UK insider dealing and market abuse law: strengthening regulatory law to combat market misconduct

2013 ◽  
pp. 407-428
Author(s):  
Kern Alexander
Keyword(s):  
Market Abuse ◽  
Regulatory Law ◽  
Insider Dealing

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.

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.

18. Company Law III Company Meetings, Shareholder Protection, and Liquidation of Companies

2017 ◽  
Author(s):  
Lucy Jones
Keyword(s):  
Company Law ◽  
Minority Shareholders ◽  
Market Abuse ◽  
Shareholder Protection ◽  
Different Types ◽  
Insider Dealing ◽  
The Difference ◽  
A Company

This chapter discusses the different types of company meetings and how meetings are convened and managed. It examines the different types of resolutions that may be made by shareholders both at meetings and outside meetings, and the rights of shareholders to propose their own resolutions. It explains the difference between voting by a show of hands and voting by poll. It considers the protection given by law to minority shareholders. It discusses the meaning of insider dealing and market abuse and the penalties they attract. The chapter concludes with a discussion of methods by which a company can be wound up and the meaning of wrongful and fraudulent trading.

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.

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