Дисертації з теми "Insider Trading Regulation"
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1
Sjödin, Ulrika. "Insiders' outside/outsiders' inside : rethinking the insider regulation /." Stockholm : School of Business, Stockholm University, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-944.
2
Sjödin, Ulrika. "Insiders’ outside/Outsiders’ inside : Rethinking the insider regulation." Doctoral thesis, Stockholm University, School of Business, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-944.
Анотація:
Financial speculation has increased dramatically over the last 30 years. This means that a practice that used to be viewed as immoral gambling has become legitimate financial trade. This book explores the genealogy of the coexisting insider trading laws. The insider regulation prohibits trade based on privileged information in order to create equal trading conditions, and in this way uphold confidence in the financial markets among the general public. However, this study shows that the existing view of the insider regulation is misleading and that the regulation is best understood as a game rule aiming to stimulate financial speculation. The protection interest is therefore not primarily the general public, but the financial system as such: the professional market actors sustaining the speculative activities and a growing financial sector.
The consequence of stimulating financial speculation is that today’s authorities are attempting to make the financial markets into a lotto-like game, rather than a market for long-term investment. To make the financial markets into liquid and volatile public “games” means that the risks involved in the financial speculation are created by the human hand and the economic system itself rather than being naturally given. This places desire rather than rational needs as the fundamental ground of the economy. The concluding question is; why are we making our economy into a game?
3
Mkwananzi, Sizalobuhle Sibongumuzi Mpo. "Theoretical and practical difficulties in regulating insider trading in South Africa and possible mechanisms of improvement of shortcomings in the regulatory framework." Diss., University of Pretoria, 2020. http://hdl.handle.net/2263/76676.
Анотація:
Anti-insider trading provisions were initially enacted to inter alia; enhance confidence in South African financial markets by contributing to the maintenance of a stable financial market environment by promoting the international competitiveness of investors in securities services in the country. In attempts to determine whether the Insider trading regulations are indeed effective at deterring insider trading contraventions as well as enforcing contraventions thereof, the research will subsequently examine the relevant legislation which pertains to insider trading in South Africa as well as analyse any definitional ambiguities and difficulties caused therein. Wherefore other than where the definitions in the legislation is lacking, the research will further discuss what additional problems are drawn from the current legislative insider trading framework. An analysis will be done regarding the difficulties experienced by the Financial Sector Conduct Authority (hereafter the FSCA or the Regulator) as the entity responsible for the supervision of compliance with market abuse provisions in discharging of its duties as a result of the current legislation and/or the lack of clarity therefore. A comparative study will consequently be conducted in the research to establish how Australia has arguably become acknowledged to have the most progressive and developed market abuse legislation in the world compared to that of South Africa. Ultimately, recommendations will be presented using the above comparisons on what mechanisms can be adopted to improve on South Africa’s regulation of insider trading.Mini Dissertation (LLM (Corporate Law))--University of Pretoria, 2020.
Mercantile Law
LLM
Unrestricted
4
Kabir, Rezaul. "Security market regulation an empirical investigation of trading suspension and insider trading restriction /." Maastricht : Maastricht : Datawyse ; University Library, Maastricht University [Host], 1990. http://arno.unimaas.nl/show.cgi?fid=5639.
5
Dunwiddie, Louisa. "Perspectives on Insider Trading Regulation: Examining Economic and Ethical Implications." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1056.
Анотація:
This paper will discuss arguments for and against the regulation of insider trading, examining economic discussions of efficiency and philosophical outlines of justice based arguments. I will also outline the development of legislation in the United States over the last century, and examine recent events in order to identify the current sentiments regarding government prosecution. The most efficient outcome for the market is found through actions guided by justice. By using regulation as a restraint to unbounded self-interest, investor confidence in the fairness of the market remains high and individuals are protected from abuses to their property and rights.
6
MacDonald, JoAnne M. "The regulation of insider trading : a comparative analysis of the liability of non-traditional insiders." Thesis, McGill University, 1986. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=66233.
7
Grankvist, Mats Banking & Finance Australian School of Business UNSW. "Insider trading regulation ??? the impact on world equity market performance and information based trading." Awarded by:University of New South Wales. School of Banking & Finance, 2005. http://handle.unsw.edu.au/1959.4/23466.
Анотація:
This thesis investigates the impact of insider trading regulation and its enforcement on bid-ask spreads, information asymmetry proxies, volatility, trade frequency and trade sizes. It employs an exclusive intra-day market-microstructure data-set for 29 countries and 32 exchanges and utilizes structural simultaneous equations models with distributed geometric lags estimated with GMM, controlling for market architecture, trading demand, minimum tick size and Fama-French factors. This thesis finds that enforcement of insider trading regulation in a country, rather than the strictness of written insider trading law, reduces information asymmetry and bid-ask spreads, increases volatility, and has an overall positive impact on traded value. The positive impact is mostly concentrated in the smallest stocks in the sample. The regulation of disclosure requirements has similar, but not identical, beneficial externalities in the market. The results support the prediction by Bhattacharya and Daouk (2002) that the fall in the cost of equity that results from insider trading prosecution in a country is due to a reduction in adverse selection. This thesis also find some support of the free inside information scenario of Medrano and Vives (2004), where volatility increases when insiders are forced to disclose the inside information before legally trading on it, if insider trading is not permitted and the regulation is enforced.
8
Cho, In-ho. "An evaluation of insider trading regulation in the Republic of Korea : what are the policy considerations and what is necessary for Korea to strengthen insider trading regulation? /." Thesis, Connect to this title online; UW restricted, 2004. http://hdl.handle.net/1773/9616.
9
Chitimira, Howard. "The regulation of insider trading in South Africa: a roadmap for effective, competitive and adequate regulatory statutory framework." Thesis, University of Fort Hare, 2008. http://hdl.handle.net/10353/230.
Анотація:
Insider trading is one of the practices that (directly or indirectly) lead to a host of problems for example inaccurate stock market prices, high inflation, reduced public investor confidence, misrepresentation and non disclosure of material facts relating to securities and financial instruments. Again it reduces efficiency in the affected companies and eventually leads to economic underperformance. The researcher observed that the South African insider trading regulatory framework has some gaps and flaws which need to be adequately addressed to ensure efficient and stable financial markets. Therefore, the aim of this research is to provide a clear roadmap for an effective, efficient, adequate and internationally competitive insider trading regulatory framework in South Africa. In order to achieve the above stated aim, the historical development of the regulation insider trading is critically analyzed. The effectiveness and adequacy of the Insider Trading Act, 135 of 1998 is also discussed. Furthermore, the prohibition of insider trading under Securities Services Act, 36 of 2004 is explored and analyzed to investigate its adequacy. The role of the Financial Services Board, the Courts and the Directorate for Market Abuse is also scrutinized extensively. Moreover, a comparative analysis is undertaken of the regulation of insider trading in other jurisdictions of United States of America, Canada and Australia. This is done to investigate any lessons that can be learnt or adopted from these jurisdictions. The researcher strongly contends that having the best insider trading laws on paper alone will not cure the insider trading problem. What is required are adequate laws that are enforced effectively in South African courts. Therefore an adequate insider trading regulatory framework must be put in place to improve the efficiency of South African financial markets, to maintain a stable economy, combat misrepresentation and non disclosure of material facts in transactions relating to securities. The researcher has attempted to state the law as at 31 August 2007.
10
Trottman, Bischof Renata. "Regulation of insider trading : problems and solutions in the United States and Switzerland." Thesis, McGill University, 1990. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=59841.
Анотація:
In this comparative study a broad view of insider trading in the United States and Switzerland will be presented. The goal is to compare the developments in two different nations with different legal traditions.While in the United States a long tradition of literature and cases already exists and a development of cases can be shown, the situation in Switzerland is completely different because the law was enacted only a year ago.
It is the task of this thesis not only to outline the different developments but also to demonstrate the influence the United States had on to the process of legislation in Switzerland.
