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Case studies of cross-border insider trading and market manipulation

Investigating and Prosecuting Across Borders

Janet Austin

The cases of cross-border insider trading and market manipulation that have been pursued by securities regulators over the last 10 years fall within a number of broad categories. This chapter details some of the leading cases pursued by securities regulators in relation to each of these categories. In doing so, this reveals some of highly innovative ways in which securities regulators are detecting and investigating cross-border market abuse. It also demonstrates some of the significant challenges which securities regulators face going forward in their struggle to keep the markets free of market abuse.

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Conclusions and recommendations

Investigating and Prosecuting Across Borders

Janet Austin

This chapter is the conclusion and reflects upon the findings that flow from the previous chapters. It concludes that the analysis undertaken in the book reveals that the transformations to the securities markets in recent years do appear to have given rise to new avenues to engage in cross-border market manipulation and insider trading. In addition, it observes that securities regulators have taken some significant steps to improve their detection and investigative techniques and that they are steadily detecting more complex examples of these offences as a result. However, the author concludes ultimately that more can be done and as such makes some recommendations about how this might best be achieved.

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Janet Austin

This chapter defines what is meant by market integrity and market fairness, analyses how and why they were adopted as key goals of securities regulation, how they differ from other goals and describes how the elimination of insider trading and market manipulation is necessary to realize these goals. It summarizes the literature which demonstrates the importance of securities regulators taking enforcement action against those who contravene insider trading and market manipulation laws but, at the same time, reflects upon the significant challenges involved in detecting, investigating and prosecuting these offences and how these difficulties increase if the offence is not confined within one jurisdiction.

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Insider Trading and Market Manipulation

Investigating and Prosecuting Across Borders

Janet Austin

This book explores how the globalization of securities markets has affected market manipulation and insider trading. It delves into the responses of securities regulators, discussing new regulations designed to deter such misconduct, as well as they ways in which detection, investigation and prosecution techniques are adapting to tackle insider trading and market manipulation that crosses international boundaries.
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Janet Austin

This chapter concisely sets out the enforcement powers of the principal securities regulators of Canada, United Kingdom, United States, Australia and Germany. From interviews by the author and material published by those regulators, it then examines how the transformation of the markets have altered the nature of cross-border insider trading and market manipulation, including the types of offences that are now proliferating. The chapter also details the way in which regulators detect, investigate and prosecute insider trading and market manipulation, how they are working with their counterparts in other countries in relation to this issue, and examines some of the challenges faced by them in this regard. Some strategies are suggested which might be adopted to further improve the detection, investigation and prosecution of cross-border insider trading and market manipulation.

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Janet Austin

This chapter closely examines the International Organization of Securities Commissions (IOSCO) including its history, structure, membership and how it has evolved to a positon of prominence as a global network of securities regulators. The other focus of the chapter is IOSCO’s Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU). It outlines how and why the MMoU was formulated, its terms and conditions and how it is being utilized by securities regulators during their investigations. This chapter also considers how the MMoU is being utilized by IOSCO in its efforts to move towards global convergence of securities regulation.

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The role of IOSCO going forward

Investigating and Prosecuting Across Borders

Janet Austin

This chapter reflects upon how IOSCO might further build upon the success of its Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU) as well as potential challenges that may arise with respect to the MMoU moving forward. This chapter also considers IOSCO’s new Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU). In addition, this chapter suggests other ways in which IOSCO might further assist in coordinating the activities of securities regulators in terms of tackling cross-border insider trading and market manipulation by way of specific policies and/or systems that could be developed. It also considers whether such systems could be utilized by IOSCO as a lever to work towards the convergence of securities regulation around the world.

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Janet Austin

This chapter surveys the changes that have taken place in securities markets and in relation to securities market trading over the last two decades and the risks to market integrity inherent in these changes. It considers why these changes occurred and how they may have impacted upon opportunities to engage in insider trading and market manipulation. It also considers the challenges these changes have caused for securities regulators in terms of the detection, investigation and prosecution of market manipulation and insider trading which crosses borders. Finally, this chapter examines the regulatory responses of specific governments to the changes and how these new laws may deter insider trading and market manipulation as well as assist regulators in their efforts to detect, investigate and prosecute these offences.