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In respect of a Director of a UK authorised service company and their obligations under FSMA 2000, the Criminal justice act and - Essay Example

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In respect of a Director of a UK authorised service company and their obligations under FSMA 2000, the Criminal justice act and the company act 2006 evaluate how the law on insider dealing could be simplified without diminishing their effectiveness. Introduction The Financial Services and Markets Act 2000 (FSMA) contains the statutory regime for controlling and regulating market abuse within the UK.1 Essentially FSMA confers upon the Financial Services Authority the power to take action against those whose conduct does not comport with accepted standards but does not reach the level of criminal activity…
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Download file to see previous pages the proliferation of statutes that essentially deal with the same problem there is a perception that each statute must necessarily be introducing a different aspect of the law. It makes sense that insider dealing should be simplified and included in one statute that could cover each of the behaviours that the government seeks to prevent and monitor. This research study demonstrates how the law relative to insider dealing can be simplified by simply placing it in one statute. By taking this approach directors can more easily inform themselves of the prohibitive conduct and have more certainty as to what amounts to insider dealing and what the consequences of insider dealer are. In this research study is divided into two main parts. The first part of the paper defines insider dealing and analyses the statutory provisions defining insider dealing. The second part of the paper analyses how and why insider dealing laws should be simplified. Insider Dealing Definition Dealing refers to activities in which an individual obtains: Or disposes of the securities himself, whether for himself or as the agent of some other person, or procures an acquisition or a disposal of the securities by someone else.5 Information in the context of inside dealing refers to inside information associated with “the securities themselves or to the state of the company” issuing the relevant securities.6 Grier defines insider dealing as gainful use of “secret information” related to investments that are traded in the open market by “those who are privy to that information and should not be taking advantage” of that information and knowledge.7 These definitions take account of the fact that insiders have sensitive market information that can significantly influence buying and purchasing behaviour and investment trends generally. An insider with this kind of information can exploit this knowledge for purposes that can either harm the company or the market for self-gain.8 It is entirely understandable that insider dealing laws are promulgated to safeguard against market abuses that constitute insider dealing. Statutory Definitions and Regulations of Insider Dealing The Criminal Justice Act 1993 which implements the EU Directive on insider dealing creates two offences of insider dealing.9 The offence of insider dealing occurs when an “individual has information as an insider in circumstances mentioned in subsection (3)” and “deals in securities that are price-affected securities in relation to that information.”10 Subsection (3) provides: The circumstances referred to above are that the acquisition or disposal in question occurs on a regulated market, or that the person dealing relies on a professional intermediary or is himself a ...Download file to see next pagesRead More
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