Market Abuse Regulation / Edition 2

by Edward J Swan

Overview

Market abuse prevention is critical in maintaining confidence in financial markets where competition for large financial transactions is growing more intense. The US has had regulations to counter such market abuse as insider dealing and market manipulation for many years. However, it is only recently that the UK and the EU have thought it necessary to introduce legislation giving their regulators powers to deter and punish market abuse.

The purpose of this book is to clarify the meaning, impact and application of the new UK and EU regulations, issues which have generated much interest and apprehension. The book examines in detail the new UK market abuse regime, including: The Financial Services and Markets Act 2000; The implementing regulations; The interpretation of the regulations by the Financial Services Authority; The conduct of investigations; The defences and appeals available against a finding of market abuse.

The same analysis is applied to even more recent EU regulations, which have changed UK Regulation in significant ways. Finally, in order to help clarify the position of traders in an international market, the book also discusses key issues of how the new UK and EU regulation are likely to interact with US regulation.

Product Details

ISBN-13:	9780199532834
Publisher:	Oxford University Press, USA
Publication date:	11/15/2009
Pages:	400
Product dimensions:	9.60(w) x 7.00(h) x 1.40(d)

About the Author

Edward J Swan qualified as a New York lawyer in 1976 and was until recently a partner in the financial markets department at Simmons & Simmons. He specialises in commodities, derivatives and financial services regulation and is a member of various ISDA Committees. He is the author of numerous books and articles on financial services law and derivatives trading and regulation.

Table of Contents

About the Author     v
Acknowledgements and Dedication     vii
Preface     ix
Table of Contents     xi
Bibliography     xiii
Introduction     1
Evolving Regulation     3
Promoting Fair Markets     17
Defining Market Abuse     29
Insider Dealing     39
Market Manipulation     45
Interpretation     61
Scope of Coverage     67
Judging Behaviour     75
Enforcement Procedure     99
Penalties     111
Defences     133
Hearings and Appeals     147
Criminal Law     159
Market Abuse Cases     169
Overlapping US Regulation     189
Conclusion     195
Glossary     197