The criminal and administrative type of front running practice and damage to the securities market

2021 ◽  
Vol 9 ◽  
Author(s):  
Luís Henrique Lins
Keyword(s):  
Securities Market ◽  
Coercive Power ◽  
Inside Information ◽  
Inappropriate Use ◽  
Proper Functioning ◽  
Front Running ◽  
Market Practices ◽  
Administrative Sanctions

The purpose of this article is to clarify non-equitable market practices and crimes against the securities market, especially the practice of front running, in addition to point cases in which individuals acted illegally and indicate the damages to the market that this practice has caused. It also explains the possible criminal and administrative sanctions applied to the practice of front running presently in Brazilian law and whether using HTFs is considered a way of front running. The conclusion is that the practice of front running affects the proper functioning of the securities market. It damages the liquidity of assets and the parity of information principle through the inappropriate use of inside information. In addition, there is an appeal for hardening custodial sentences on crimes against the securities market, as it has greater coercive power than regular fines.

scholarly journals Las normas de comportamiento ético en el manejo de la información privilegiada en la Ley Reguladora del Mercado de Valores

1969 ◽  
Vol 4 (2) ◽  
pp. 81-94
Author(s):  
Federico Montiel Castillo
Keyword(s):  
Negative Impact ◽  
Third Party ◽  
Securities Market ◽  
Specific Information ◽  
Privileged Information ◽  
Inside Information ◽  
Public Officials ◽  
Value System ◽  
El Sistema ◽  
Undue Advantage

Las normas de conducta en el manejo de la información privilegiada en la Ley Reguladora del Mercado de Valores son postulados importantes que fortalecen los principios de confianza, protección al inversor y la seguridad que debe prevalecer en el sistema del mercado de valores. Estas normas de conducta son principios éticos que rigen el actuar no solo de los funcionarios públicos que puedan tener acceso a la misma, sino también a una serie de colaboradores que en ocasión de sus funciones puedan conocerla y procurar un beneficio indebido para sí, para un tercero o bien para un grupo de interés económico, lo que a la postre puede significar un impacto negativo no solo en el sistema de valores sino también en la confianza del público inversor como actor fundamental.ABSTRACTConduct regulations related to the management of privileged information as stated in the Securities Market Regulating Law are important principles that strengthen the trust, protection, and safety of investors that should prevail in the market system. These rules of conduct are ethical principles that govern the actions, not only of public officials who may have access to specific information, but also to a number of collaborators that, thanks to their functions, can know it, too, and who may procure an undue advantage for themselves, for a third party or for a group of economic interest, a situation that, ultimately, may bring a negative impact, not only on the value system, but also on the confidence of a key player: the investing public.KEYWORDS: INSIDE INFORMATION, POST BAG, STOCK MARKET CRIMES, RESPONSIBILITY OFFICER, BOARD, SUGEVAL.

What's wrong with insider dealing?

Legal Studies ◽  
1995 ◽  
Vol 15 (3) ◽  
pp. 390-414 ◽  
Author(s):  
Harry McVea
Keyword(s):  
Criminal Justice ◽  
Business Ethic ◽  
Securities Market ◽  
Inside Information ◽  
Investor Confidence ◽  
Market Makers ◽  
Criminal Sanctions ◽  
Insider Dealing

If there is one fact about which critics (deregulators) and proponents (regulators) of anti-insider dealing laws are certain to agree, it is that rules designed to prohibit trading on inside information are popular. Virtually every country with a developed securities market has implemented legislation regulating insider dealing and in the vast majority of cases criminal sanctions have been imposed. Britain is no exception, and has recently reaffirmed its policy commitment in the Criminal Justice Act 1993, Part V (CJA). Regulators claim that legislation is justified on the basis of a range of different arguments, the most consistently cited of which is that insider dealing jeopardises the development of fair and orderly markets and by so doing undermines investor confidence. Other justifications include allegations that insider dealing is immoral, and contrary to ‘good business ethic’; that it hurts corporations (and their shareholders), investors, and market-makers;

scholarly journals Fair Disclosure of Inside Information by Listed Companies: A comparative study between the UK and Kuwait

