Insider Dealing by Clarke, Sarah -- Read -- Imperial Library of Trantor

Index

Cover Page

INSIDER DEALING

Title Page Copyright Page Foreword Preface Acknowledgements Contents Table of Cases Table of Legislation List of Abbreviations 1. Introduction to Insider Dealing 1. Introduction 2. What is insider dealing in practical terms? 3. The value of information in determining pricing 4. The prevalence of insider dealing in the UK today 2. Trading on the Financial Markets—Essential Principles for Insider Dealing Cases 1. Introduction 2. Shares 3. UK stock exchanges 4. Availability of information and stock market pricing 5. The price of shares 6. Investors 7. Contracts for difference 8. Spread bets 3. A History of Insider Dealing Legislation in the UK 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 1. Introduction 2. The Relationship between the Insider Dealing Directive and Part V of the CJA 3. The background to the Insider Dealing Directive 4. The Proposal 5. The Insider Dealing Directive—Recitals 5. Part V of the Criminal Justice Act 1993: The Criminal Offences (s 52 CJA) 1. Introduction 2. Part V of the CJA—an overview 3. The offence 4. Insider dealing (s 52(1) CJA) (the ‘primary’ offence) 5. The secondary offences 6. Inside Information (s 56 CJA) 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. 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) 1. Introduction 2. Meaning of ‘insider’ 3. The elements of knowledge 4. Inside information at the time of dealing 5. An inside source 6. Categories of insider 8. Securities and Regulated Markets 1. Introduction 2. The correct analysis 3. Securities 4. Regulated markets 5. Securities other than shares 9. Dealing 1. Introduction 2. Dealing (s 52(3) CJA) 3. Acquisitions and disposals (s 55(1)–(3) CJA) 4. Procuring an acquisition or disposal (s 55(4) CJA) 5. Professional intermediaries 10. Territorial Scope (s 62 CJA) 1. Introduction 2. Primary insider dealing offence (s 62(1) CJA) 3. Secondary ‘Encouraging’ and ‘Disclosing’ offences (s 62(2) CJA) 4. The scope of s 62 CJA 11. Statutory Defences 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 1. Introduction 2. Prosecuting bodies 3. Consent for prosecution 4. Prosecution of other offences connected to insider dealing 5. Conspiracy or substantive counts 6. Summary proceedings: venue and time limit 13. Penalties and Sentencing 1. Introduction 2. The penalty for offences of insider dealing (s 61 CJA) 3. Court of Appeal sentencing authorities 4. Sentences imposed in recent insider dealing cases 5. Disqualification of company directors 6. Confiscation issues in insider dealing cases 7. Other FCA proceedings 14. Insider Dealing—The Civil Market Abuse Regime 1. Introduction 2. Legislative background 3. Legal and source materials 15. The Civil Offences 1. Introduction 2. Part VIII of FSMA 3. Qualifying investments and prescribed markets 4. Territorial scope 16. Section 118(2) FSMA; Behaviour—Insider Dealing 1. Introduction 2. Section 118(2) FSMA 3. Insider 4. Dealing or attempting to deal 5. ‘On the basis of’ 6. Inside information 7. Section 118(2) FSMA behaviour—safe harbours 17. Section 118(3) FSMA; Behaviour—Improper Disclosure 1. Introduction 2. Section 118(3) FSMA behaviour 3. Section 118(3) FSMA behaviour—safe harbours 18. Section 118(4) FSMA; Behaviour—Misuse of Information 1. Introduction 2. Section 118(4) FSMA behaviour 3. The regular user 4. ‘Generally available’ 5. ‘Based on’ 6. ‘Relevant information’ 7. Standards of behaviour 8. Section 118(4) FSMA—safe harbours 19. Market Abuse—Statutory Defence and Power to Impose Penalties 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 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 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 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 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 1. Introduction 2. Range of enforcement actions 3. Informal enforcement action 4. Formal enforcement action 5. The enforcement process 6. The Executive Settlement Process 7. Civil proceedings 8. Publicity 25. The Future 1. Introduction 2. New European legislation 3. The Draft Regulation 4. The Draft Directive 5. Conclusion—the next five years Appendices

Appendix 1: Glossary of Terms Commonly Encountered in Insider Dealing Cases

Appendix 2: Legislation A. Insider Dealing Directive (Dir 89/592/EC) 296

B. Criminal Justice Act 1993, Part V 301 C. Criminal Justice Act 1993, Schedule 2 306 D. Insider Dealing (Securities and Regulated Markets) Order 1994 (SI no 187) (as amended)

Appendix 3: Financial Services and Markets Act 2000, Part VIII (as amended) Appendix 4: FSMA 2000 (Prescribed Markets and Qualifying Investments) Order 2001 Index Footnotes Ch01fn

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