this paper is to capture a snapshot of perceptions of the potential impact of AI on academic libraries and to reflect on its implications for library work. Design/methodology/approach The data for the study were interviews with 33 library directors, library commentators and experts in education and publishing. Findings Interviewees identified impacts of AI on search and resource discovery, on scholarly publishing and on learning. Challenges included libraries being left outside the focus of development, ethical concerns, intelligibility of decisions and data quality. Some threat to jobs was perceived. A number of potential roles for academic libraries were identified such as data acquisition and curation, AI tool acquisition and infrastructure building, aiding user navigation and data literacy. Originality/value This is one of the first papers to examine current expectations around the impact of AI on academic libraries. The authors propose the paradigm of the intelligent library to capture the potential impact of AI for libraries.

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