On the Issue of Criminal Prosecution for Market Abuse in Russia and the EU

2018 ◽  
Vol 9 (4) ◽  
pp. 1362
Author(s):  
Yuliya Vladimirovna MIKHALENKO (KALININA) ◽  
Ekaterina Gennadievna SHADRINA ◽  
Asel Ibragimovna RASHIDOVA
Keyword(s):  
Criminal Liability ◽  
Integrated Approach ◽  
Economic Security ◽  
Securities Market ◽  
Criminal Prosecution ◽  
Market Manipulation ◽  
Bad Faith ◽  
Insider Information ◽  
Market Abuse ◽  
The Stability

The securities market is the most attractive area for its bad-faith participants. The transactions are often accompanied by illegal use of insider information and market manipulation, that jeopardizes the economic security of the state and destructively affect the stability of the market. In this regard, the application of liability for the illegal use of insider information and market manipulation becomes an urgent issue. Using scientific research methods, the authors analyze the approaches of European and Russian lawmakers to the issue of criminal prosecution for market abuse and come to the conclusion that there is a need for an integrated approach to improving criminal liability for these offenses; propose changes in the current Russian legislation.

Criminal-legal Mechanism of Counteraction of Insider Activity in the Stock Market

2019 ◽  
Vol 10 (3) ◽  
pp. 842
Author(s):  
K.A. MALYSHENKO ◽  
V.A. MALYSHENKO ◽  
E.S. BEKIROVA ◽  
S.N. BEKIROV ◽  
S.V. ARKHIPOVA ◽  
...  
Keyword(s):  
Stock Market ◽  
Criminal Law ◽  
Criminal Liability ◽  
Securities Market ◽  
Market Manipulation ◽  
Insider Information ◽  
Legal Method ◽  
Wide Range ◽  
The World ◽  
Law Regulation

Protecting the rights of stock market participants in the modern world is an important aspect of its functioning, ensuring the security of investments of participants and their property status. The misuse of insider information with the aim of obtaining certain benefits, and market manipulation are some of the most ambitious crimes that violate the rights of a wide range of people, and a direct threat to their material well-being. Insider trading involves trading transactions with securities, which is carried out by private individuals, holding information about the Issuer of the financial asset. In this work, we use methods of legal statistics that allow us to obtain quantitative data on the application of liability for violations of anti-insider Russian legislation. In addition, a comparative legal method is used to comparatively characterize measures to combat insider activity in the world. The purpose of the research is to identify the shortcomings of the modern criminal law mechanism for countering insider activity in the Russian securities market and develop measures to improve its effectiveness. The criminal law regulation of insider information in the world and domestic experience are analyzed. As a result of the study, a number of shortcomings inherent in this mechanism were identified. Thus, the study of foreign practice has shown that the existing measures in Russia to combat insiders in the securities market are not effective. This is due to many factors, the main of which are the imperfection of the legal framework, the lack of practical application of criminal penalties, their low effectiveness, the lack of specific penalties, etc. The article highlights the problems of administrative and criminal liability for market manipulation and illegal use of insider information. The article analyzes the criminal law regulation of mitigating liability for insider information in the world and domestic experience.Based on the analysis and comparison of Russian and international practices in the fight against insiders, conclusions are drawn about the need to adjust the domestic monitoring mechanism and improve criminal law methods to ensure its functioning.The article actualizes the problems of administrative and criminal liability for the manipulation of the market and the misuse of insider information.

scholarly journals Criminal Liability for Market Manipulation Under Russian Law and Under the European Union Law

2020 ◽  
Vol 14 (5) ◽  
pp. 764-776
Author(s):  
Ilya Lifshits ◽  
Pavel Yani
Keyword(s):  
European Union ◽  
Financial Services ◽  
Criminal Liability ◽  
Supply And Demand ◽  
Criminal Code ◽  
Market Manipulation ◽  
The European Union ◽  
European Union Law ◽  
Insider Information ◽  
The Eu