2019 ◽  
Vol 1 (1) ◽  
pp. 13-23
Author(s):  
Abdullah R A S Alshebli
Keyword(s):  
Regulatory Authority ◽  
Equal Opportunity ◽  
Listed Companies ◽  
Developed Countries ◽  
Securities Market ◽  
Individual Investors ◽  
Inside Information ◽  
Fair Disclosure ◽  
Disclosure Rules ◽  
The Uk

In Kuwait, the Capital Markets Act 2010 (the Act) gives the regulatory authority the power to pass disclosure rules. However, the Act does not mention how to improve such disclosure rules. Therefore, this article will be discussed the aspect of protecting individual investors, which involves ensuring fair disclosure by listed companies, because informed investors are protected investors. This article will discuss the idea of having fair disclosure to protect investors to ensure that all investors have equal opportunity to access and know about inside information in an appropriate time and manner. This article also will be examined the existing disclosure rules that apply to equity shares in Kuwait as compared to the UK’s disclosure regimes as examples of developed countries.   Keywords: Disclosure rules, Inside Information, Kuwait securities market.  

scholarly journals To Remain or Not to Remain Silent: The Evolution of The Privilege against Self-incrimination Ten Years After Marttinen v. Finland

2019 ◽  
Vol 6 (2) ◽  
pp. 136-151
Author(s):  
Tuomas Hupli
Keyword(s):  
Human Rights ◽  
Criminal Procedure ◽  
Case Law ◽  
Coercive Power ◽  
Inappropriate Use ◽  
European Court ◽  
The Law ◽  
The Right ◽  
Debt Enforcement

According to the judgment of the European Court of Human Rights (ECtHR) in Marttinen v. Finland, a debtor has the right to remain silent in a debt enforcement enquiry given that the following conditions are met: first, that the inquiry is held concurrently with a criminal procedure; and second, that the same questions of evidence are investigated in both of the concurrent proceedings. Under these circumstances, the debtor enjoys the privilege against self-incrimination in the enforcement enquiry. The scope of this article is to examine whether the debtor has not only the right to remain silent, but also the right to give false statements. The assessment of this problem is built on the moral grounds of the privilege itself, but also on the law reforms and changes in case law after the judgment in the Marttinen case. As a conclusion of this article, the problem of false statements should not be evaluated by equating silence with false statements, but by considering two basic questions. First, would the right to remain silent suffice to protect the privilege against self-incrimination; and second, whether the motives for providing false statements express the aim to achieve something else than protection against inappropriate use of coercive power.

scholarly journals Public health emergency and insider trading in the corporate sector

2021 ◽  
Vol 10 (4) ◽  
pp. 104-112
Author(s):  
Anthony O. Nwafor
Keyword(s):  
Public Health ◽  
Insider Trading ◽  
Public Health Emergency ◽  
Securities Market ◽  
Inside Information ◽  
The Public ◽  
Disease Information ◽  
The World ◽  
The Law ◽  
Different Parts

As governments in different parts of the world seek solutions to the public health emergency created by the COVID-19 pandemic and the impacts on corporate enterprises, different steering committees are constituted to implement measures aimed at containing the spread of the disease. Information that has the potential to impact materially on companies’ securities when made public is shared among committee members in the course of their deliberations. That realization informs the purpose of this paper which is to explore through doctrinal research method the law on insider trading in South Africa in such a manner as would reaffirm the position of the law on insider, inside information, and the prohibited conducts. The findings indicate a propensity by those entrusted with business information to leverage such information for personal benefits which creates a problem of uncertainties on the integrity of the securities market. The paper concludes by advocating the application of the law in such a manner as would ensure that the conduct of persons entrusted with inside information is guided by the legal threshold on insider trading.

Health Informatics: Handle with Caution

1997 ◽  
Vol 36 (02) ◽  
pp. 79-81
Author(s):  
V. Leroy ◽  
S. Maurice-Tison ◽  
B. Le Blanc ◽  
R. Salamon
Keyword(s):  
Health Care ◽  
Data Management ◽  
Medical Informatics ◽  
Health Care Professionals ◽  
Data Security ◽  
Health Informatics ◽  
The Other ◽  
Inappropriate Use

Abstract:The increased use of computers is a response to the considerable growth in information in all fields of activities. Related to this, in the field of medicine a new component appeared about 40 years ago: Medical Informatics. Its goals are to assist health care professionals in the choice of data to manage and in the choice of applications of such data. These possibilities for data management must be well understood and, related to this, two major dangers must be emphasized. One concerns data security, and the other concerns the processing of these data. This paper discusses these items and warns of the inappropriate use of medical informatics.

