This book explores the phenomenon of market manipulation and insider trading, and how it is regulated and dealt with by the European Union (EU), the United Kingdom (UK) and the United States of America (US) respectively. The ban on market manipulation in European law, for example, has its roots in the US, where the courts developed it based on the general common-law provisions on fraud.1 The EU regime for fighting market manipulation and insider trading – commonly referred to as market abuse – was significantly reshuffled in the wake of the financial crisis of 2007/08, and a new Directive and Regulation were proposed in 2011 and subsequently adopted in 2014.2 In all of the EU, US and the UK frameworks, the aftermath of the financial crisis, security concerns and increased legislation and policy responses to the fight against irregularities and market failures demonstrate that we need to understand the regulatory responses in this area in context. Specifically, the aim of this book is to investigate how the regulatory responses have changed since the start of the 2007/08 financial crisis, and to place the fight against market abuse within the broader picture of the fight against white-collar crime and the associated questions it raises in the context of the EU, US and the UK.
چکیده فارسی
این کتاب به بررسی پدیده دستکاری بازار و تجارت داخلی و نحوه تنظیم و رسیدگی به آن توسط اتحادیه اروپا (EU)، بریتانیا (بریتانیا) و ایالات متحده آمریکا (ایالات متحده) می‌پردازد. به عنوان مثال، ممنوعیت دستکاری بازار در قوانین اروپایی، ریشه در ایالات متحده دارد، جایی که دادگاه ها آن را بر اساس مقررات کلی قانون رایج در مورد تقلب ایجاد کردند. به عنوان سوء استفاده از بازار - در پی بحران مالی 2007/08 به طور قابل توجهی تغییر یافت و یک دستورالعمل و مقررات جدید در سال 2011 پیشنهاد شد و متعاقباً در سال 2014 تصویب شد. بحران مالی، نگرانی‌های امنیتی و افزایش قوانین و پاسخ‌های سیاستی به مبارزه با بی‌نظمی‌ها و شکست‌های بازار نشان می‌دهد که ما باید پاسخ‌های نظارتی در این زمینه را در چارچوب درک کنیم. به طور خاص، هدف این کتاب بررسی چگونگی تغییر واکنش‌های نظارتی از آغاز بحران مالی 2007/2008 و قرار دادن مبارزه با سوء استفاده از بازار در تصویر گسترده‌تر از مبارزه با جرایم یقه سفید و موارد مرتبط است. سوالاتی را که در زمینه اتحادیه اروپا، ایالات متحده و بریتانیا مطرح می کند.
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LIST OF STATUTORY PROVISIONS
UK Law
Financial Services Act 1986 ................................................................................ 127–28
Criminal Justice Act 1993...................................................11 , 48 , 80–83 , 92 , 102 , 126
Competition Act 1998...................................................................................................89
Financial Services and Markets Act 2000.................................. 48 , 51 , 60 , 80–81 , 83 ,
85–90 , 92–93 , 95 , 102 , 126
Proceeds of Crime Act 2002................................................................48 , 50–51 , 84 , 94
Financial Services Act 2012 ..................................................................6 , 48 , 83 , 86–89
Sanctions and Anti-Money Laundering Act 2018 ..................................................102
US Law
False Claims Act 1863.......................................................................................... 54 , 115
Securities Exchange Act 1934 ....................................................................................107
Commodity Futures Trade Commission Act 1974.............................7, 9, 12, 56–57,
103 , 121–23 , 128
Racketeer Influenced Corruption Organisation Act 1970.......................... 6, 53, 107
Insider Trading and Securities Fraud Enforcement Act of 1988.................... 105–06
Insider Trading Securities Fraud Enforcement Act 1988................................ 105–06
Financial Institutions Reform, Recovery and Enforcement Act 1989........... 57, 120
Securities Enforcement Remedies and Penny Stock Act 1990 ..............................107
Sarbanes Oxley Act 2002 ................................................................................... 107 , 111
American Recovery and Reinvestment Act 2009........................................................5
Dodd Frank Act 2012 ............................................................................................ 5 , 122
European Legislation and Treaties
Convention for the Protection on Human Rights and Fundamental
Freedoms (European Convention on Human Rights,
as amended) (ECHR)................................................................... 22, 31–32, 39–40,
42–43 , 59 , 77
xii List of Statutory Provisions
Treaty of The Functioning of the European Union (consolidated version)
OJ C 326, 26.10.2012, pp 47 – 390 ........................................................7 , 11 , 14–15 ,
19 , 21–22 , 24–26 ,
28–31 , 33 , 37 , 44–45 ,
47 , 62 , 64–70 , 73 ,
76–77 81
Treaty of the European Union, (consolidated version) OJ C 326,
26.10.2012, pp 13 – 390 .............................................................................. 21 , 42 , 77
Charter of Fundamental Rights of the European Union [2012]
OJ C 326/391........................................................................................30–33 , 40 , 42,
44–45 , 47 , 58 , 66 , 76–77
Council Decision of 6 April 2009 establishing the European Police
Office (Europol) OJ L 121/37....................................................... 67–69 , 73–74 , 78
Council Decision 2007/845/JHA of 6 December 2007 concerning
cooperation between Asset Recovery Offices of the Member States
in the field of tracing and identification of proceeds from, or other
property related to, crime [2007] OJ L 332/103 ..................................................61
Council Directive 2006/112/EC of 28 November 2006 the common
system of value added tax [2006] OJ L 347/1 ......................................................45
Council Regulation (EU) 2017/1939 of 12 October 2017 implementing
enhanced cooperation on the establishment of the European
Public Prosecutor’s Office (‘the EPPO’) [1939] OJ L 283/1...........11, 35, 60, 67–71,
73–75 , 77–79 , 126
Directive (EU) 2018/843 of the European Parliament and of the Council
of 30 May 2018 amending Directive (EU) 2015/849 on the prevention
of the use of the financial system for the purposes of money laundering
or terrorist financing, and amending Directives 2009/138/EC
and 2013/36/EU [2018] OJ L 156/43 ...........................................32–33 , 44 , 62 , 64