The development of trade in securities, derivative financial instruments, currencies, and goods at exchanges and trading platforms requires a protection of these markets against abuses. Russian legislation in this sphere is based on the approaches of the European Union to counteracting market manipulation and unlawful use of insider information. Consequently, a comparative legal analysis of counteracting these abuses in the EU and in Russia presents a considerable research interest. It was in 2003 that the concept of market manipulation was for the first time defined by the EU in its legislative act, and in April 2014 the EU adopted a legislative act in the form of a directive aimed at harmonizing the legislation of member states on criminal liability for market abuse. This harmonization is especially relevant for the EU due to the creation and functioning of a unified market of financial services, where a license obtained in one member state allows financial institutions to work throughout the territory of the EU. Criminal liability for market manipulation was introduced in Russia in 2009, and a year later the corresponding Article was amended by a complex law on counteracting abuses at organized markets. The authors present a detailed criminal law characteristic of the crime under this norm by analyzing its object, material elements, and other constituent elements of the offense with reference to laws and bylaws of positive regulation of the corresponding relations. According to the authors, this crime and criminal actions under the Article on unlawful use of insider information should be differentiated by using the criterion of publically dangerous consequences manifested through a considerable deviation of the prices of supply and demand, or the trade volume, compared to the corresponding level that would have existed without illegal actions. Using the analysis of the first guilty verdict in Russia under Article 185.3 of the Criminal Code of the Russian Federation, the authors distinguish between liability under this article and the articles regulating liability for crimes against property - fraud, appropriation, abuse of trust with some attributes of theft.

Emerging Transnational Practices and Capabilities of Syrian Refugees in Turkey

2020 ◽  
Vol 17 (1) ◽  
pp. 125-138
Author(s):  
Zeynep Sahin Mencütek
Keyword(s):  
Legal Status ◽  
Country Of Origin ◽  
Economic Security ◽  
Economic Capital ◽  
Diaspora Studies ◽  
Cross Border ◽  
Global North ◽  
Displaced People ◽  
The Stability ◽  
Transnational Activities

Transnational activities of refugees in the Global North have been long studied, while those of the Global South, which host the majority of displaced people, have not yet received adequate scholarly attention. Drawing from refugee studies, transnationalism and diaspora studies, the article focuses on the emerging transnational practices and capabilities of displaced Syrians in Turkey. Relying on qualitative data drawn from interviews in Şanlıurfa – a border province in south-eastern Turkey that hosts half a million Syrians - the paper demonstrates the variations in the types and intensity of Syrians’ transnational activities and capabilities. It describes the low level of individual engagement of Syrians in terms of communicating with relatives and paying short visits to the hometowns as well as the intentional disassociation of young refugees from homeland politics. At the level of Syrian grassroots organisations, there have been mixed engagement initiatives emerging out of sustained cross-border processes. Syrians with higher economic capital and secured legal status have formed some economic, political, and cultural institutional channels, focusing more on empowerment and solidarity in the receiving country than on plans for advancement in the country of origin. Institutional attempts are not mature enough and can be classified as transnational capabilities, rather than actual activities that allow for applying pressure on the host and home governments. This situation can be attributed to the lack of political and economic security in the receiving country as well as no prospects for the stability in the country of origin. The study also concerns questions about the conceptual debates on the issue of refugee diaspora. Whilst there are clear signs of diaspora formation of the Syrian refugee communities, perhaps it is still premature to term Syrians in Turkey as refugee diaspora.

Opportunities for improving the insider laws: A comparative analysis of the practice in the USA and Russia

2020 ◽  
Vol 26 (4) ◽  
pp. 796-814
Author(s):  
E.K. Ovakimyan
Keyword(s):  
Financial Markets ◽  
Insider Trading ◽  
Negative Impact ◽  
Business Environment ◽  
Market Manipulation ◽  
Insider Information ◽  
Analysis And Synthesis ◽  
The Usa ◽  
Legislative Perfection ◽  
Definition Of

Subject. The article examines the laws regulating insider trading. Objectives. The study outlines recommendations for refining Law On Countering the Illegal Use of Insider Information and Market Manipulation and Amendments to Some Legislative Acts of the Russian Federation, № 224-ФЗ of July 27, 2010. Methods. The methodological framework includes a general dialectical method, analysis and synthesis, induction and deductions, and some specific methods, such as comparative and formal logic analysis to specify the definition of insider information, structural logic and functional analysis to improve the mechanism for countering insider trading and market manipulation. Results. We discovered key drawbacks to be addressed so as to improve the business environment in Russia. Although the Russia laws mainly mirror the U.S. laws, they present a more extended list of terms concerning the insider information. I believe the legislative perfection should be continued. Conclusions and Relevance. The study helps apply the findings to outline a new legislative regulation or amend the existing ones, add a new mention on the course of financial markets to students’ books, develop new methods for detecting and countering and improving the existing ones. If all parties to insider relationships use the findings, they will prevent insider trading crimes in financial markets and (or) reduce the negative impact of such crimes on the parties.

