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Contents
- Preliminary Material
- Main Text
- 1 Introduction to Insider Dealing
- 2 Trading on the Financial Markets—Essential Principles for Insider Dealing Cases
- 3 A History of Insider Dealing Legislation in the UK
- Preliminary Material
- 1 Introduction
- 2 Relevant developments in the US
- 3 Economic theory
- 4 The UK’s response to insider dealing
- 4 The European Insider Dealing Directive
- 5 Part V of the Criminal Justice Act 1993
- 6 Inside Information (s 56 CJA)
- Preliminary Material
- 1 Introduction
- 2 The statutory definition of inside information
- 3 Identifying the inside information
- 4 Relating to particular securities or issuers (s 56(1)(a) CJA)
- 5 Specific or precise (s 56(1)(b) CJA)
- 6.22
- Legislative background to s 56(1)(b) CJA
- The meaning of ‘specific or precise’
- Company directors and inside information
- Company analysts, fund managers, and inside information
- Specific or precise information and alleged secondary insiders
- Cases in which there is direct evidence of the information communicated
- Cases which depend on inference from allegedly circumstantial evidence
- 6 Information which has not been ‘made public’ (s 56(1)(c) CJA)
- 7 The evidential practicalities of proving that information has not been ‘made public’
- 8 Likely to have a ‘significant effect’ on price (s 56(1)(d) CJA)
- 9 Price-affected securities
- 7 Insiders (s 57 CJA)
- 8 Securities and Regulated Markets
- Preliminary Material
- 1 Introduction
- 2 The correct analysis
- 3 Securities
- 4 Regulated markets
- 5 Securities other than shares
- 9 Dealing
- 10 Territorial Scope (s 62 CJA)
- 11 Statutory Defences
- Preliminary Material
- 1 Introduction
- 2 Statutory defences to the primary insider dealing offence (s 53(1) CJA)
- 3 Statutory defences to the secondary ‘Encouraging’ offence (s 53(2) CJA)
- 4 Statutory defences to the secondary ‘Disclosing’ offence (s 53(3) CJA)
- 5 Special defences
- 6 Statutory defences—legal and evidential burden on the defence
- 12 Prosecution of Insider Dealing Offences
- 13 Penalties and Sentencing
- 14 Insider Dealing—The Civil Market Abuse Regime
- 15 The Civil Offences
- 16 Section 118(2) FSMA; Behaviour—Insider Dealing
- Preliminary Material
- 1 Introduction
- 2 Section 118(2) FSMA
- 3 Insider
- 4 Dealing or attempting to deal
- 5 ‘On the basis of’
- 6 Inside information
- 16.28
- 16.29
- Information of a precise nature
- Not generally available
- Relates directly or indirectly to an issuer of qualifying investments, or to one or more of the qualifying investments
- Likely to have a significant effect on the price of the qualifying or related investments
- Inside information with respect to commodity derivatives
- Inside information with respect to persons charged with the execution of orders
- 7 Section 118(2) FSMA behaviour—safe harbours
- 17 Section 118(3) FSMA; Behaviour— Improper Disclosure
- 18 Section 118(4) FSMA; Behaviour—Misuse of Information
- 19 Market Abuse—Statutory Defence and Power to Impose Penalties
- Preliminary Material
- 1 Introduction
- 2 Statutory defence (s 118A(5) FSMA)
- 3 Power to impose penalties in cases of market abuse (s 123 FSMA)
- 4 Penalties imposed in market abuse cases
- 20 Market Abuse Proceedings—Article 6 ECHR and the Burden and Standard of Proof
- Preliminary Material
- 1 Introduction
- 2 Status of market abuse proceedings under Article 6 ECHR
- 3 Burden and standard of proof in market abuse proceedings
- 21 Detection and Referral to Enforcement
- Preliminary Material
- 1 Introduction
- 2 The FSA
- 3 The FSA—attitude to enforcement
- 4 Insider dealing prosecutions—the statistics
- 5 The PRA and the FCA
- 6 Detection of insider dealing and market abuse
- 7 The Enforcement and Financial Crime Division
- 8 The process by which cases are referred to Enforcement for investigation
- 9 Cases in which other authorities have an interest
- 22 The Enforcement Investigation
- Preliminary Material
- 1 Introduction
- 2 Allocation to a case team
- 3 Powers of investigation
- 4 Notification of an investigation
- 5 Use of statutory powers to require the production of documents, the provision of information, or the answering of questions
- 6 Powers under the Regulation of Investigatory Powers Act 2000
- 7 Protected items (s 413 FSMA)
- 8 Banking confidentiality (s 175(5) FSMA)
- 9 Sanctions for failure to comply (s 177 FSMA)
- 10 Use of information
- 11 Search warrants
- 12 Interviews
- 13 Witness statements
- 23 Criminal Proceedings
- Preliminary Material
- 1 Introduction
- 2 The decision to commence criminal proceedings
- 3 Factors which may influence the decision
- 4 Co-operation agreements
- 5 Plea discussions
- 6 The role of the RDC Chairman
- 7 Instituting criminal proceedings
- 8 Restraint proceedings
- 9 Issuing a caution
- 10 Decisions not to prosecute
- 24 The Enforcement Process—Market Abuse Proceedings
- Preliminary Material
- 1 Introduction
- 2 Range of enforcement actions
- 3 Informal enforcement action
- 4 Formal enforcement action
- 5 The enforcement process
- 24.21
- Preliminary findings letters and preliminary investigation reports
- The Legal Review
- The Regulatory Decisions Committee
- Warning Notices
- Enforcement Submissions Document
- Warning Notice Meeting
- Material disclosed to the subject
- Written representations to the RDC
- Oral representations
- Decision Notice
- Tribunal Reference
- Final Notice
- 6 The Executive Settlement Process
- 7 Civil proceedings
- 8 Publicity
- 25 The Future
- Further Material
- Appendices
- Appendix 1 Glossary of Terms Commonly Encountered in Insider Dealing Cases
- Appendix 2A Council Directive 89/592/EEC of 13 November 1989 coordinating regulations on insider dealing
- Appendix 2B Criminal Justice Act 1993 (as amended)
- Appendix 2C Criminal Justice Act 1993 (as amended)
- Appendix 2D 1994 No 187 Insider Dealing (Securities and Regulated Markets) Order 1994 (as amended)
- Appendix 3 Financial Services and Markets Act 2000 (as amended)
- Appendix 4 2001 No 996 Financial Services and Markets Act 2000 (Prescribed Markets and Qualifying Investments) Order 2001 (as amended)
- Index
- Appendices
