Full Description
This book examines current challenges in the field of criminal protection against market abuse at the international and local levels. Divided into two parts, the first opens with an examination of general issues, including the philosophical foundations of market abuse prohibitions and the challenges arising from technological developments in this area. Closing the first part of the book, the authors outline new perspectives on the protection of market integrity in the context of sustainable finance and the crime of market manipulation. Part II examines market protection against abuse in 14 countries. As well as providing a comparative perspective, this section draws out broader implications, such as: the search for an alternative law enforcement strategy; the importance of compliance programs in preventing market manipulation; the right to remain silent in proceedings before the supervisory authority; problems arising from the interplay of criminal sanctions and administrative sanctions of a criminal nature; and the importance of how information is obtained for the application of the insider trading prohibition in some jurisdictions. Written by academics and practitioners, the book will be a valuable resource for academics, researchers and policy-makers working in the areas of financial and economic crime and comparative law.
Contents
Introduction, Anna Błachnio-Parzych and Luigi Cornacchia; Part 1: International perspective; 1. Fundamentals of Market Abuse: Just Distribution, Fair Information, Public Trust, Luigi Cornacchia; 2. Insider Trading: Not Playing by the Rules of the Game in Capital Market - a Criminal Offense?, Carsten Momsen; 3. Interests Protected by the Prohibition of Insider Dealing in European Union Law, Sergio Seminara; 4. The Suppression of AI-based Market Disruption between the United States and Europe, Federico Consulich; 5. Faster and better traders or new kinds of market manipulation? An evaluation of the selected strategies of high-frequency traders, Anna Błachnio-Parzych; 6. Navigating Market Abuse in the Age of AI: Reimagining Criminal Responsibility in Algorithmic Trading, Luigi Scollo; 7. Rational and Irrational Investor: Cyborg Finance, Biases, and Black Swans, Maria Beatrice Magro; 8. Recent Challenges for EU Market Abuse Laws: The Case of Greenwashing, Ester Herlin-Karnell; Part 2: Local perspectives; 9. Belgian Market Abuse legal framework: navigating legal complexities and dual enforcement dynamics at the intersection of criminal and administrative law, Vanessa Franssen and Mathilde Vandormael; 10. Protecting Investors: Market Manipulation in Canada, Poonam Puri; 11. Market Abuse Crimes in Chile. The 2023 reform, Héctor Hernández Basualto and Fernando Londoño Martínez; 12. Criminal Compliance: New Challenges to Prevent Market Abuse in Chile, Rodrigo Andrés Guerra Espinosa;13. Offences of Market Manipulation under Criminal and Administrative Sanctions in Japan and China, Kanako Takayama and Jiang Xin;14. Punitive Sanctions for Market Abuses: The Finnish Experience, Raimo Lahti and Miikka Rainiala;15. Market Abuse in German Criminal Law, Kilian Wegner; 16. The Protection of CONSOB's Supervisory Activity and the Right to Silence, Dalila Federici and Marina Poggi d'Angelo; 17. Modes of Information Acquisition Subject to Insider Trading Regulations in Japan and the United States, Motoko Hirayama;18. The Crime of Agreements Restricting Free Competition in Peruvian Criminal Legislation: Is the Criminal Prohibition Still Only Symbolic?, Percy García Cavero; 19. Criminal Law Protection Against Market Manipulation in Ukraine in the Context of the Implementation of EU Law: Comparative Analysis of Ukrainian and Polish Law, Oleksandr Koshovyi; 20. The Criminal Protection of Insider Information in Spain, Diego Gomez Iniesta; 21. The regulation of Market Abuse - is it time for an alternative approach?, Marina Aristodemou and Nic Ryder; 22. Market Abuse Prosecutions in the USA: Definitional and Territorial Issues, Frederick T. Davis; 23. The U.S. criminal law of insider trading and market manipulation: A complicated hybrid of legislative, administrative, judicial, and prosecutorial decision-making, Joseph Hoffmann; 24. Legal Protection against Financial Market Abuse: International and Local Perspectives - Synthesis, Anna Błachnio-Parzych and Luigi Cornacchia.