Investor protection, corporate governance and private information-based trading

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Chun-Teck Lye ◽  
Chee-Wooi Hooy
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Private Information ◽  
Market Competition ◽  
Investor Protection ◽  
Civil Law ◽  
Securities Market ◽  
Market Manipulation ◽  
Content Type ◽  
Securities Laws

Purpose This study aims to examine the effects of investor protection (PROT), internal and external corporate governance (CG) on private information-based trading (PIBT). Design/methodology/approach This study uses a sample of 3,438 firms from 42 countries for the period 2002–2015 to examine the effects of the broad and specific measures of PROT, internal CG and external CG (product market competition and block ownership [BOWN]) on a more accurate measure of PIBT using regression analysis. Findings The results show that PROT and BOWN are effective in reducing PIBT. However, the specific measure of PROT (strength of PROT) is not significant in emerging markets and civil law countries. The internal CG is also significant but has a positive effect on PIBT. Research limitations/implications The results suggest that PROT law matters in the efforts to prevent PIBT. Policymakers and securities market regulators, particularly in emerging markets and civil law countries, should focus more on refining existing securities laws and enacting detailed securities rules that explicitly prevent specific market manipulation and PIBT. Originality/value This study provides evidence for the importance of specific and detailed securities rules in different market and legal environments. Furthermore, this study uses the segregated private information-based speculative trading component to accurately measure the PIBT.

THE ROLE OF ACCOUNTING AND CONTROL IN THE MANAGEMENT OF ECONOMIC SECURITY OF AN ORGANIZATION

2021 ◽  
Vol 7 (2) ◽  
pp. 165-178
Author(s):  
Nicolay T. Labyntsev ◽  
Lyubov F. SHILOVA ◽  
Ocsana V. Chukhrova
Keyword(s):  
Economic Security ◽  
Accounting Profession ◽  
Economic Management ◽  
Economic Interests ◽  
Doing Business ◽  
The Subject ◽  
The Stability ◽  
High Level ◽  
And Control

This article revises the mission and the name of the accounting profession in the context of strengthening the economic security of enterprises under the conditions of digitalization of the economy. The authors note that in the contemporary conditions of economic management, enterprises should form and ensure the functioning of the economic security of the enterprise at the proper level. The necessity of in-depth research of economic security at microlevel was considered, the factors influencing the stability of the enterprise were highlighted. High level of economic security of the subject of management consists in guaranteeing him maximum effective and stable functioning now and in future. Subjects of economic security were individual enterprises, and objects — their economic interests. The main goals of ensuring economic security of the enterprise in the part of accounting were singled out, the tasks of accounting policy, aimed at ensuring economic security, were determined. The prospects of the accounting profession in the process of ensuring economic security and reliable safe presentation of the results of doing business in reporting are substantiated. The study contains proposals on the revision of requirements for the qualifications of accountants in order to emphasize their activities aimed at strengthening the economic security of the enterprise.

scholarly journals STRATEGI PEMERINTAH REPUBLIK INDONESIA DALAM PENANGANAN MASALAH PELINTAS BATAS INDONESIA-TIMOR LESTE

2019 ◽  
Vol 11 (2) ◽  
pp. 170
Author(s):  
Remigius Seran
Keyword(s):  
Cultural Identity ◽  
Security Policy ◽  
Local Community ◽  
Local Politics ◽  
Integrated Approach ◽  
Economic Security ◽  
Community Resistance ◽  
Cultural Approach ◽  
Timor Leste ◽  
Border Crossers

