Overview

Market abuse prevention is critical in maintaining confidence in the financial markets of any jurisdiction, particularly in major market centres such as the UK, Europe, the US and Japan where competition for large financial transactions becomes more intense every year. The US has had detailed regulations to counter such market abuse as insider dealing and market manipulation for many years. However, it is only recently the UK and the EU have thought it necessary to introduce legislation that gives their regulators broad powers to deter and punish market abuse. Though these have been welcomed in many quarters, some fear that they place too great a burden on market participants, which may make it difficult and unprofitable for major financial markets to continue to operate here. The purpose of this book is to clarify and simplify the meaning, impact and application of the new UK and EU regulations, issues which have generated much interest and apprehension. The book examines in detail the new UK market abuse regime, including: * The Financial Services and Markets Act 2000 * The implementing regulations * The interpretation of the regulations by the Financial Services Authority * The conduct of investigations * The defences and appeals available against a finding of market abuse The same analysis is applied to even newer EU regulations, not fully implemented until October 2004, which may modify the current UK regulation in significant ways. Finally, in order to help clarify the position of traders in an international market, the book also discusses key issues of how the new UK and EU regulation are likely to interact with US regulation.

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9781904501305

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Edward J Swan qualified as a New York lawyer in 1976 and is a partner in the financial markets department at Simmons & Simmons. He specialises in commodities, derivatives and financial services regulation and is a member of various ISDA Committees. He is the author of numerous books and articles on financial services law and derivatives trading and regulation.

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