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Market Manipulation and Insider Trading: Regulatory Challenges in the United States of America, the European Union and the United Kingdom [Hardback]

(University of Gothenburg, Sweden),
  • Formāts: Hardback, 168 pages, height x width: 234x156 mm, weight: 396 g
  • Izdošanas datums: 19-Sep-2019
  • Izdevniecība: Hart Publishing
  • ISBN-10: 1509903070
  • ISBN-13: 9781509903078
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  • Formāts: Hardback, 168 pages, height x width: 234x156 mm, weight: 396 g
  • Izdošanas datums: 19-Sep-2019
  • Izdevniecība: Hart Publishing
  • ISBN-10: 1509903070
  • ISBN-13: 9781509903078
One of the emerging trends in the debate surround the causes of the global financial crisis which seriously started in 2008 has been the identification of the contributory factors. A great deal of literature has concluded that there were many factors including, inter alia, weak banking regulation, weak regulation of the consumer credit markets, securitisation and the spectacular collapse of the United States sub-prime mortgage sector. However, there has been an increasing amount of recognition that white collar crime was a significant factor that influenced the most recent financial crisis. The early body of research on the link between white collar crime and the financial crisis identified mortgage fraud as being one of the most prominent causes. However, this monograph seeks to identify a new version of and emerging type of white collar crime: market manipulation. Specific reference will be made to the manipulation of London Interbank Offered Rate (LIBOR) and the foreign exchange market (FOREX) and other relevant cases. In this monograph the authors will identify the association between the financial crisis and market manipulation and then critically consider the legislative, policy and enforcement responses in the United States of America, the United Kingdom and the European Union.

Recenzijas

Thorough, detailed yet dealing with fundamental questions, Market Manipulation and Insider Trading is a value-adding piece of work in the field of multijurisdictional literature on market abuse. -- Lela Mélon, University Pompeu Fabra * International and Comparative Corporate Law Journal * An exceptionally well researched and timely book with helpful references to the relevant academic literature, legislation and policy interventions in the field of market abuse particularly suited to EU policymakers, scholars, lawyers, and other professionals who will also benefit from the insights mentioned in this book. -- Bohan Liu, Xiamen University Law School * Modern Law Review * Extensively researched and hence a helpful repository of references to some of the main scholarly texts and policy documents (and legislation) relevant to the market abuse and benchmark manipulation areas a timely text that draws our attention to the globally pervasive issues of market abuse and benchmark manipulation and their regulation, as part of the more general problem of financial crime. -- Eva Lomnicka * Common Market Law Review * This excellent publication should enjoy a wide audience among legislators and policy-makers. -- Dayanath Jayasuriya * The Commonwealth Lawyer * [ The book] delivers, in a clear and succinct form, an overview of the law in relation to market abuse in the EU, UK and USA it is recommended for academics, lawyers, students and policy makers who have an interest in this interesting and evolving field. -- Janet Austin, University of New Brunswick * Banking & Finance Law Review *

Papildus informācija

This is the first book length study on an increasingly significant field of white collar crime; market manipulation.
Preface v
List of Abbreviations
ix
List of Statutory Provisions
xi
1 Introduction
1(13)
I Introduction
1(3)
II The Financial Crisis and the Fight against Financial Crimes: Some Hardcore Data
4(4)
III Market Manipulation: The Major Crime
8(2)
IV Structure of the
Chapters
10(2)
V Conclusion
12(2)
2 Market Manipulation and Insider Dealing in the EU Context
14(25)
I Introduction
16(1)
II The EU's Fight against Financial Crimes and the Importance of `Confidence' in the Market
17(7)
III The EU Legislative Framework to Fight Market Abuse
24(11)
IV Criminal Liability for Legal Persons - A Brief Overview
35(2)
V Conclusion
37(2)
3 Regulatory Strategies: On the Choice of Sanction
39(21)
I Introduction
39(4)
II Quasi-criminal Law in the EU Context
43(2)
III The Eternal Debate: Criminal or Administrative Sanctmns?
45(2)
IV Market Abuse Sanctions - The EU Context and the Question of Proportionality
47(1)
V The United Kingdom
48(4)
VI The United States of America
52(6)
VII Conclusion
58(2)
4 Market Abuse and the Wider EU Fight Against Financial Crimes
60(20)
I Introduction
60(1)
II The Wider Area of Financial Crimes: Money Laundering and Fraud
61(6)
III The European Public Prosecutor's Office and EU Agencies
67(4)
IV Subsidiarity Questions and Accountability with Broader Relevance for the EU Market Abuse Regime
71(4)
V Fundamental Rights and Data Protection
75(3)
VI Conclusion
78(2)
5 The United Kingdom
80(23)
I Introduction
80(1)
II Insider Dealing
80(6)
III Market Abuse
86(7)
IV The 2007/08 Financial Crisis, Market Manipulation and the Enforcement Response
93(1)
V The Serious Fraud Office
93(2)
VI The Financial Conduct Authority
95(6)
VII Conclusion
101(2)
6 The United States of America
103(22)
I Introduction
103(1)
II Insider Trading
103(5)
III Market Manipulation
108(1)
IV The 2007/08 Financial Crisis, Market Manipulation and the Enforcement Response
108(3)
V The Securities and Exchange Commission
111(3)
VI The Department of Justice
114(7)
VII Commodities Futures Trading Commission
121(3)
VIII Conclusion
124(1)
7 Conclusion
125(4)
I Introduction
125(2)
II Final Remarks
127(2)
Bibliography 129(10)
Index 139
Ester Herlin-Karnell is currently a visiting research fellow at Uppsala University. Nicholas Ryder is Professor of Law at the University of the West of England, Bristol.