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Regulating Fraud Across Borders: Internationalised Criminal Law Protection of Capital Markets

ISBN13: 9781509943197
To be Published: February 2021
Publisher: Hart Publishing
Country of Publication: UK
Format: Hardback
Price: £80.00

At a time when financial crime routinely crosses international boundaries, this book provides a novel understanding of its spread and criminalisation. It traces the international convergence of financial crime regulation with a uniquely comparative approach that examines key institutional and state actors including the European Union, the International Organization of Securities Commissions, as well as the United States, the United Kingdom, Switzerland, France, Italy and Germany, all countries that harbour some of the most influential stock exchanges in the Western world.

The book describes and documents the phenomenon of internationalisation of securities frauds – such as insider trading and market manipulation – and the laws criminalising those acts, most notably those responding to recent dramatic transformations in securities markets, high frequency trading, and benchmark manipulation. At the European level, it shows the progressive uniformisation of laws culminating in the 2014 European Union Market Abuse Regulation.

The book argues that criminal prohibitions against internationalised market abuse must be understood as an economic and legal imperative to protect financial markets against activities that imperil its integrity, compromising the confidence of investors and thus affecting the economy as a whole. The book is supported by an extensive review of the most significant scholarship in each country.

International Criminal Law, Banking and Finance
1. The Internationalisation Process
I. The Concept of Legal Internationalisation
II. Extraterritorial Application of National Law
III. International Cooperation
IV. Mutual Recognition
V. The Diffusion of the American Legal Model
VI. Suppression Treaties and Conventions
VII. Internationalisation through European Union Directives and Regulations
VIII. Harmonisation
IX. Transnationalisation as a Subcategory of Legal Internationalisation Lato Sensu
X. Economic Underpinnings
XI. Social and Psychological Underpinnings: White-Collar Criminality in the Context of a Globalised Economy
2. The Internationalisation of Securities Fraud-Related Criminal Law in General
I. Introduction
II. Securities Fraud as a Criminal Offence
III. Critical Statutory Interpretation
3. Extraterritorial Application of United States Law
I. Introduction
II. The Crucial Role of Extraterritorial Enforcement of United States Criminal Law in the Prevention and Enforcement of Financial Fraud
III. Overview of United States v Vilar's Fundamental Precedents
IV. Critical Analysis of United States v Vilar
V. Discussion of Each of United States v Vilar's Supporting Arguments
4. The Internationalised Repression of Insider Trading
I. The United States Law on Insider Trading
II. The Internationalisation of Insider Trading Law
III. Switzerland
IV. European Union
V. France
VI. United Kingdom
VII. Italy
VIII. Germany
5. The Internationalised Repression of Stock Market Manipulation
I. Introduction
II. Market Manipulation in the United States
III. Traditional Forms of Market Manipulation
IV. New Forms
V. Benchmark Manipulation
VI. Swiss Criminal Law: Internationalisation of the Market Manipulation Prohibition through the Diffusion of the American Model
VII. European Regulation of the Market Manipulation Prohibition
VIII. Developments in some EU Member States towards Adjusting to European Regulation