It may be the price of the internationalization of the capital market that a nation such as Switzerland with some importance in this field is no longer completely free to legislate.
11
Ye, Zhen. "Integrity of China's securities market : the regulation of insider dealing in China in a comparative context." Thesis, University of Cambridge, 2015. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.708571.
12
Betzer, André. "Corporate governance mechanisms in Europe : an analysis of leveraged buyouts and insider trading regulation /." Berlin : Dissertation.de, 2006. http://deposit.d-nb.de/cgi-bin/dokserv?id=2832815&prov=M&dok_var=1&dok_ext=htm.
13
Bertin, Dirceu. "Insider trading, controle do uso indevido de informação privilegiada no mercado de capitais." Universidade Presbiteriana Mackenzie, 2010. http://tede.mackenzie.br/jspui/handle/tede/999.
Анотація:
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Previous issue date: 2010-08-06With the globalization of the world´s economy and the stability that Brazilian economy reached in the last fifteen years, the country s capital markets started to strengthen, prompting more and more companies to open their capital through IPOs (Initial public offerings). This economic movement, which leads to the financing and invigoration of Brazilian companies, has to depend on reliable and fair capital markets. Therefore, it is essential that information is conveyed to all operators in a transparent and clear way as the right to information is a corollary to the right of free expression. Thus, it seems fit to investigate which is the most efficient form of fighting insider trading, in other words, the inappropriate use of privileged information in the stock market, and to make the wide and trustworthy diffusion of important information a common behavior applying the principle of full and fair disclosure in order to promote the credibility of capital market, giving opportunity to a greater number of people to invest their savings, which will consequently leverage companies and, thus, the country.
Com a globalização da economia mundial e a estabilidade da economia brasileira, alcançada nos últimos quinze anos, o mercado de capitais brasileiro começou a se fortalecer, levando mais e mais empresas a abrirem seu capital, por meio de oferta de ações ao público em geral. Este movimento econômico, que leva ao financiamento e fortalecimento das empresas brasileiras, precisa contar com um mercado de capitais confiável e justo e, para isso, é preciso que a informação seja transmitida a todos os operadores de maneira transparente, como corolário do direito do mercado à informação. Assim, será analisada qual a forma mais eficiente de se combater o insider trading, ou seja, o uso indevido de informação privilegiada do mercado de valores mobiliários, tornando comum a ampla e honesta divulgação das informações relevantes, aplicando-se o princípio do full and fair disclosure, para a promoção da credibilidade do mercado de capitais, o que ensejará que mais pessoas nele invistam suas economias e alavanquem as empresas e, por conseguinte, o país.
14
Tingö, Josephine, and Maria Rosell. "Insynspersoners motiv till transaktioner i eget bolag : Varför tenderar insynspersoner att överavkasta?" Thesis, Linköpings universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-103977.
Анотація:
Bakgrund: Tidigare forskning har visat att insynspersoner tenderar att överavkasta på investeringar i eget bolag. Det råder dock delade meningar kring varför insynspersoner tenderar att överavkasta. Vid genomgång av tidigare studier påträffades ingen kvalitativ studie, varav vi ansåg det vara av intresse att studera fenomenet genom intervjuer med insynspersoner. Syfte: Uppsatsen syftar till att studera och kartlägga motiven bakom insynspersoners köp- och säljtransaktioner i eget bolag. Med hjälp av tidigare forskning samt en ny infallsvinkel i form av teorier inom behavioural finance analyseras varför insynspersoner tenderar att uppnå överavkastning på investeringar i eget bolag. Genomförande: Studien har genomförts med utgångspunkt i åtta intervjuer med insynspersoner. Resultat från tidigare studier på området låg till grund för vilken information vi med intervjuerna ville uppnå djupare förståelse kring. Den insamlade empirin har analyserats utifrån empirisk forskning och teorier inom behavioural finance. Slutsats: I studien presenteras en ny hypotes vilken förklarar insynspersoners överavkastning som en följd av befintlig lagstiftning. Vi menar att lagstiftningen förhindrar ofördelaktiga handlingar, vilket i sin tur leder till att insynspersoner i större utsträckning än övriga investerare tenderar att undvika psykologiska fallgropar.Background: Previous researches have shown that insiders tend to achieve excess returns on investments in own companies. However there are still disagreements regarding possible explanations for this phenomenon. In our review of previous research we did not discover any qualitative studies in the area and therefore we found it interesting to study the phenomenon by interviews with insiders. Aim: The purpose of this paper is to study and identify the motives behind insider buy and sell transactions in own companies. By using previous research and also create a new approach through apply theories within behavioural finance we aim to analyze why insiders tend to achieve excess returns on investments in own companies. Completion: This study was conducted based on eight interviews with insiders. Results from previous research formed the basis of what information we wanted to achieve a deeper understanding of through our interviews. The empirical data has been analyzed based on empirical research in the area and theories within behavioural finance. Conclusion: In this paper a new hypothesis is formed which try to explain insiders excess return as an indirect result from the regulations of insider transactions. Thanks to the regulations, impulsive actions are prevented and insiders thereby tend to avoid psychological pitfalls to a greater extent than other investors.
15
Packies, Hilton. "The market abuse control legislative regime of South Africa, Nigeria and the United Kingdom - an approach to regulation and monitoring in relation to certain aspects of the financial markets of South Africa." Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/5174.
Анотація:
Magister Legum - LLMThe regulation of market abuse is currently an ever evolving subject, to such an extent that it has been placed as a high priority for regulators worldwide.¹ The Financial Markets Act 19 of 2012 (FMA) of South Africa² prohibits improper practices and is aimed at ensuring that market participants operate in a market that is free, safe and fair. In light of the above and as per example, all members of the stock exchange ensure that they accordingly adhere to the aims of the FMA by exercising functions such as due diligence and having a shared goal in embedding the values entrenched in the FMA.³ The purpose of this dissertation is aimed at assessing the key elements of the transformation process that the South African financial markets have embarked on, since the introduction of the FMA. More specifically, the paper aims to focus on the elements in relation to market abuse practices.⁴ The paper seeks to: 1. provide an overview analysis of the current market abuse control enforcement framework in relation to some selected aspects of the financial markets in South Africa. 2. look at the regulation employed in one of the biggest trading products namely, equities and current lacuna, the legislation that governs high frequency trading under these trading products and in general. 3. review whether regulation in South Africa on market abuse practices are robust enough to deal with key market abuse practices such as insider trading and market manipulation that manifested during the recent global financial crisis. 4. provide a comparative review of the current market leaders regulatory mechanisms on market abuse.
16
Kling, Gerhard. "Mergers during the first and second phase of globalization success, insider trading, and the role of regulation /." [S.l.] : [s.n.], 2004. http://deposit.ddb.de/cgi-bin/dokserv?idn=971836841.
17
Bartholow, Janet Lee Hahn. "An Empirical Study of Insider Behaviors: Affiliated Insiders, and Legislative and Enforcement Efforts." Kent State University / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=kent1511537806198499.
18
van, Eeden Evert Philippus. "A comparative evaluation of the Financial Markets Act 19 of 2012 and the Financial Sector Regulation Bill 2015 with reference to the regulation of insider trading." Diss., University of Pretoria, 2016. http://hdl.handle.net/2263/57357.
Анотація:
Inside information is information that is non-public and not generally available to non-insiders. It is also information that has, or may have, a material effect on the price of a security listed on a regulated market, if that information should become public. A person who has access to such information may enjoy a significant and arguably unfair advantage over others in relation to trading in securities.
The Financial Markets Act makes provision for the licensing and regulation of the activities of and on market infrastructures, namely exchanges, central securities depositories, clearing houses and trade repositories and also prohibits three forms of “market abuse”, namely insider trading, market manipulation and market disinformation.
An insider who has inside information is not allowed to trade on that information and is obliged to disclose it publicly via appropriate channels.