Directive (EU) 2017/1371 of the European Parliament and of the
Council of 5 July 2017 on the fight against fraud to the Union’s
fi nancial interests by means of criminal law [2017] OJ L 198/29 .............. 42, 65
Directive (EU) 2016/680 of the European Parliament and of the Council
of 27 April 2016 on the protection of natural persons with regard to the
processing of personal data by competent authorities for the purposes
of the prevention, investigation, detection or prosecution of criminal
offences or the execution of criminal penalties, and on the free
movement of such data, and repealing Council Framework Decision
2008/977/JHA [2016] OJ L 119/89................................................................. 75 , 77
Directive (EU) 2015/849 of the European Parliament and of the Council
20 May 2015 the prevention of the use of the financial system for
the purposes of money laundering or terrorist financing amending
Regulation (EU) No 648/2012 of the European Parliament and
of the Council, and repealing Directive 2005/60/EC of the
European Parliament and of the Council and Commission
Directive 2006/70/EC [2015] OJ 141/73 ..............................................................62
List of Statutory Provisions xiii
Directive 2014/57/EU of the European Parliament and of the Council
of 16 April 2014 criminal sanctions for market abuse
(market abuse directive) [2014] OJ L 173/179 ................................1–3, 7, 14–18,
23–28 , 30 , 33 ,
35–37 , 42 , 44 ,
47 , 70 , 77 , 81 ,
86 , 125
Directive 2014/59/EU of the European Parliament and of the Council
of 15 May 2014 establishing a framework for the recovery and resolution
of credit institutions and investment firms and amending Council
Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC,
2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU
and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU)
No 648/2012, of the European Parliament and of the Council
[2014] OJ L 173/190................................................................................................70
Regulation (EU) 2015/847 of the European Parliament and of the Council
of 20 May 2015 on information accompanying transfers of funds and
repealing Regulation (EC) 1781/2006 [2015] OJ L 141/1 p 1–18 .....................63
Regulation (EU) No 806/2014 of the European Parliament and of the
Council of 15 July 2014 establishing uniform rules and a uniform
procedure for the resolution of credit institutions and certain
investment firms in the framework of a Single Resolution Mechanism
and a Single Resolution Fund and amending Regulation (EU) 1093/2010
[2014] OJ L 225/1 ....................................................................................................70
Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 market abuse (market abuse regulation) and
repealing Directive 2003/6/EC of the European Parliament and of the
Council and Commission Directives 2003/124/EC, 2003/125/EC
and 2004/72/EC [2014] OJ L 173/1......................................................... 1 , 3 , 7 , 14 ,
16 , 23 , 26 , 28–37 ,
47 , 70 , 77 , 80–81 ,
88–89 , 125
Directive 2001/97/EC of the European Parliament and of the Council
of 4 December 2001 amending Council Directive 91/308/EEC on
prevention of the use of the financial system for the purpose of money
laundering – Commission Declaration [2001] OJ L 344/76..............................62
Directive 2005/60/EC of the European Parliament and of the Council
of 25 November 2005 on the prevention of the use of the financial
system for the purpose of money laundering and terrorist financing
[2005] OJ L 309/15..................................................................................................29
Directive 2006/24/EC of the European Parliament and of the Council
of 15 March 2006 on the retention of data generated or processed
in connection with the provision of publicly available electronic
communications services or of public communications networks
andamending Directive 2002/58/EC [2006] OJ L 105/54.................................76
xiv List of Statutory Provisions
Council Directive 91/308/EEC of 10 June 1991 prevention of the use of the
fi nancial system for the purpose of money laundering [1991]
OJ L 166/77 ..............................................................................................................62
Council Regulation (EC, Euratom) 2988/95 of 18 December 1995 on the
protection of the European Communities financial interests OJ L 312/1 .......42
Council Directive 89/592/EEC of 13 November 1989 coordinating
regulations on insider dealing [1989] OJ L 334/30.............................................81
EU Policy Document and Commission Documents
Commission, ‘Completing the Better Regulation Agenda: Better Solutions
for Better Results’ (Communication) COM (2017) 651 final............................71
Commission, ‘Fighting Corruption in the EU’ (Communication)
COM (2011) 308 final.............................................................................................61
Commission, ‘Proposal for a Directive on Combatting terrorism and
replacing Council Framework Decision’ 2002/475/JHA, COM (2015)
625 final ....................................................................................................................62
Commission, ‘Proposal for a Directive of the European Parliament and
of The Council on countering money laundering by criminal law’
COM (2016) 826 final.............................................................................................62
Commission, ‘Proposal for a directive of The European Parliament
and of The Council on Criminal Sanctions for Insider Dealing’
COM (2011) 654 final 2011/0297 (COD) ............................................... 25 , 44–45
Commission, ‘Proposal for a Regulation of The European Parliament
and Of The Council on European Production and Preservation
Orders for electronic evidence in criminal mattes’ COM (2018)
225 final ............................................................................................................. 75–76
Commission, ‘Reinforcing sanctioning regimes in the financial
sector’ (Communication) COM (2010) 716 final .................................. 24 , 26 , 43
Commission, ‘The European Agenda on Security’ (communication)
COM (2015) 185 final.....................................................................................62
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