European insider dealing: law and practice
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
London ; Munich [u.a.]
Butterworths
1991
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXXI, 406 S. |
| ISBN: | 0406115575 |
Internformat
MARC
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Datensatz im Suchindex
| _version_ | 1804120882357993472 |
|---|---|
| adam_text | Contents
Preface v
The Contributors vii
Abbreviations xxi
Table of Cases xxix
PART I Economic and Legal Theory of Insider Regulation
Chapter 1 Information Imbalances and the Securities Markets by Paul Fenn,
Alistair McGuire, Dan Prentice 3
I The regulatory framework 3
II The economics of information 4
III The economics of agency 8
IV The economics of insider trading law 11
A The general trading public 12
B Shareholders 14
C Managers 15
V Disclosure of information and companies securities 15
VI Conclusion: evaluating the Directive 17
Chapter 2 Insider Regulation and Economic Theory by Hartmut
Schmidt 21
I Against insider trading 22
A Insider trading and the cost of capital 22
B Relation of the two approaches 28
II For government regulation 28
III Challenges and problems 30
A Insider trading and the tightening of insider regulation 31
B Benefits of insider trading to non insiders 33
IV Survival, conclusions and outlook 37
xiii
xiv Contents
Chapter 3 The Legal Theory of Insider Trading Regulation in the United
States by Reinier Kraakman 39
I The development of insider trading doctrine 40
A The equal access theory 40
B The fiduciary duty theory 42
C The misappropriation theory 44
D Summary 46
II The policy debate 47
A Insider trading and the value of information 47
B Insider trading as a disclosure device 49
C Insider trading as a compensation device 51
III Concluding remarks 54
Chapter 4 The Legal Theory of Insider Regulation in Europe by Alain
Viandier 57
I Protection of the company 58
II Protection of the market 59
III Protection of information 61
PART II Insider Regulation in Europe—the European Insider Dealing
Directive of 13 November 19S9 and Member State Insider Regulation
Chapter 5 The Insider Trading Prohibition in the EC Member States: A
Comparative Overview by Eddy Wymeersch 65
I Analysis of the present insider trading laws and regulations of the EC
member states 68
A The insider defined 69
B Securities involved 91
C The transactions 98
D Inside information 111
E Sanctions and remedies 117
II Conclusions 124
Chapter 6 The European Insider Dealing Directive by Klaus J Hopt 129
I Development and content of the Directive 129
A Insider dealing as a regulatory problem 129
B Development and content of the European insider law 131
II The elements of the European insider dealing Directive 133
A Inside information 133
B Insiders 136
C Insider papers 138
D The insider dealing prohibition 139
E Tipping and tippees 141
III Transformation problems 142
A Transformation and options 142
B Sanctions 144
C National and international enforcement 145
D Conflict and law and international issues 146
IV Conclusion: harmonisation of insider law—a big step forward, but not the
end of the road 147
Contents xv
Chapter 7 The European Insider Dealing Directive and its Impact on the
Member States, Particularly Germany by Hans Joachim Schwarze 151
I The situation to date 151
A Delayed first steps 151
B Legal basis 152
C Legal prosecution under private law 152
D Criticism of the voluntary rules 153
II The EC insider Directive has created a new situation 153
A The secondary insider: definition problems 154
B Effects on investigation procedure 154
C Concept of insider information extended 155
D Inclusion of Freiverkehr (third segment) securities 156
E Determining the responsible body 156
Chapter 8 Insider Trading in Italy—Existing Statutes, Reform Proposals
and Regulation of Financial Intermediaries by Riccardo Alessi 159
I The existing statutes 161
II The insider trading proposal 165
III Financial intermediaries and privileged information 167
A The civil code 167
B Consob regulations 169
C Bank of Italy regulation 170
D Capital market law 170
E The pending proposals 171
Chapter 9 The Greek Insider Law by L N Georgakopoulos 175
I Insider company law 175
A Scope of the law 175
B Company law in Greece 175
C Insider trading with the company or its affiliates 176
D General remarks 177
II Insider competition law 177
A The history of the legislation 177
B Insider criminal liability (art 30 of Law No 1806/1988) 178