The Financial Markets Act is interwoven with other financial sector regulatory laws under the umbrella of the Financial Services Board Act, 97 of 1990. The latter Act is about to be replaced by a Financial Sector Regulatory Act. The proposed Act introduces a wide-ranging revision of financial sector law and impacts particulary on the regulatory framework for enforcing the prohibition of insider trading, more particularly administrative law aspects of regulating market abuse and insider trading.
The purpose of the dissertation is to analyse the Financial Markets Act and the proposed Financial Sector Regulation Act and to evaluate the changes in insider trading regulation that are effected by the Financial Sector Regulation Act.Mini Dissertation (LLM)--University of Pretoria, 2016.
Mercantile Law
LLM (CORPORATE LAW)
unrestricted
19
Van, Eeden Evert Philippus. "A comparative evaluation of the Financial Markets Act 19 of 2012 and the Financial Sector Regulation Bill 2015 with reference to the regulation of insider trading." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/60107.
Анотація:
Inside information is information that is non-public and not generally available to non-insiders.
It is also information that has, or may have, a material effect on the price of a security listed on
a regulated market, if that information should become public. A person who has access to such
information may enjoy a significant and arguably unfair advantage over others in relation to
trading in securities.
The Financial Markets Act makes provision for the licensing and regulation of the activities of
and on market infrastructures, namely exchanges, central securities depositories, clearing
houses and trade repositories and also prohibits three forms of "market abuse", namely insider
trading, market manipulation and market disinformation.
An insider who has inside information is not allowed to trade on that information and is obliged
to disclose it publicly via appropriate channels.
Financial Markets lS with other financial sector regulatory laws under
umbrella of the Financial Services Board Act, 97 of 1990. The latter Act is about to be replaced
by a Financial Sector Regulatory Act. The proposed Act introduces a wide-ranging revision of
financial sector law and impacts particulary on the regulatory framework for enforcing the
prohibition of insider
abuse and insider trading.
more
The purpose of the dissertation is to analyse the Financial Markets Act and the proposed
Financial Sector Regulation Act and to evaluate the changes in insider trading regulation that
are effected by the Financial Sector Regulation Act.Mini Dissertation (LLM)--University of Pretoria, 2017.
Mercantile Law
LLM
Unrestricted
20
Gonçalves, Alexandre Manoel. "A tipificação penal como forma de regulação do mercado de capitais." Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/1052.
Анотація:
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Previous issue date: 2012-08-09Capital Market is comprised of the most important companies in activity in a given country. It is a means to obtain resources to finance productive activity in the long term, being consistent with the size of the business and its economic capacity. Also, Capital Market is widely used for savings both through funds or direct investments. The Federal Constitution ensures economic order based upon free enterprise. However, regardless of the business sector, that cannot be considered as unlimited freedom in terms of economic activity, exempt of monitoring or accountability. Therefore, over the past two decades the Movable Assets Commission has become a steady and accurate institution establishing administrative rules, conducting assessments in case of suspicion of irregularities, in addition to establishing penalties. On the other hand, Bovespa Market Supervision is taking over self-regulation among traders and brokers. Nonetheless, in some cases administrative supervision alone is insufficient to prevent irregular practices or punish those responsible. For specific cases, measures such as suspension of the exercise of professional activity and fines have proven ineffective to discourage the unlawful conduct of certain persons. Under such circumstances, criminal law becomes the State s last resort to regulate the matter. Law 6.485/76, with wording amended by Law 10.303/01, typifies the crimes of market manipulation, misuse of insider information and irregular exercise of office, profession, activity or function in the capital market. It is society s role to reflect and define what conducts shall be regarded as crimes.
O Mercado de Capitais representa a reunião das mais relevantes empresas em atividades de determinado país. Trata-se de um meio para a obtenção de recursos de modo a financiar a atividade produtiva, em longo prazo, de forma compatível com o porte do negócio e sua capacidade econômica. Noutro aspecto, serve como destino para a poupança popular, quer por meio de fundos, ou investimentos diretos. A Constituição Federal assegura a ordem econômica fundada na livre iniciativa. Não significa, entretanto, liberdade absoluta da atividade econômica e isso vale para qualquer setor empresarial sem que exista alguma espécie de acompanhamento ou responsabilidade. No caso do mercado de capitais, a Comissão de Valores Mobiliários se firmou, ao longo das duas últimas décadas, como instituição serena e precisa, para estabelecer normas administrativas, realizar apurações quanto à suspeita de irregularidades e até estabelecer sanções. A Bovespa Supervisão de Mercados, por sua vez, começa a ocupar o espaço de autorregulação entre os operadores e corretoras. Há casos, contudo, em que a tutela administrativa é insuficiente para, isoladamente, evitar práticas irregulares ou punir os responsáveis. Suspensão do exercício da atividade profissional e multa, em determinados casos, mostram-se fracos a desestimular a conduta ilícita de determinadas pessoas. Normas penais, por vezes, representam o último recurso do Estado para disciplinar o assunto. A Lei 6.485/76, com a redação alterada pela Lei 10.303/01, tipifica os crimes de manipulação de mercado, uso indevido de informação privilegiada e o exercício irregular de cargo, profissão, atividade ou função no mercado de capitais. A sociedade deve refletir e definir quais as condutas que deseja ver previstas como crime.
21
Sureda, Gomila Antoni. "Essays on the behavior and regulation of insiders." Doctoral thesis, Universitat Pompeu Fabra, 2010. http://hdl.handle.net/10803/7594.
Анотація:
This thesis consists of three essays on the behavior of corporate insiders and the optimal regulation of insider trading. The first of these three essays examines the welfare effects of insider trading and its attributes as an executive compensation mechanism; in addition, an optimal regulation of insider trading in the light of the model is proposed. The second essay analyzes another facet of insider trading: whether insiders can be a source of liquidity and act as traders of last resort on their companies' stock; moreover, the effects of transactions by insiders and by the company itself on the distribution of stocks returns are compared empirically. Finally, the topic of the third essays is the dynamics of insiders' holdings, and how these dynamics are a function of the number of large shareholders in the firm; the conclusions are empirically tested for Real Estate Investment Trusts.Aquesta tesi conté tres assajos sobre el comportament dels agents corporatius y la regulació de la compravenda d'accions amb informació privilegiada. El primer examina l'efecte de la negociació amb informació privilegiada y la seva utilitat com a mecanisme de compensació; es proposa una regulació de la negociació amb informació privilegiada. El segon assaig analitza si els agents corporatius són una font de liquiditat y actuen com a comerciants d'últim recurs per a les accions de la seva companyia; també es comparen empíricament els efectes de la negociació per part dels actors corporatius amb els de la negociació per part de les mateixes empreses en la distribució dels rendiments de les accions. L'últim assaig estudia la dinàmica de les carteres d'aquest actors en accions de les seves pròpies empreses, i com aquesta dinàmica es funció del nombre d'actors corporatius a l'empresa; les conclusions es testegen empíricament per a fons d'inversió immobiliària.
22
Ibrahim, Majida. "L'atteinte à la transparence des marchés financiers : l'exemple du délit d'initié : étude comparée du droit français et du droit libanais." Thesis, Aix-Marseille, 2015. http://www.theses.fr/2015AIXM1030.
