The European Union regime for fighting market manipulation and insider trading – commonly referred to as market abuse – was significantly reshuffled in the wake of the financial crisis of 2007/2008 and new legal instruments to fight market abuse were eventually adopted in 2014. In this monograph the authors identify the association between the financial crisis and market abuse, critically consider the legislative, policy and enforcement responses in the European Union, and contrast them with the approaches adopted by the United States of America and the United Kingdom respectively. The aftermath of the financial crisis, ongoing security concerns and increased legislation and policy responses to the fight against irregularities and market failures demonstrate that we need to understand, in context, the regulatory responses taken in this area. Specifically, the book investigates how the regulatory responses have changed over time since the start of the financial crisis. Market Manipulation and Insider Trading places the fight against market abuse in the broader framework of the fight against white collar crime and also considers some associated questions in order to better understand the contemporary market abuse regime.
This textbook provides an explanatory and contextual view of EU law and its impact in a simple and easily accessible yet analytical manner. It illustrates the power struggles behind a given EU law act, to allow for full understanding of how it developed. This allows the student to understand EU law as a force in the increasingly globalized world, rather than as technical and doctrinal subject. The textbook begins by setting the scene of EU integration, how we got there and why it is important. Thereafter it explores the constitutional framework for understanding EU law in context and by discussing inter alia, division of competences, accountability, legitimacy, enforcement, human rights, participation rights and so on as well as the general principles of the EU and citizenship rights. Subsequently the textbook explores the essentials of the internal market as well as the principles of competition law. It also discusses free movement rights and links to the growing “Area of Freedom, Security and Justice”. Finally the textbook offers fresh insights on the external dimension of EU law and the role of the EU in the world today before concluding with an outlook on the future of EU law including the consequences of events such as Brexit.
This book explores the implications of freedom as a non-domination-oriented view for understanding EU security regulation and its constitutional implications. At a time when the European borders are under pressure and with the refugee and migration crisis, which escalated in 2015, the idea of exploring a constitutional theory for the 'Area of Freedom, Security and Justice' (AFSJ) might seem to be a utopian project. This appears especially true in the light of the increased threat of terrorism in Europe (and on a global scale) and where the expanding EU security agenda is often advanced through the administrative law path, in contrast to the constitutional trajectory. Add to this the prolonged financial crisis, which continues to cast a long shadow on the future development of EU integration, and which suggests that Europe needs to 're-invent itself' beyond the sphere of economics. Therefore, it is precisely because of the current uncertainties regarding the progress of the EU and the constitutional law project that a constitutional take on the AFSJ is of particular importance. The book investigates the meaning of non-domination and the idea of justice and justification in the area of EU security regulation. In doing so, it focuses on the development of an AFSJ, what it means, and why it represents a fascinating example of contemporary constitutional law with interacting layers of security regulation, human rights law and transnational legal theory at its core.
Criminal law is one of the most rapidly changing areas of contemporary EU law and integration. The Treaty of Lisbon has elevated it to a central place in the constitution of the EU, within the dynamic area of freedom, security and justice. The phenomenon of EU criminal law as such is however far from new but has developed on an ad hoc basis, not least as a result of the case law of the European Court of Justice. Central to the Court's reasoning in this area has been the principle of effectiveness. A main theme running through the book is therefore the role of the axiom of effectiveness, which is critically examined, with particular attention to its use by the European Ccurt of Justice in recent leading cases. This book explores the constitutional principles underlying it, both those determining the substantive values it embodies, and those determining its scope and extent. Other chapters consider the phenomenon of preventative criminalisation at EU level and the protection of subsidiarity and proportionality in EU criminal law. The balance between effective EU action, proper control of competence and adequate protection of individual rights is of growing importance as EU criminal law expands, but, as this book suggests, has not yet been fully articulated or entrenched by the institutions of the EU.
This book explores the implications of freedom as a non-domination-oriented view for understanding EU security regulation and its constitutional implications. At a time when the European borders are under pressure and with the refugee and migration crisis, which escalated in 2015, the idea of exploring a constitutional theory for the 'Area of Freedom, Security and Justice' (AFSJ) might seem to be a utopian project. This appears especially true in the light of the increased threat of terrorism in Europe (and on a global scale) and where the expanding EU security agenda is often advanced through the administrative law path, in contrast to the constitutional trajectory. Add to this the prolonged financial crisis, which continues to cast a long shadow on the future development of EU integration, and which suggests that Europe needs to 're-invent itself' beyond the sphere of economics. Therefore, it is precisely because of the current uncertainties regarding the progress of the EU and the constitutional law project that a constitutional take on the AFSJ is of particular importance. The book investigates the meaning of non-domination and the idea of justice and justification in the area of EU security regulation. In doing so, it focuses on the development of an AFSJ, what it means, and why it represents a fascinating example of contemporary constitutional law with interacting layers of security regulation, human rights law and transnational legal theory at its core.
Criminal law is one of the most rapidly changing areas of contemporary EU law and integration. The Treaty of Lisbon has elevated it to a central place in the constitution of the EU, within the dynamic area of freedom, security and justice. The phenomenon of EU criminal law as such is however far from new but has developed on an ad hoc basis, not least as a result of the case law of the European Court of Justice. Central to the Court's reasoning in this area has been the principle of effectiveness. A main theme running through the book is therefore the role of the axiom of effectiveness, which is critically examined, with particular attention to its use by the European Ccurt of Justice in recent leading cases. This book explores the constitutional principles underlying it, both those determining the substantive values it embodies, and those determining its scope and extent. Other chapters consider the phenomenon of preventative criminalisation at EU level and the protection of subsidiarity and proportionality in EU criminal law. The balance between effective EU action, proper control of competence and adequate protection of individual rights is of growing importance as EU criminal law expands, but, as this book suggests, has not yet been fully articulated or entrenched by the institutions of the EU.
This textbook provides an explanatory and contextual view of EU law and its impact in a simple and easily accessible yet analytical manner. It illustrates the power struggles behind a given EU law act, to allow for full understanding of how it developed. This allows the student to understand EU law as a force in the increasingly globalized world, rather than as technical and doctrinal subject. The textbook begins by setting the scene of EU integration, how we got there and why it is important. Thereafter it explores the constitutional framework for understanding EU law in context and by discussing inter alia, division of competences, accountability, legitimacy, enforcement, human rights, participation rights and so on as well as the general principles of the EU and citizenship rights. Subsequently the textbook explores the essentials of the internal market as well as the principles of competition law. It also discusses free movement rights and links to the growing “Area of Freedom, Security and Justice”. Finally the textbook offers fresh insights on the external dimension of EU law and the role of the EU in the world today before concluding with an outlook on the future of EU law including the consequences of events such as Brexit.
The European Union regime for fighting market manipulation and insider trading – commonly referred to as market abuse – was significantly reshuffled in the wake of the financial crisis of 2007/2008 and new legal instruments to fight market abuse were eventually adopted in 2014. In this monograph the authors identify the association between the financial crisis and market abuse, critically consider the legislative, policy and enforcement responses in the European Union, and contrast them with the approaches adopted by the United States of America and the United Kingdom respectively. The aftermath of the financial crisis, ongoing security concerns and increased legislation and policy responses to the fight against irregularities and market failures demonstrate that we need to understand, in context, the regulatory responses taken in this area. Specifically, the book investigates how the regulatory responses have changed over time since the start of the financial crisis. Market Manipulation and Insider Trading places the fight against market abuse in the broader framework of the fight against white collar crime and also considers some associated questions in order to better understand the contemporary market abuse regime.
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