C The transparency or supervision of transactions 180
D Major acquisitions disclosure (insiders disclosure, art 29 of Law No
1806/1988) 180
III Concluding remarks 182
A The insider law branches 182
B Civil law aspects 182
C A new dimension of company law 183
Chapter 10 The Spanish System of Insider Trading Regulation by Jaime
Zurita 185
I Situation prior to the effective date of the new Stock Market Law 185
A First references to insider trading 185
B Insider trading in the 1978 stock market study Commission s
report 186
C First regulations on insider trading. 1980 and 1984 Royal Decrees on
take overbids 187
D The First Draft of the 1985 Stock Market Law 188
E The First Draft of September 1987 188
xvi Contents
F The Bill approved by the government on 12 February 1988 189
II The insider trading system in the Stock Market Law of 28 July 1988 191
A The prohibition to betray confidential information 191
B Infringement of the prohibitions and penalties 197
C Complementary prohibition and penalising measures 198
III Conclusions 199
PART III Inside Information in Banking and Reorganisation and in Take¬
overs and Mergers
Chapter 11 Insider Dealing—Informational Imbalances and Financial
Businesses by Ross Cranston 203
I Insider dealing and the 1985 Act 204
II A broader approach 208
A The common law 209
B Self regulation 211
C Regulatory measures 213
III Institutional measures 215
IV Conclusion 217
Chapter 12 Inside Information and Conflicts of Interests of Banks and Other
Financial Intermediaries in European Law by Klaus J Hopt 219
I Inside information of financial institutions in the securities markets: the
European insider dealing Directive and national laws 221
A Own dealing 221
B Dealing for customers 227
II Inside information in other markets and conflicts of interest in multi¬
functional financial institutions 234
A Lack of specific legal provisions like the insider dealing prohibition:
the example of credit business 234
B Fiduciary duties to customers not to use the information for oneself
and for others: the example of take overs 235
C Conflicts of interest: an inventory in a European harmonisation of law
perspective 237
Chapter 13 The Take over Bidder Exemption and the Policy of Disclosure
by P L Davies 243
I The take over bidder exemption 244
A The positive law 244
B The rationale of the exemption 248
C The limits of the rationale 253
II Compulsory disclosure of shareholdings 256
Chapter 14 Inside Information in Mergers and Acquisitions Including
Leveraged Buy outs—a German Viewpoint by Klaus Kohler 263
I The German situation as to take overs 263
II Inside information in connection with non public mergers and
acquisitions—factual and legal considerations from a German point
of view 265
A Factual considerations, particularly regarding the financial
institutions involved 265
Contents xvii
B Some legal considerations as to the consequences of insider
violations 267
III Conclusion 270
Chapter 15 Inside Information in Bank Lending and the European Insider
Directive by Giinter Franke 273
I The bank s role in the lending process 276
A Reduction of transaction costs in lending 276
B Collection of inside information and diversification 277
C Some implications for insider trade 277
II Substitutes for trading debt securities 278
A The case of favourable inside information 279
B The case of unfavourable inside information 279
III Economic analysis 280
A Optimal allocation of capital 280
B Avoiding unfair redistributions of wealth 280
C Speed of dissemination of information 282
D Liquidity of the primary and the secondary loan market 283
E Efficient compensation schemes 284
F Surveillance costs 285
IV Conclusions 285
Chapter 16 Some Capital Market Aspects of Bankruptcy—Asymmetric
Information, Multiple Rank Ownership, External Effects and Voting
Leverage by Manfred Balz 287
I Scope of the article 287
II The American experience: SEC involvement in bankruptcy cases 289
III Basic features of the German insolvency law reform 293
IV The capital market justification of bargaining in bankruptcy 295
V The majority rule and diversity of interests (multiple ownership and
external effects) 298
VI The market sale of a going concern in bankruptcy as a capital market
problem 303
VII The disclosure policy of the draft 306
VIII Some open questions 308
PART IV Remedies and Enforcement
Chapter 17 Policing Insider Dealing in Britain by Barry A K Rider 313
I Fraud on the markets 313
II The crime of insider dealing 314
