The European Union 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 2007/2008 and new legal instruments to fight market abuse were eventually adopted in 2014. In this monograph the authors identify the association between the financial crisis and market abuse, critically consider the legislative, policy and enforcement responses in the European Union, and contrast them with the approaches adopted by the United States of America and the United Kingdom respectively. The aftermath of the financial crisis, ongoing security concerns and increased legislation and policy responses to the fight against irregularities and market failures demonstrate that we need to understand, in context, the regulatory responses taken in this area. Specifically, the book investigates how the regulatory responses have changed over time since the start of the financial crisis. Market Manipulation and Insider Trading places the fight against market abuse in the broader framework of the fight against white collar crime and also considers some associated questions in order to better understand the contemporary market abuse regime.

Table Of Contents



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