Institutional Investors on the Securities Market

2003 ◽  
pp. 95-101
Author(s):  
O. Khmyz
Keyword(s):  
Financial Crisis ◽  
Capital Market ◽  
Hedge Funds ◽  
Institutional Investors ◽  
Securities Market ◽  
Main Role ◽  
Investment Funds ◽  
Investment Process ◽  
The Capital Market

Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.

The Russian ruble crisis of December 2014

2016 ◽  
pp. 66-86
Author(s):  
A. Obizhaeva
Keyword(s):  
Microstructure Analysis ◽  
Future Market ◽  
Effective Response ◽  
Large Order ◽  
Short Period ◽  
The Face ◽  
Front Running ◽  
Futures And Options

The paper presents a microstructure analysis of the crash of the Russian ruble in mid-December 2014. The author shows that the market break probably happened due to the execution of a large order that converted Russian rubles into U.S. dollars over a short period of a few days. Expirations of futures and options as well as possible front-running could have exacerbated the collapse of the Russian currency. The paper discusses measures taken by the Moscow Exchange and Bank of Russia during the episode and makes several recommendations to prevent a repetition of the similar events and provide an effective response in the face of future market breaks.

No ‘Help to the Imagination’: Kate O'Brien and the Emergency

2018 ◽  
Vol 48 (1) ◽  
pp. 97-112
Author(s):  
Anna Teekell
Keyword(s):  
Complex Space ◽  
Coercive Power ◽  
Cultural Conservatism ◽  
Kate O'brien ◽  
The Individual ◽  
Love Triangle

Kate O'Brien's 1943 The Last of Summer has been read as the novelist's riposte to an insular island that stifled both her publishing (through censorship) and her imagination (through cultural conservatism). Set on the eve of the neutral ‘Emergency’, O'Brien's sixth novel actually depicts Ireland as a complex space of negotiation, simultaneously desirable and condemnable, that challenges, rather than stifles, the individual imagination. The Last of Summer is a love triangle and a battle of wits, pitching a stage actress, the French ingénue Angèle, against an accomplished domestic performer, her potential mother-in-law, Hannah Kernahan. In the end, it is Hannah who wields ‘neutrality’ – both Ireland's in the war and her pretended neutrality in family matters – as a form of coercive power.

PROSPECTS FOR THE DEVELOPMENT OF THE LEGAL MECHANISM FOR THE FUNCTIONING OF PAYMENT SYSTEMS

2020 ◽  
Vol 13 (3) ◽  
pp. 079-084
Author(s):  
ELIZAVETA SALINA ◽  
Keyword(s):  
Legal Framework ◽  
Legal Regulation ◽  
Payment System ◽  
State University ◽  
Payment Systems ◽  
Proper Functioning ◽  
Money Transfer ◽  
Level Of Significance ◽  
Transfer Services ◽  
Legal Mechanism

1 Lomonosov Moscow State University, Moscow, Russia The presented research reveals an approach to the construction of a legal mechanism for the functioning of payment systems. The proposed approach is based on the application of the principles of legal regulation. The purpose of a work is to determine the existing legal mechanism for the functioning of payment systems, identify its drawbacks and propose a new approach to legal regulation to ensure the proper functioning of payment systems. The proposed approach to legal regulation takes into account the specifics of the functioning of payment systems, which consists in the presence of three elements in its activities: institutional, procedural and organizational. These elements reflect the subject structure of the payment system, the process of providing money transfer services by them, and the ways in which payment system entities interact during providing payment services. Each of the elements must be defined within the legal framework of the payment system to ensure its proper functioning. The proposed principles of legal regulation take into account the features of these elements, in particular, the principles are classified into three groups, depending on the element they affect. The paper describes ways to implement the principles in the legal mechanism: the possibility of their direct application, depending on the type of significance of the payment system, is analyzed. It is also concluded that the implementation of the principles in the legal mechanism will reduce the regulatory burden on payment systems by using an approach depending on the level of significance of the payment system. The paper defines the role of the principles, which is that the principles allow to eliminate the legal gaps in the legislation on the national payment system, and prevent the emergence of new gaps.

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