Анотація:
Le délit d’initié peut être légal ou illégal selon le moment où l’initié fait le commerce : il est illégal lorsque l’information est non publique. Effectuer une négociation tout en ayant une connaissance particulière est injuste pour les autres investisseurs qui ne disposent pas de l’accès à ces connaissances. Les dirigeants ne sont pas les seuls à être reconnus coupables du délit d’initié. Des gens comme les courtiers, et même les membres de familles peuvent en être coupables. Par contre, le délit d’initié est légal une fois l’information a été rendue publique, au moment où l’initié n’a aucun avantage direct sur d’autres investisseurs. La tendance est à la pénalisation du délit d’initié ainsi qu’à la création d’une autorité de régulation spécifique aux marchés financiers. Ce travail s’appuie donc sur une étude des différents systèmes juridiques répressifs qui tendent à assurer la transparence des marchés et veiller au respect de l’égalité entre les opérateurs par le phénomène de la régulation. On s’attachera dans une première approche à l’originalité de l’infraction, à savoir la double définition qui engendre une double poursuite : pénale et administrative. Et dans une deuxième approche, on analyse la question de l’effectivité du dispositif répressif instauré, dans lequel nous concluons que cette dualité de système répressif face à la règle non bis in idem ne peut être comprise que comme une cohérence et une complémentarité entre les deux ordres de juridictions qui forment une avancée en particulierInsider trading can be illegal or legal depending on when the insider makes the trade: it is illegal when the material information is still non public, trading while having special knowledge is infer to other investors who don’t have access to such knowledge. Directors are not the only one who has the potential to be convicted of insider trading. People such a brokers and even family members can be guilty. Insider trading is legal once the material information has been made public, at which time the insider has not direct advantage over other investors. The tendency is to the criminalization of insider trading and the foundation of a specific regulatory authority for financial markets. The work is therefore based on a study of different law enforcement jurisdictions which trend to ensure markets transparency and ensure the respect of equity between the operators by the phenomenon of regulation. In a first approach, we study the originality of the crime including the double definition that generates a double prosecution: criminal and administrative. And in a second approach, we analyze the effectiveness of the repressive system in which we realize that this duality of the repressive system facing the non bis in idem can only be seen as coherence and complementarily between the two orders of jurisdictions
23
Huang, Hui Law Faculty of Law UNSW. "Insider trading law in China: regulations of insider trading in China and proposals for reform." Awarded by:University of New South Wales. School of Law, 2005. http://handle.unsw.edu.au/1959.4/24333.
Анотація:
The purposes of this thesis are threefold: (1) to investigate the incidence of insider trading in China; (2) to critically examine the regulation of insider trading in China within the Chinese context; and (3) to set out reform proposals. At present, insider trading is a very serious issue in China as it presents a major obstacle to the development of China???s securities market. This thesis is therefore of both theoretical and practical significance. Based on both theoretical arguments and empirical findings, this thesis investigates the extent of insider trading in China, explains why insider trading occurs in China, and examines the harmful and allegedly beneficial effects of insider trading. Insider trading is found to be widespread and widely considered to be harmful in China. This accounts for the fact that China has shown a great willingness to follow the international trend to regulate insider trading. Indeed, with the benefit of overseas experience, China has made a remarkable achievement in establishing its insider trading regulatory regime within a relatively short period of time. Despite this, there are a number of major problems with this regulatory regime, mainly due to the adoption of foreign ideas without due criticism. This is illustrated by various loopholes found in the definition of what is an ???insider???, which are related to confusion over underlying theories of insider trading liability. The thesis conducts an indepth analysis of these theories on a comparative law basis, recommending that the equality of access theory and the Australian ???information connection??? only approach are better suited to China. The thesis also examines other basic elements of insider trading, including the concept of materiality, the issue of when information becomes public, and the subjective elements of insider trading. Furthermore, a detailed discussion is carried out concerning the issue of private civil liability for insider trading. It is submitted that the combination of the nondisclosure-period-traders approach and well-designed damage caps can best ensure that private actions serve as a necessary and appropriate force in the enforcement of insider trading law.
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Müssnich, Francisco Antunes Maciel. "O insider trading no direito brasileiro." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/15292.
Анотація:
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The potential damage caused by insider trading is very high, because the offense affects not only the parties directly related to the transaction carried out while in possession of inside information, but also the stock market as a whole, undermining investor confidence. Severe sanctions under the administrative, civil and criminal law are necessary to discourage the offense. In this, Brazil’s securities regulator, the CVM - Comissão de Valores Mobiliários, plays a particularly important role because it wields the state’s power to intervene in the capital markets. At the same time, liability for insider trading offense should be based on a strong body of evidence, even if the evidence of insider trading is indirect only. The use of information barriers, which reduces the potential for conflicts of interest by restricting access to undisclosed material information, is not in itself sufficient to exclude liability for insider trading. Theories such as the 'corporate mind' can make Chinese walls ineffective protection against liability, even if they properly perform their function of segregating information. The theory of constructive or imputed knowledge cannot be applied in determining liability for insider trading
O insider trading é ilícito de elevado potencial danoso, pois impacta não só as pessoas diretamente relacionadas com a operação realizada com a informação privilegiada, mas também o mercado de capitais como um todo, afetando a confiança dos investidores. É importante, portanto, a repressão severa do ilícito nas esferas administrativa, civil e penal, destacando-se o papel regulador da Comissão de Valores Mobiliários, enquanto representante da intervenção do poder estatal no âmbito do mercado de capitais. Não obstante, para a responsabilização pelo ilícito do insider trading, deve-se exigir um conjunto probatório robusto, ainda que apenas indiciário. A utilização de uma espécie de muralha segregadora, se minimiza situações de conflito de interesses ao evitar o acesso amplo a informações relevantes não divulgadas ao mercado, não é, por si só, capaz de excluir responsabilidade por eventual insider trading. Importante ter cuidado com construções teóricas, como a da 'mente corporativa', capazes de esvaziar de utilidade barreiras como uma Chinese Wall. Impossível transpor a teoria do domínio do fato à apuração de ilícitos de insider trading.
25
LIU, PO-CHIANG, and 劉柏江. "Analyzing the Regulation of the “Insider Trading”." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/96137492200008476318.
Анотація:
碩士國立臺北大學
法律學系一般生組
97
Pertaining to the insider trading issue, in contrast to other available literatures in Taiwan ― whether it is a textbook, a journal, or an academic dissertation ― the focus is, almost without exception, exclusively on the insider trading lawmaking or rules of the United States, Japan, the European Union and other related judicial practices and doctrines. This thesis is to present the Securities Exchange Act and the relevant regulations in Taiwan as the research topic. Furthermore, it talks about the issue of criminal liability of insider trading based on the criminal “Tatbestand” theory in Taiwan as well as the criminal principles of law of the legal state of the continental legal system. In other words, as far as the domestic law is concerned, the current thesis discusses about only the criminal liability of insider trading. The themes of this thesis are as the following: chapterⅠdiscusses the differences between a material information and an inside information, and then points out the legislative error of the insider trading regulation in Taiwan; chapter II briefly introduces the legislative evolution of the Article 157－1 of Securities Exchange Act in Taiwan; chapterⅢ points out the source of law of the “insider trading” regulation and its punishability; chapter Ⅳ analyzes the “insider trading” regulation based on the criminal “Tatbestand” theory in Taiwan. Also, it talks about the relevant problems with the criminal principles of law of the legal state, and even provides legal advices to modify the regulation; chapter Ⅴ studies and comments on certain practical cases of insider trading; chapter VI, in conclusion, provides the legal advices to modify the regulations ― with its focus on the criminal liability only.
26
Kruger, Melinda Cheryl. "The regulation of insider trading on the JSE : a comparative study with Hong Kong / Melinda Cheryl Kruger." Thesis, 2014. http://hdl.handle.net/10394/15350.
Анотація:
Insider trading on the JSE can be linked, directly or indirectly, to the reputation of the South African financial market. The regulation thereof is essential and a non-negotiable requirement for the successful attraction and retention of investment flows. Inadequacies associated with the regulatory framework regulating insider trading, the onus of proof in a criminal trial and the lack of civil remedies associated with insider trading as a form of market abuse, motivates a critical analysis into the regulatory framework on insider trading in South Africa. The aim of this study is therefore to identify international best practice principles to fill the gap in South Africa’s regulatory framework. This gap relates to the practical application and execution of legislative and other instruments in order to combat insider trading as a form of market abuse. A further aim focuses on the simultaneous development of the legislation relating to financial markets in conjunction with developments in the economy. A final aim is to determine whether and how South Africa can improve its current legislative dispensation on insider trading.