III Investigations 315
IV The policemen 319
V Detection 321
VI Prosecutions 323
VII The insiders 325
VIII The international dimension 326
IX A new approach 327
xviii Contents
Chapter 18 Insider Dealing—Remedies and Enforcement in France by
Marie Claude Robert and Michel Svetchine 331
I The evolution of the definition of insider dealing and the decisions of the
court 331
A The factual elements 332
B The fraudulent intent 332
C Evolution of the court decisions 332
II The evolution of the investigative powers of the COB 333
III The powers of sanction of the COB 335
IV The means of the COB 335
V Conclusion 336
Chapter 19 Internationalisation of Insider Trading Enforcement—a Guide
to Regulation and Co operation by Michael D Mann and Lise A
Lustgarten 339
I Regulation of insider trading in the United States 340
A Overview 340
B US insider trading law 341
C Recent international insider trading cases 346
II Arrangements for mutual legal assistance in securities matters 351
A International agreements for mutual assistance in gathering
information 351
B US legislative intiatives concerning international co operation 360
III Regulation of insider trading abroad 361
A Switzerland 362
B United Kingdom 364
C Japan 365
D Canada 367
E France 370
F The Netherlands 371
G Hong Kong 372
H Multinational agreements on insider trading and co operation 373
IV Conclusion 375
Chapter 20 International Enforcement and International Assistance in
Insider Trading Cases by Alain Hirsch 377
I Proper jurisdiction to request international assistance in insider trading
cases 377
II Criminal, administrative or civil international assistance? 378
III Conditions of international assistance—role and competence of the
requested authority 379
A Has the requested authority the power to make inquiries and transmit
information about insider trading operations that do not concern
country B and which, consequently, are not breaching country B s
laws? 379
B Should the requested authority consider whether the case for which
assistance is considered is important? 380
C Should the requested authority transmit to country A all information
received or should such information not be transmitted if it appears
that the persons who made the transactions did not have any inside
information? 380
Contents xix
D What sort of inquiries should the authority of country B be requested
to make? 381
IV International assistance and unilateral measures by country A 381
Appendix Relevant Legal Provisions 383
I European Economic Community 383
A Council Directive of 13 November 1989 co ordinating regulations on
insider dealing (89/592/EEC) (OJEC 18.11.89 No L 334/30) 383
II Council of Europe 388
A Convention on insider trading opened for signature on 20 April 1989
(Parliamentary Assembly 27 January 1989, Doc 5993
Addendum) 388
B Protocol to the Convention on insider trading opened for signature on
11 September 1989 394
Index 397
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| spelling | European insider dealing law and practice ed. by: Klaus J. Hopt ... London ; Munich [u.a.] Butterworths 1991 XXXI, 406 S. txt rdacontent n rdamedia nc rdacarrier European Community Recht Insider trading in securities Law and legislation European Economic Community countries Insidergeschäft (DE-588)4114025-4 gnd rswk-swf Rechtsvergleich (DE-588)4115712-6 gnd rswk-swf Europäische Gemeinschaften. Mitgliedsstaaten Insidergeschäft (DE-588)4114025-4 s Rechtsvergleich (DE-588)4115712-6 s DE-604 Hopt, Klaus J. 1940- Sonstige (DE-588)122206029 oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=004220962&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | European insider dealing law and practice European Community Recht Insider trading in securities Law and legislation European Economic Community countries Insidergeschäft (DE-588)4114025-4 gnd Rechtsvergleich (DE-588)4115712-6 gnd |
| subject_GND | (DE-588)4114025-4 (DE-588)4115712-6 |
| title | European insider dealing law and practice |
| title_auth | European insider dealing law and practice |
| title_exact_search | European insider dealing law and practice |
| title_full | European insider dealing law and practice ed. by: Klaus J. Hopt ... |
| title_fullStr | European insider dealing law and practice ed. by: Klaus J. Hopt ... |
| title_full_unstemmed | European insider dealing law and practice ed. by: Klaus J. Hopt ... |
| title_short | European insider dealing |
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