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Article
Publication date: 14 March 2008

Duncan Black, Angelo Lercara, Joe Smallhoover and Paul Huey‐Burns

The purpose of this paper is to assess the FSA's recent, allegedly soft approach toward insider trading and compare it with current approaches in the USA, France, and Germany

363

Abstract

Purpose

The purpose of this paper is to assess the FSA's recent, allegedly soft approach toward insider trading and compare it with current approaches in the USA, France, and Germany

Design/methodology/approach

Discusses reasons for the FSA's current approach, including its emphasis on “principles‐based” regulation and its policy against being an “enforcement‐led” organization and, for comparison, provides the perpectives of Dechert lawyers on current enforcement trends in the USA, France and Germany.

Findings

The prosecution of insider trading is one of the best examples of principles‐based regulation in the USA, which suggests that a debate concerning whether the FSA should adopt “rules” proscribing insider trading before embarking on a campaign of vigorous prosecution may be largely irrelevant if the will exists to address such activity. This article was originally published internally by Dechert LLP in April 2007 and has since been updated for the Journal of Investment Compliance.

Originality/value

The paper assesses the FSA's recent approach toward insider trading in the UK.

Details

Journal of Investment Compliance, vol. 9 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 27 November 2007

Angelo Lercara

The purpose of this paper is to explain a comprehensive memorandum of understanding (MOU) between the SEC and BaFin designed to facilitate their supervision of internationally…

237

Abstract

Purpose

The purpose of this paper is to explain a comprehensive memorandum of understanding (MOU) between the SEC and BaFin designed to facilitate their supervision of internationally active firms and their oversight of markets.

Design/methodology/approach

The paper explains the scope of supervisory consultation, cooperation, and exchange of information relating to firms, related entities, and dual‐regulated entities; describes procedures for on‐site visits of regulated entities and dual‐regulated entities; discusses the intended framework for cooperation with regard to affiliated markets; explains how requests for assistance should be executed; outlines permissible uses and procedures for requesting confidential information; and discusses the possible gathering of information under the auspices of the MOU for enforcement purposes.

Findings

The paper finds that the MOU sets forth the terms and conditions for the sharing of information about regulated entities and financial groups that operate in the USA and Germany and, in view of the growing trend toward cross‐border exchange affiliations, outlines a framework for cooperation in the oversight of markets in both countries.

Originality/value

The paper provides a practical insight from an experienced lawyer who is an expert in German and cross‐border securities regulations.

Details

Journal of Investment Compliance, vol. 8 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 27 November 2007

James A. Tricarico and Henry A. Davis

346

Abstract

Details

Journal of Investment Compliance, vol. 8 no. 4
Type: Research Article
ISSN: 1528-5812

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