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

ISBN-13: 9781509903078 / Angielski / Twarda / 2019 / 168 str.

Nicholas Ryder; Ester Herlin-Karnell

Opis

One of the emerging trends in the debate surrounding the causes of the 2007/2008 financial crisis 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. This monograph, however, goes further, identifying a new and emerging type of white collar crime: namely market manipulation. In the book specific reference is made to the manipulation of London Interbank Offered Rate (LIBOR) and the foreign exchange market (FOREX). The authors 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.

Spis treści

1. Introduction I. Introduction II. The Financial Crisis and the Fight against Financial Crimes: Some Hardcore Data III. Market Manipulation: The Major Crime IV. Structure of the Chapters V. Conclusion 2. Market Manipulation and Insider Dealing in the EU Context I. Introduction II. The EU’s Fight against Financial Crimes and the Importance of ‘Confidence’ in the Market III. The EU Legislative Framework to Fight Market Abuse IV. Criminal Liability for Legal Persons – A Brief Overview V. Conclusion 3. Regulatory Strategies: On the Choice of Sanction I. Introduction II. Quasi-criminal Law in the EU Context III. The Eternal Debate: Criminal or Administrative Sanctions? IV. Market Abuse Sanctions – The EU Context and the Question of Proportionality V. The United Kingdom VI. The United States of America VII. Conclusion 4. Market Abuse and the Wider EU Fight Against Financial Crimes I. Introduction II. The Wider Area of Financial Crimes: Money Laundering and Fraud III. The European Public Prosecutor’s Office and EU Agencies IV. Subsidiarity Questions and Accountability with Broader Relevance for the EU Market Abuse Regime V. Fundamental Rights and Data Protection VI. Conclusion 5. The United Kingdom I. Introduction II. Insider Dealing III. Market Abuse IV. The 2007/08 Financial Crisis, Market Manipulation and the Enforcement Response V. The Serious Fraud Office VI. The Financial Conduct Authority VII. Conclusion 6. The United States of America I. Introduction II. Insider Trading III. Market Manipulation IV. The 2007/08 Financial Crisis, Market Manipulation and the Enforcement Response V. The Securities and Exchange Commission VI. The Department of Justice VII. Commodities Futures Trading Commission VIII. Conclusion 7. Conclusion I. Introduction II. Final Remarks