Insider Dealing and Criminal Law Dangerous Liaisons
This work is a multidisciplinary analysis of the issue of insider dealing from the perspective of the applicability of criminal law to regulate it. First, it examines the nature of its prohibition in the European Union and in the United States of America.
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Iwona Seredyn´ska
Insider Dealing and Criminal Law Dangerous Liaisons
Dr. Iwona Seredyn´ska [email protected]
The present project is supported by the National Research Fund, Luxembourg. ISBN 978-3-642-22856-8 e-ISBN 978-3-642-22857-5 DOI 10.1007/978-3-642-22857-5 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2011941589 # Springer-Verlag Berlin Heidelberg 2012 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
[I]t appears humiliating to the legislative authority of a state, to whom we must naturally attribute the utmost wisdom, to seek instruction from subjects (the philosophers) on principles of conduct [. . .]. It is nevertheless very advisable to do so.... Immanuel Kant “Perpetual Peace: A Philosophical Sketch”
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Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xv 1
Insider Dealing Prohibition: Basic Construction, Economic and Ethical Perspectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 A Development of the Insider Dealing Regulation in the European Union and the United States of America . . . . . . . . . . . . . 2 I Market Abuse Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 From No Regulation to Market Abuse Directive . . . . . . . . . . . . . . . 3 a) First Years of the European Communities . . . . . . . . . . . . . . . . . 3 b) First Insider Dealing Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 c) Market Abuse Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 Insider Dealing Prohibition According to the Market Abuse Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 a) Objectives of the Prohibition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 b) Constitutive Elements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 i. Inside Information . . . . . . . . .
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