ABSTRACTThe urgency to set up the Border Between Indonesia and Timor-Leste and the border crossers is based on much more complex historical reasons than the arrangement of Indonesia's borders with other countries. Border governance policies between Indonesia and Timor-Leste are characterized by: border governance policies indicate a desire to adopt an integrated approach, governance practices tend to be fragmented where two very dominant approaches are the security approach and the socio-economic welfare approach. A border governance policy that ignores cultural identity variables leads to a reverse response, namely the use of cultural identity to challenge the country's dominant conception and policy in border governance. The phenomenon of "rat road" and other cross-border interaction networks called illegal by the state can be read as a form of local community resistance to the claim of state sovereignty over the border. In an integrated border governance policy, a cultural approach should be one of the main components that characterize other approaches. Jailly puts the four dimensions of the policy parallel, the cultural approach in border governance policy to the principles that fuel security policy, local politics and economic policy in border governance. The practical consequence of this study is the policy that border governance must move beyond the dominance of the economic security approach to an integrated approach. This study proposes the concept of trans-border social and cultural space as an important element in integrated border governance.Key Words: Border governance, Indonesia – Timor-Leste, Cultural crosser borders.

scholarly journals Ensuring Human Rights in Ukraine: Problematic Issues and Ways of their Solution in the Social and Legal Sphere

2020 ◽  
Vol 37 (64) ◽  
pp. 124-136
Author(s):  
Yevhen Leheza ◽  
Tatiana Filipenko ◽  
Olha Sokolenko ◽  
Valerii Darahan ◽  
Oleksii Kucherenko
Keyword(s):  
Human Rights ◽  
Integrated Approach ◽  
Unified Approach ◽  
Legal Norms ◽  
The Social ◽  
Political Forces ◽  
Protection Of Human Rights ◽  
The Stability ◽  
Development Prospects

The article discusses some complex factors influencing the process of realization of human rights in Ukraine, highlights the unified approach to the classification of legal norms that exercise human rights and freedoms, as well as problems and development prospects. Now the real protection of human rights is one of the most acute problems of the Ukrainian reality. It serves as one of the most important tasks, not only for the functioning but also for the existence of the Ukrainian state. Therefore, it should be borne in mind that guaranteeing respect for human rights in Ukraine is only possible through effective reform of the power system and compliance with an integrated approach to guarantee human rights, both by the State and by society. civil. It is concluded that guaranteeing the general enjoyment and enjoyment of human rights is a matter of co-responsibilities, which is why it is also negatively affected by the rigid opposition of the political forces, which undermines the stability of society, the stability of the constitutional order. While increasing the low level of legal culture of officials and citizens.

scholarly journals MANAGEMENT OF FINANCIAL AND ECONOMIC SECURITY OF THE ENTERPRISE (ON THE EXAMPLE OF ALTAIR + LLC)

2020 ◽  
Vol 11 (87) ◽  
Author(s):  
Leonid Katranzhy ◽  
◽  
Kateryna Novik ◽  
Keyword(s):  
Performance Indicators ◽  
Financial Stability ◽  
Scientific Literature ◽  
External Environment ◽  
Integrated Approach ◽  
Economic Security ◽  
Huge Number ◽  
Definition Of ◽  
High Level ◽  
Important System

The theoretical bases of essence of management of financial and economic safety of the enterprise are investigated. It is noted that in the scientific literature there is a huge number of opinions on the essence of the concept of financial and economic security, which is quite new in domestic economics. It is established that financial and economic security is an important system for ensuring the resilience of the enterprise to the changing external environment, and therefore consists of many effectively interconnected elements. The high level of financial and economic security of the enterprise is due only to a well-thought-out concept that operates at a particular enterprise and includes means, measures and methods to ensure financial stability and economic development of the enterprise. The process of managing the financial and economic security of the enterprise is divided into several successive stages: clear definition of the interests of the enterprise, forecasting possible threats, assessing the level of financial and economic security of the enterprise and comparing it with the normative, budgeting of financial and economic security, feedback in the implementation of measures by adjusting them. It is revealed that the integrated approach in the assessment of the level of financial and economic security of the enterprise is the most acceptable for domestic enterprises due to the coverage of a large number of important performance indicators in one integrated indicator. We have improved the method of assessing the level of financial and economic security of the enterprise, proposed by scientists N.V. Bondarchuk and M. Humenchuk, in accordance with the specifics of the activities of Altair + LLC. Along with the financial gaps, which these scientists propose to analyze in the process of assessing the financial and economic security of the enterprise, we proposed to analyze the technical, organizational, personnel and integration characteristics. It has been proved that the improved methodology is effective and allows to objectively assess the financial and economic security of Altair + LLC, as well as to identify reserves for improving the company.

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