In order to arrive at the aim of the study the historical development on the regulation of insider trading is discussed. A critical analysis of the relevant insider trading sections in the Securities Services Act 36 of 2004 is compared with the corresponding sections of the Financial Markets Act 19 of 2012. A discussion on the roles, duties and authority of the Financial Services Board, the Directorate of Market Abuse and the Enforcement Committee will assist in analysing these organisations' contribution in regulating insider trading in South Africa. A look into the application of other regulatory instruments including the JSE’s Code of Conduct is required. In order to determine whether and how South Africa can improve its current legislative dispensation on insider trading, a comparative study is conducted with Hong Kong. It is submitted that the South African regulatory framework on insider trading has to be revised in order to align with international best practice principles and to promote transparency of the JSE, promote investor confidence and ensure justice for all.LLM (Import and Export Law), North-West University, Potchefstroom Campus, 2015
27
Wang, Rangchung, and 王潤昌. "The Discussion about The Regulation of Subjects of Insider Trading." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/68825066294667855045.
Анотація:
碩士中國文化大學
法律學系
101
The regulation of sujects of inside trading in our country lists on subparagraph 1 to subparagraph 5. When it comes to the scorpe of subjects of inside trading, it involes the purpose of the regulation and the principle of nulla poena sine lege, both of which makes the regulation of inside trading so vague that it is hard to explain. For examlpe, after new regulation legilating in Company Law, the de facto director nd shadow director also have duty as director in companies.Therefore, there seems that de facto director and shadow director both an be the sujects of subparagraph 1.Besides, when someone buy and sell stocks by insider information getting via illegality, it may causes doubt that whether it is inside trading? Lacking of regulation, point of views of between courts and scholars are worthwhile to discuss. Although courts and some of scholars agree that public servants can be the subjects of inside trading, but the problems confronting as we ues subparagraph 3 and subparagraph 5 to sue for inside trading are the important things I try to talk about. I hope to introduce fraud theories and change in point of views by foreign cours so that it can help whenever we explain or apply the regulation of inside trading. Finally, by introduecing the different point of view on how paragraph 7 applies article 22-2 with necessary modifications and what legal effect it is between courts and scholars, I try to emphasize the problems. Besides, the issue whether the regulation about spouses, minor childs, and someone who owns stocks for others'benefit is appropriate or not is so important that we can't ignore. In this issue, I intend to talk about the concept of beneficial owner, which can be seperated into two parts: One contains directors, supervisors, managers, which depend they have own benefit diretly or indirectly to identfy whether they are beneficial owner or not; the other is shareholders, which depend they have control vote and decision diretly or indirectly to identify whether they are beneficial owner or not.
28
Sun, Chi-Jen, and 孫啟仁. "A Study on the Material Information Under Insider Trading Regulation." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/8qm47p.
Анотація:
碩士東吳大學
法律學系
105
This thesis consists of six chapters. The first chapter is the introduction about the motivation, target, method, scope, restriction and structure of this thesis. The second chapter represents the theoretic foundations that the insider trading should be regulated or not in the first place. Besides, the meaning of insider trading and the originally legislative cause and purpose in Taiwan are also introduced in the first part. In the second part of chapter two, the development of insider trading regulations and relative regulations in the United States are introduced because the United States is the first country in the world to form the regulation of material information under insider trading in the security market because of its prosperous security market. In the last part, the German and European Union’s regulation and prohibited types of insider trading are also introduced. In the first part of chapter three, the content mainly focuses on the ways to tell the material information in Taiwan and how it’s recognized and classified under Taiwanese law. In the latter part, some typical cases under the American case law system are introduced for representing about the meaning of material information, and for the most important part, the supreme court regarded that the blight-line rules for telling whether the information is material or not is not suitable for the complication and difference of each case, and the best way is investigating the facts in the case and judging as a whole. For the last part of chapter three, the two aspects of Germany regulation are introduced, the former are rules about concrete information of material information, the latter is the meaning of undisclosed information. Although Germany is relatively late to legislate regulations for material information under insider trading among developed countries but it is heavily impacted by European Union’s regulation and has already completely adopted the market abuse regulation from European Union since 2016. Chapter four is divided into two sections by the collection of six cases. In the first section of chapter four, the cases are collected according to the issues about material information under insider trading. The issues about publicity are collected and discussed in the second section of chapter four. Each case is composed of three parts, the first part is the fact of the case, the second one is the summary of the trial and the last part is the comparison between cases and the opinion of the author. Moreover, the opinion is given under the theoretic bases that introduced in chapter two and three. Besides, why the structure is formed in this way is to compare the issues and judgements introduced firstly and to reflect flaws in order to get conclusions that could not only be adapted and but also for amending regulations in Taiwan. Chapter five and six are the suggestions and conclusion of this thesis. There are four suggestions, the first suggestion is to increase the ways of releasing material information for the limitation of regulations which are formed by the financial authority, the second one is to carry out the culture and regulation in Corporate Governance for preventing insider trading in advance, the third one is to introduce the civil penalty for quick response to disrupting behavior about security market and the last suggestion is to use a general standard about the meaning of material information under insider trading such as the cases in the United States. All the four above suggestions could make the regulation more accommodating under fast changing and unpredictable business environment and meet the social anticipation for securing the property of the market players.
29
Lin, Chi-Yao, and 林繼耀. "Fair Disclosure v. Insider Trading―Study on the SEC Regulation FD." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/57949810906576328812.
Анотація:
碩士中原大學
財經法律研究所
90
This research primarily focuses on issues regarding fair disclosure of information and curbing the rampant insider trading in Taiwan, by adopting the comparative legal study method to introduce the US’ SEC newly promulgated Regulation FD. As issues with respect to information disclosure and insider trading reveal problems of securities supervisory authorities everywhere, this research examines the regulation itself, the correlation amongst fair disclosure, prevention of insider trading, and the present disclosure system in Taiwan, so as to furnish a tentative proposition for further improvement. The scheme of the research comprises six parts as follows: Part I illustrates the motives, methods, limitations and realm of this paper. Part II bases its interpretation on Economics methodology, by which to explore the causes of insider trading, such as information asymmetry and efficient capital market hypothesis. This part also reviews and comments on the rationale behinds the regulation of insider trading. Part III focuses on the court opinion and development of insider trading regulation in the United States. This research indicates that US’ SEC dedicated itself to reviving the “parity of information” theory, which was previously overruled by the US Supreme Court. Part IV analyzes the Regulation FD, including the background of legislation, content, impact and corporate compliances. Lacking of clear criteria for “materiality”, the market responded the new regulation with so called the “chilling effect”, and the SEC tried to balance between the turmoil and efficacy of the regulation. Part V depicts current disclosure rules, including the routine filing with the SEC, prompt disclosure of material information, and the stipulation of “earning projections” in Taiwan. Furthermore, compares the differences between Regulation FD and the similar rules in Taiwan. Part VI itemizes issues as well as propositions pertaining to shaping a conclusion of this research. Meanwhile, this part tentatively contours prospects of establishing the regulatory scheme of information disclosure in Taiwan.
30
Chun-YuLai and 賴俊佑. "Examining Taiwan’s Insider Trading Regulation from the Concept of Dangerous Criminal." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/16713526074622015401.
