This book thoroughly re-examines the foundations of liability in respect of insider dealing in the USA and EC in order to find clear guidelines for future judical, administrative and legal action, and develops a new approach to insider dealing regulation. Despite the considerable legislative, administrative and judical efforts in the USA to curtail insider trading it is not clear what the bases for such prohibition are, in law or policy. The dramatic increase in insider trading activity in recent years renders more intense the requirement for a rational and explicit basis for such liability to fulfil the needs of elementary justice. Through a different historical route efforts to tackle the same problem in Europe, particularly over the last ten years by the European Commission, have resulted in a similar legal dichotomy: a legal basis for liability is established but its foundation is insufficiently scrutinized, which will become apparent as the new European Insider Trading Directive is interpreted.
|Publisher:||Wolters Kluwer Law & Business|
Table of Contents
Law: USA - I. Development of the Law of Insider Trading. II. Present Legal Situation. III. Analysis. Law: European Community - I. The European Insider Dealing Directive. II. Analysis. Policy: I. The (De-)regulation Debate. II. The Free-Market Alternative. III. Evaluation. A New Approach: I. The Integrated Balancing Approach. II. Implementation. Conclusion. Bibliography.