When Insider Trading and Market Manipulation Cross Jurisdictions. What Are the Challenges For Securities Regulators and How Can They Best Preserve the Integrity of Markets?

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dc.contributor.advisorCondon, Mary G
dc.creatorAustin, Janet Elizabeth
dc.date.accessioned2016-09-20T16:46:56Z
dc.date.available2016-09-20T16:46:56Z
dc.date.copyright2016-01-14
dc.date.issued2016-09-20
dc.date.updated2016-09-20T16:46:56Z
dc.degree.disciplineLaw
dc.degree.levelDoctoral
dc.degree.namePhD - Doctor of Philosophy
dc.description.abstractOver the last few decades world securities markets have become significantly more sophisticated in terms of how securities are traded as well as the variety of securities traded. My hypothesis is that the ability of securities regulators to take enforcement action against market abuse has not kept pace with the level of sophistication of the markets and, in particular, the way in which trading can take place across borders and the manner in which market related information can spread rapidly across the world. I argue that that regulators need to do more to protect the integrity of the markets by improving their efforts to initiate action against market abuse. Furthermore, given the global nature of the problem I argue that the International Organization of Securities Commissions (IOSCO) should be more proactive in coordinating the activities of securities regulators in this regard. I commence with an analysis of why the integrity of securities markets is critical to the economy of a country and why it is necessary for regulators to enforce laws prohibiting market abuse in order to protect market integrity. I then move on to identify the changes to securities markets, the regulatory responses to these changes, trends in the types of market abuse which is taking place across borders and how those responsible for taking enforcement action against such market abuse have responded. Finally I consider IOSCO, its history, how its role has evolved, its impact to date and how IOSCO could build upon its success in terms of improving the enforcement outcomes of securities regulators in relation to market abuse. I conclude that the transformation of the markets have presented opportunities to engage in market abuse across borders and that, while some positive steps have been taken to address this issue, more could be achieved. Finally I discuss and make recommendations about what might be done to improve the ability of securities regulators to take successful enforcement action.
dc.identifier.urihttp://hdl.handle.net/10315/32223
dc.language.isoen
dc.rightsAuthor owns copyright, except where explicitly noted. Please contact the author directly with licensing requests.
dc.subjectLaw
dc.subject.keywordsSecurities regulation
dc.subject.keywordsInsider trading
dc.subject.keywordsInsider dealing
dc.subject.keywordsMarket manipulation
dc.subject.keywordsMarket abuse
dc.subject.keywordsIOSCO
dc.subject.keywordsSecurities regulators
dc.subject.keywordsEnforcement
dc.subject.keywordsPenalties
dc.subject.keywordsMarket integrity
dc.subject.keywordsCross border market abuse
dc.subject.keywordsDetection
dc.subject.keywordsInvestigation
dc.subject.keywordsSecurities offences
dc.subject.keywordsMemorandum of Understanding
dc.subject.keywordsSoft law
dc.subject.keywordsTransnational Regulatory Networks
dc.subject.keywordsSEC
dc.subject.keywordsFCA
dc.subject.keywordsOntario Securities Commission
dc.subject.keywordsBaFin
dc.subject.keywordsASIC
dc.subject.keywordsOTC
dc.subject.keywordsHigh frequency trading
dc.subject.keywordsHedge funds
dc.subject.keywordsStock markets
dc.subject.keywordsMarket surveillance
dc.subject.keywordsSecurities markets
dc.titleWhen Insider Trading and Market Manipulation Cross Jurisdictions. What Are the Challenges For Securities Regulators and How Can They Best Preserve the Integrity of Markets?
dc.typeElectronic Thesis or Dissertation

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