Анотація:
碩士國立成功大學
法律學系
100
Most researches on insider trading in Taiwan base their discussions and analysis on theories of the insider trading related regulations of the securities law of the United States. This probably is due to the fact that Taiwan’s securities law was built according to America’s legislation. However, as insider trading in Taiwan is classified as an economic crime so as to protect the smooth operation of the securities market, and the traders are abstract dangerous criminal whenever they learn of the insider information and transact based on the learned insider information, attention should be drawn to whether liabilities for insider trading is in line with criminal law theories.This study therefore would like to discuss whether the current securities law is a set of well-framed regulations by looking to the dangerous criminal . Firstly this study will discuss the basic concepts of dangerous criminal, and the necessity of classifying insider trading as a crime. This study will then introduce the legislations of the securities laws of the United States and Germany, followed by relevant questions of Taiwan’s insider trading rules. Lastly, this study will explore the constituting elements of the insider trading crime, in particular on the dangerous criminal, and make proposals with respect to contradictions between the securities law and the criminal law theories.The conclusion of this study will say that Section 157-1 of the Securities and Exchange Act should be removed as to the restrictions regarding the status of the violator and the waiting period, and that the exceptions listed in the proposed amendments should not be added. This study will also conclude that the Securities and Exchange Act should narrow the scope of culpability of insider trading violation, and impose liability only when the violator pecuniary benefits from the insider trading. This study additionally concludes that the current liability imposed under the Securities and Exchange Act is not proportionally set, and there is a need to reframe the law so as to make it proportional to the violating act. Lastly, this study considers the aggravation of liability as unnecessary and should stricken.
31
KAN, CHEN PO, and 陳柏乾. "Study on the definition of material information under insider trading regulation." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/85812387466890675404.
Анотація:
碩士東海大學
法律學系
96
This thesis mainly discusses the definition of material information under insider trading regulation. When applying insider trading laws, we used to be confused about some issues, such as the definition of “material information” and “the disclosure period”. Besides, If the information affecting the price of shares was formed before disclosure, how is the timing of material information determined? Is there any standard we could apply to determine when the information is formed and whether the information is disclosed in practice? These questions are very difficult to figure out and they are extremely crucial in recognizing whether insider trading was formed. In the definition of material information, it should be more precise after the enact of “Regulations Governing the Scope of Material Information and the Means of its Public Disclosure Under Article 157-1, Paragraph 4, of the Securities and Exchange Act”. However, the definition of “material information” should still be evaluated upon case-by-case basis. Instead of evaluating the definition of material information by certain aspects, it should be determined by considering varies of factors and judged comprehensively. The courts and academias have to develop some more specific standards and precedents. The thesis is trying to provide some specific standards by summarizing judgments made by U.S. and Taiwan courts. Each event of material information formation possesses its own particular formation process. Thus, it would be inflexible in defining material information if we use certain the traditional definition standards. Provided we considered some information was not “material” only if the formation process of this information was unfinished or the information was uncertain, it would be too rigid. In order to follow legislator’s original intension, we should observe the facts and outcomes at a more comprehensive sight, and should not mechanically stick at certain the point when the events was happened. To decide whether the material information is duly disclosed, it should be depended on whether this information was uploaded to Market Observation Post System. If the information is uploaded, we may consider this information was disclosed. Under the circumstances that the information is not uploaded, “whether the information is completely reported by media” and “whether this information is certified by the company or related person” will be the criterion . If either of these criterion are satisfied, we should also consider that the information is disclosed; otherwise, the information should not be regarded as disclosed.
32
Chen, Kuan-Chieh, and 陳冠潔. "A Study on the Regulated Subjects and the Liabilities of Insider Trading Regulation." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/88267522274414337792.
Анотація:
碩士臺灣大學
法律學研究所
97
This thesis focuses on the liability coverage of various subjects under Taiwanese insider trading law and the justification of different liabilities on insider trading. Ultimately, this thesis combines analysis of liability coverage and liability models, and suggests that different liabilities should be subject to more tailor-made scenarios in order to better specify what subject matters and acts should be dealt with which models of insider trading law. This thesis is divided into six chapters. The first chapter highlights the issues, research scope and the findings. Chapter 2 aims at insider trading regulations with a comparative law approach. It shows that under different legal systems, the structures of insider trading regulations and their theoretical basis varies. From the studies above, Chapter 3 identifies the problems of regulated subjects under Taiwanese insider trading law. There are three types of regulated subjects that will be discussed in relation to their “liability coverage”. Chapter 4 includes the types of liabilities in insider trading law in six jurisdictions. Readers should get the big picture of the international trend regarding the types of liabilities under insider trading law through comparative law analysis. When looking into the nature of these liability types, the question of “whether the punishment can be justified” arises. First, the author differentiates between the natures and functions of the types of liabilities along with current Taiwanese insider trading regulations. This thesis proposes the ideal approach concerning criminal, administrative and civil liabilities under Taiwanese insider trading law. After incorporating the concluded liability types and liability coverage, this thesis make a brief conclusion about how to impose different types of liabilities on different subject matters. Chapter 6 concludes this thesis. Interpreting insider trading law by the rule of law, the author finds that Taiwanese insider trading law is market-oriented and emphasizes on protecting the integrity of the securities market and confidence of investors. Adopting the above theoretical basis, there are still possibilities to limit tippers’ and tippees’ liability coverage and types thereof under Taiwanese insider trading law. Concerning the liability of the scenario of tipping inside information, this thesis suggests relieving the liability of tippees who indirectly receive inside information (hereinafter “remote tippee”) from tippers and abandoning the concept of “joint-perpetrator” when establishing their liabilities. The possible sanctions on remote tippees include reducing the years of sentence, punishment solely by administrative sanctions, or no punishment at all. It is also the author’s suggestion to impose insider trading liability on those who not only tip the inside information but also persuading others to trade. In other words, inducement and recommendation, on the basis of inside information, to acquire or dispose of securities to which that information relates, constitute insider trading violation, but mere inside information disclosure does not. This article also proposes that legal person shall be one of the regulated subject matters under Art. 157-1 of Taiwanese Securities Exchange Act (hereinafter TSEA) since it is unjustified to distinguish the liability of a legal person from a natural person. In addition, the reasonable sanctions on a legal person are criminal penalties and administrative liabilities. As to one who possesses inside information by virtue of his criminal activities for using that information by trading securities to which that information relates, for instance the behavior of “mere thief”, insider trading law shall be applied and the liabilities shall be imposed. Regarding the “types of insider trading liabilities”, through the observations of comparative law, the author concludes that criminal liability is necessary under insider trading law since its deterrent effect cannot be substituted by other kinds of liabilities. Moreover, criminal sanction is the international trend. Administrative liability shall be adopted into Taiwanese insider trading law since administrative measures provide various means of preventions and sanctions. The administrative penalty sometimes even possesses better deterrence than criminal fines. The characteristics of administrative measures, such as the requirement of evidence and flexibility etc., together with criminal liability provide an integral regulated system for fighting insider trading. As to the way administrative liabilities correspond to the current criminal liability system under TSEA, this thesis also proposes several methods. These methods include the adjustment of the litigation process, the amount of the criminal fine and administrative penalties. The cooperation between the competent authority and the prosecutors will also play an important role in the future. The author also indicates the possible arrangement of the administrative fine aimed at deterring insider trading, such as funds and the award for whistle-blower. After adopting administrative liabilities into Taiwanese insider trading law, the original civil liability contained in Art. 157-1 of TSEA shall be abolished since the causation between insider trading and investors’ trading, damage does not exist. The fund coming from offenders’ administrative penalty could be a substitution of civil indemnification. Besides, the three-time civil compensation designed by Art. 157-1 of TSEA is not an appropriate arrangement and the author suggests a revision.
33
Lee, Su-Ming, and 李樹敏. "A stufocus on Act 157 of Taiwanese dy on the concept of「Insider」in insider trading regulation-with Securities act." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/n3cw3a.
