On the Effects of Capital Markets’ Regulation on Allocation Efficiency: An Assessment of EU Market Abuse Directive

2018 ◽  
Author(s):  
Paulo Pereira da Silva
Keyword(s):  
Capital Markets ◽  
Allocation Efficiency ◽  
Market Abuse ◽  
Market Abuse Directive

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.

A historical overview of the general implementation of the European Union Market Abuse Directive in the United Kingdom before Brexit and its future implications

2017 ◽  
Vol 24 (2) ◽  
pp. 217-244
Author(s):  
Howard Chitimira
Keyword(s):  
European Union ◽  
United Kingdom ◽  
Insider Trading ◽  
The European Union ◽  
Member States ◽  
Market Abuse ◽  
The United Kingdom ◽  
Insider Dealing ◽  
The Eu ◽  
Market Abuse Directive

The European Union (EU) was arguably the first body to establish multinational anti-market abuse laws aimed at enhancing the detection and curbing of cross-border market abuse activities in its Member States. Put differently, the EU Insider Dealing Directive was adopted in 1989 and was the first law that harmonized the insider trading ban among the EU Member States. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation (EU Market Abuse Directive) was adopted in a bid to improve and effectively discourage all forms of market abuse in the EU’s securities and financial markets. However, the EU Market Abuse Directive had its own gaps and flaws. In light of this, the Market Abuse Regulation and the Criminal Sanctions for Market Abuse Directive were enacted to repeal and replace the EU Market Abuse Directive in 2016. The article examines the adequacy of the EU Market Abuse Directive and its implementation in the United Kingdom (UK) prior to the UK’s vote to leave the European Union (Brexit). This is done to investigate the possible implications of the Brexit referendum outcome of 23 June 2016 on the future regulation of market abuse in the UK.

The EU Market Abuse Directive: understanding the implications

2005 ◽  
Vol 6 (2) ◽  
pp. 30-37 ◽  
Author(s):  
Alan Mangelsdorf
Keyword(s):  
Market Abuse ◽  
The Eu ◽  
Market Abuse Directive

The EU Market Abuse Directive: A Case-Based Analysis

2007 ◽  
Author(s):  
Mathias M. Siems
Keyword(s):  
Market Abuse ◽  
Case Based ◽  
The Eu ◽  
Market Abuse Directive

Part A Annotated Guide, 6 Private Enforcement of the Market Abuse Regulation in European Law

2017 ◽  
Author(s):  
Busch Danny
Keyword(s):  
Administrative Law ◽  
Public Law ◽  
Private Enforcement ◽  
Private Law ◽  
European Law ◽  
Legal Systems ◽  
Market Abuse ◽  
Annotated Guide ◽  
Market Abuse Directive

This chapter discusses the role of the Market Abuse Regulation in private law. An infringement of the MAR has an important effect on the private law relations between the infringer and the investing public. As regulatory provisions of this nature are classified as public law, any failure to comply with the MAR will also affect the infringer’s relationship with the competent financial supervisor. In other words, the relevant financial supervisor can enforce these provisions under administrative law in the event of an infringement. This is essentially no different from the situation under of the Market Abuse Regulation’s predecessor—the (former) Market Abuse Directive (2003/6/EC), as implemented in the various national legal systems.

ANALYSIS OF THE AUTHORITY OF CAPITAL MARKETS BOARD TO IMPOSE ADMINISTRATIVE FINES IN CAPITAL MARKET LAW BASED ON RELEVANT PROVISIONS

2021 ◽  
Vol 6 (15) ◽  
pp. 218-234
Author(s):  
Ahmet TOK
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Transfer Pricing ◽  
Passive Transfer ◽  
Market Abuse ◽  
Special Cases ◽  
The Subject ◽  
The Law ◽  
Administrative Sanction ◽  
Made In

The aim of this paper is to analyze the legal infrastructure of the authority of administrative fines that imposes by Capital Markets Board in the Capital Markets Law No. 6362 (CML/Law). General principles of administrative fines are regulated in the first paragraph of Article 103 of the Law while special cases of administrative fines are regulated in the following paragraphs of the same article and in Article 104. Violation of take-over bid obligation, non-deliver of net gain to the issuer, passive transfer pricing regulation, withholding information and document, preventing the auditing and market abuse actions can be mentioned among special cases. In our study, the purpose of the administrative fine, the problem to whom the administrative fine will be applied, the problems encountered in the practice related to the subject, the current amendments made in the law especially the regulation on the administrative fines that imposed for legal entities, legal ways to be applied against the administrative sanction decision and the issues on which administrative fines are imposed in practice are also investigated. Finally it is aimed to contribute to doctrine and practice.

Sign in / Sign up

Export Citation Format

Share Document