Анотація:
碩士國立臺灣海洋大學
海洋法律研究所
103
Securities trading method 157th article of 1 1th items 5th paragraph provides, from company directors, and monitored people, and managers, and holdings over 10% 10% shareholders and the based on career or control relationship was informed that news of people, that for "news subject people" (Tippee), actual knows issued stock company has major effects the company stock price of news Shi, in the news clear Hou, not public Qian or public Hou 18 hours within, Shall not on the company of listed or in securities commercial business premises sale of stock or other has equity nature of securities, itself or to others name buy or sold, otherwise will faced people, and criminal of v Chase; with method 4th items provides, news subject people for preceding paragraph damage compensation, should and 1th items 1th paragraph to 4th paragraph provides news of people, negative joint compensation responsibility, but Qian said provides news of people has due reason left card the news has public who, not must burden compensation responsibility. However, securities trading method for news subject people applies range of defined not clear, except since company internal people directly made news who (doctrine called "directly news subject people" or "first-hand news subject people") outside, since first-hand news subject people again line passed and obtained news of "far from news subject people" (RemoteTippee, doctrine or called distant news subject people, and indirect news subject people or second hand news subject people), whether also by banned inside trading of limit? This paper will start with United States law and regulations and practices, and then discusses the theory and judicial practice views, and presents views and analysis, and proposals for amendments.
34
Lai, Yu-Lun, and 賴禹綸. "A Comparative Study on Insider Trading Regulation--From the Perspective of Mergers and Acquisitions." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/srth69.
Анотація:
碩士國立臺北大學
法律學系一般生組
102
Section 157-1 of Taiwan's Securities Exchange Law has been in effect since 1988, prohibiting corporate insiders from trading securities while in possession of nonpublic material information. However, the theoretical basis of insider trading is still controversial. Questions such as “what kind of information would influence the price of securities of issuers, or make an impact on decision-making among reasonable investors? ”, and “when does uncertain information become material? ” are also unsolved. Moreover, while issuers are carrying out mergers or acquisitions (hereinafter "M&A") with other corporations, the likelihood of insider trading increases because the price of securities often fluctuate dramatically after the announcement of the M&A, and the process before the information of M&A officially made public is often lengthy and secretive. These characteristics offer insiders the incentive to profit from dealing after being informed of the undertaking M&A, thus require further analysis. This thesis firstly introduces the debate on whether it is necessary to ban insider trading with mandatory provision from the perspective of economic analysis of law, and then illustrates the legal development of insider trading regulation in Taiwan. Secondly, this thesis tries to explore the regulative foundation of prohibiting insider trading in Taiwan, while observing the validity of legal elements such as “the scope of insider”, “the nonpublic information”, “the judgment of materiality”, and “the scienter of insider” by comparing Taiwan's standing provisions with the development of insider trading regulation under section 10(b) of the Securities Exchange Act and Rule 10b-5 in the United State and the relevant content of Market Abuse Directive in EU. Lastly, while focusing on the conjunction between insider trading and M&A, this thesis discusses relevant parts of insider trading under M&A through both theoretical and practical studies, especially concerning the aspect of “how to delimit the range of insider under M&A” and “how to conclude the specific time or stage at which the information related to potential M&A is provided with sufficient possibility of coming into existence and become definite and precise ”. In conclusion, this thesis holds that the foundation of section 157-1 should be based on “market integrity theory”, that is, to prevent the integrity of financial market from being harmed by insider trading conducts. In addition, the materiality of inside information should be judged by the rule that “At the time when insider is trading securities, the information possessed by insider would likely to have significant effect on reasonable investors”. Given the uniqueness of every M&A preliminary discussion, instead of being confined to formalities, the materiality in each deal should be determined depending on the probability of occurrence in the future, and the anticipated magnitude to the issuer in actual progress of every merger or acquisition.
35
Lu, Kuo-Pin, and 呂國平. "The Research of Insider Trading in Securities Regulation in The View of Economic Analysis." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/a6mudz.
Анотація:
碩士銘傳大學
法律學系碩士班
95
The stock market is the window of the economic developments.It’s the place for companies to raise capital easily. The investors will get enormous profit losses when a corporate insider purchases or sells securities on the basis of material, non-public information .Insider trading is harmful for trading order and destroy the confidence of investors and thus lessens both liquidity and investment in the stock market. For instance, the Enron and Worldcom debacles led to significant new developments in the area of enforcement and disclosure. First, pursuant to the Sarbanes-Oxley Act enacted July 30, 2002 to increase the public confidence in the U.S. public securities markets. U.S. insider trading regulation can best deter unlawful activity and support and promote the integrity of the securities markets if it more clearly and precisely identifies and punishes those who undermine or challenge that market integrity by engaging in transactions based on their privileged access to significant, undisclosed information. Insider trading occurs frequently in the Taiwan stock market. For instance, Lee Jin-chan the chief of The Financial Examination Bureau disclosed material, nonpublic information（accounting fraud）to Lin Ming-dar and his friends and they all used the information to sell stock in the Taiwan listed company, Power Quotitent International Corporation, that they have traded on profitably. Recently, Dr. Chao Chien-ming, President Chen Shui-bian’s son-in-law was held incommunicado at the Taipei detention house in Tucheng on suspicion of insider trading on May 25, 2006. He was notorious all over the world. From the mentioned above, the issue of insider trading has never disappeared from academic and public policy debates during the past four decades, and this practice has attracted a great deal of publicity and near-universal condemnation. Recently, and in the wake of the stock market decline and numerous corporate scandals, insider trading, treated as one of the chief symptoms of the business world''s corruption, once again captured public attention. In order to avoid deterring investors from making trades in the future, the insiders should be punished for trading based on the information in most countries. However, many law and economic scholars have argued that market efficiency as a goal is consistent with the idea of easing restrictions on insider trading. This research primarily focuses on “Is it necessary that insider trading should be punished？” by the view of economic analysis . The scheme of the research comprises seven parts as follows： Part I illustrates the motives, goal, methods, limitations and realm of this paper. Part II illustrates some fundamental concepts and theories. For example, maxmizing utility, efficiency and equity, Game Theory, Coase Theorem etc. Part III focuses on the brief introduction about the definition of insider trading and the necessity that insider trading should be punished. Part IV discusses the basic structure of insider trading regulation in the United States. This Part reviews the common-law development of insider trading laws under section 10(b) of the Securities Exchange Act and SEC Rule 10b-5 promulgated thereunder. In doing so, this Part examines the four theories of insider trading：the disclosure or abstain , fiduciary duty ,classical and misappropriation theories. Misappropriation liability is an insider trading theory of relatively recent vintage, only having been endorsed by the U.S. Supreme Court in 1997. Accordingly, there is much room for interpretation of its various facets. Part V explores the insider trading regulation in Taiwan. Meanwhile, this Part discusses some case of the insider trading in Taiwan by the view of economic analysis Part VI bases its interpretation in the view of economic analysis, by which to explore the problems of insider trading, such as Pareto efficiency, the noise theory, the random walk theory and efficient market hypothesis. This Part also discusses the correlation of increasing the punishment and reducing the crime of the insider trading by the analysis of regression. Part VII ultimately concludes this research.
36
Ta-WeiWen and 温大瑋. "Civil Liability of Taiwan’s Insider Trading Regulation－A case study of Securities and Exchange Act Article 157-1." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/73299p.
Анотація:
碩士國立成功大學
財務金融研究所在職專班
101
In 1988, Legislative Yuan passed the amendment to the Article 157-1 Paragraph 3 of Securities and Exchange Act. The Article 157-1 Paragraph 3 of Securities and Exchange Act establishes the calculating standard that “trading counterparts who on the day of the violation undertook the opposite-side trade with bona fide intent, for damages in the amount of the difference between the buy or sell price and the average closing price for ten business days after the date of public disclosure.” The study attempts to examine the basis of the amendment to the civil liability in the view of finance and statistics by using 30 insider trading cases confirmed by the district courts (confirmed in the judgment of the timing of material information and the price of the perpetrators bought or sold) during 01/01/2008 to 04/01/2013. The empirical findings show that the current calculating standard is inappropriate and unreasonable.
37
Hung, Cheng-Yi, and 洪正一. "The Innovation in Taiwan’s Insider Trading Regulation－From the Perspective of Legal Interests of England and the U.S. Law." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/47383154125285689646.
38
Kling, Gerhard [Verfasser]. "Mergers during the first and second phase of globalization : success, insider trading, and the role of regulation / submitted by Gerhard Kling." 2004. http://d-nb.info/971836841/34.
39
Li, Hung-Chin, and 李弘錦. "A Reflection of Judicial Enforcement on the Insider Trading Regulations – Focusing on the Jing-Yong Insider Trading Case." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/80081405728918040464.
Анотація:
碩士中原大學
財經法律研究所
95
The punishment of insider trading has been continuously raised in Taiwan; however, the insider trading has not been eliminated accordingly. In the 2006 World Competitiveness Yearbook issued on May by the International Institute of Management Development (IMD) of Switzerland, Taiwan’s overall competitiveness ranks 18th, falling from the 11th position ranked in the previous year. This indicates that the government could not prohibit insider trading by only amending the constitutive requirements and raising the punishments. The adjudication of recent insider-trading case in Taiwan has repeatedly cited the American legal theory of insider trading regulation. In this regard, Chapter 2 considers it necessary to learn from the development of American legal theory regarding insider trading and the important issues disputed therein. We can see that there are problems arise from indefinite concept of law and the applicability of legal theory in the judicial practice in Taiwan. Therefore, Chapter 3 takes the Jing-Yong insider-trading case to demonstrate that in the conduct of an insider trading scheme, the legal intervention of the criminal procedure not only failed to deter the insider trading but, on the contrary, was abused by the wrongdoer of the crime. This clearly shows that the use of the criminal procedure as the main deterrence of insider trading conflicts with the fact that the security law is, in essence, a market law. Thus, we should consider administrative measures as the main regulation of insider trading. Chapter 4 analyzes some measures the administrative branch should take in order to prevent insider trading, discussing issues in different aspects such as the development of a security market, the head account regulation, and the information disclosure system, etc. Consider that the insider trading is itself an investment behavior and one of the administrative goals of the Financial Supervisory Commission, the security supervisory organization, is to attract investment and expand the trading volume in the security market, we should see insider trading as an illegal conduct in order to protect other investors’ profit. This thesis argues for the idea that we should regulate the insider trading with administrative measures rather than with the criminal law. The key concept here is to raise the cost of the insider trading and hence make the inside-trader back out the deal. The security market itself should build up the mechanisms preventing the insider-trading. The first measure is the ethics, that is, the self- regulation of the dealer and that of the investors. The second measure goes to the administrative regulation. And the last measure is the judicial investigation and trial. Therefore, the Financial Supervisory Commission should establish a sound and complete administrative system in the first place to prevent insider trading, minimizing the impact caused by the insider-trading behavior in the market. We should first eliminate in the market the “the unbeneficial insider-trading” and “the insider-trading with little impact to the stock price”, and then send to judicial trial those inside traders that severely affect the security market and the investors, making them convicted and then punished. By these means, the function and value of the article 157 of the Security law could be fully carried out.
40
Liang, Jeng, and 梁正. "The Scope and Strategic Moves of Insider Trading Regulations." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/01382022192996011523.
Анотація:
碩士臺灣大學
法律學研究所
98
The insider trading regime deeply influences the capital market and the industrial growth in Taiwan, but there is no consensus as to the legitimate foundation of insider trading proscription in our theories or practice. This leads to many arguments regarding how to apply the §157–1 of Taiwanese Securities and Exchange Act. Therefore, by the analysis of comparative laws, this thesis proposes “Market Reliance Theory” containing the fraud factor, and hopes to contribute to the legislation, application as well as interpretation of Taiwanese insider trading regime. The Market Reliance Theory asserts that we should distinguish outside or inside information source, and we must define “market integrity” more explicitly to establish the insider’s obligation to disclose inside information before transactions. Furthermore, the Market Reliance Theory also suggests that we should legislate safe harbors for insider trading regime to balance the fairness and the efficiency of transactions on the securities market. With respect to the strategic moves of corporate inside information governance, this thesis maintains that not merely should the FSC draw up “Disclosure and Transparency Rules” for listing companies, but the competent authority should also take advantages of administrative regulation methods to regulate the gray zone of misusing information in Taiwanese insider trading regime. For instance, we could use “civil penalties” to integrate all the monetary punishments sanctioned on the insiders who abuse the inside information to trade corporate securities. Last but not least, this thesis emphasizes that we should define the scope of insider trading regulations to enhance the predictability of complying with the financial statutes. Concerning the boundary of expanding insider’s category, this thesis confirms that the hostile takeover acquirers are not always the insiders, and the Market Reliance Theory also provides the criteria to judge the tippee’s derivative liability. In respect of adjusting the types of regulated behaviors, this thesis suggests that “insider’s encouraging others to deal” should be regulated after amending the Securities and Exchange Act. As to whether the insider trading regime should be applied off market, we should consider the practicability of “asymmetric regulations”.
41
"Insider trading and market reaction: the change in disclosure regulations." 2006. http://library.cuhk.edu.hk/record=b5892921.
Анотація:
Wan Yanyan.Thesis (M.Phil.)--Chinese University of Hong Kong, 2006.
Includes bibliographical references (leaves 53-56).
Abstracts in English and Chinese.
Chapter I. --- Introduction --- p.1
Chapter II --- Disclosure of Interests (DI) Regimes in Hong Kong --- p.5
Chapter II.1. --- Development of Disclosure of Interests (DI) Regulations --- p.5
Chapter II.2. --- Differences in Two Disclosure of Interests (DI) Regimes --- p.8
Chapter III. --- Literature Review and Hypotheses --- p.11
Chapter IV. --- Data and Methodology --- p.15
Chapter IV.1. --- Data --- p.15
Chapter IV.2. --- Descriptive Statistics --- p.20
Chapter IV.3. --- Methodology --- p.22
Chapter V. --- Results --- p.24
Chapter V.1. --- Market Reaction to Insiders，Transactions --- p.24
Chapter V.2. --- Information Asymmetry Hypothesis --- p.28
Chapter V.2.1. --- Company Size Effect --- p.28
Chapter V.2.2. --- Index Membership Effect --- p.32
Chapter V.2.3. --- Industry Effect --- p.34
Chapter V.2.4. --- Tests of Information Asymmetry Hypothesis for Subsamples --- p.41
Chapter V.3. --- The Effect of Different DI Regulations --- p.42
Chapter V.3.1. --- Full Sample --- p.43
Chapter V.3.2. --- Subsamples --- p.48
Chapter VI. --- Conclusion --- p.49
Reference --- p.53
Appendices --- p.57
Appendix 1 --- p.57
Appendix 2 --- p.67
Appendix 3 --- p.70
42
Lo, Hsiao-Wen, and 羅筱文. "Should Debt Securities Be Covered by the Insider Trading Regulations?" Thesis, 2009. http://ndltd.ncl.edu.tw/handle/36667173413250823389.
Анотація:
碩士中原大學
財經法律研究所
97
Abstract Article 157-1 is the most important law for governing insider trading in Taiwan. While Article 157-1 covers only equity securities, Article 6 defines securities to include both equity and non-equity securities. Does the discrepancy between these two Articles create a loophole? The legislators in Taiwan seem to think so, as a new bill that adds non-equity securities to the insider trading regulations has passed the First Reading. I disagree with that opinion, and this paper discusses the rationales for the disagreement. The regulations of insider trading are usually justified on the bases of fairness and/or other equity grounds because insiders have access to confidential information their counterparties in the markets do not have. However, privileged information exists in all kinds of market, why single out the stock market? This paper seeks to answer this question through comparative analysis of legal regimes in the United States, where Taiwan borrowed most of its insider trading regulations. I first discuss why debt securities are excluded from insider trading regulations in the United States. I will then focus on the theoretical foundation of Article 157-1 and why non-equity securities should not be included in the insider trading regulations.