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Market Abuse Regulation

Commentary and Annotated Guide

Format: Hardback
Publisher: Oxford University Press, Oxford, United Kingdom
Published: 30th Nov 2017
Dimensions: w 178mm h 259mm d 39mm
Weight: 1216g
ISBN-10: 0198811756
ISBN-13: 9780198811756
Barcode No: 9780198811756
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Synopsis
This book analyses the European market abuse regime contained in the Market Abuse Regulation (MAR) and related directives and regulations. Written by leading scholars in the field of capital market law from a number of European jurisdictions, the book is divided into two main parts. The first consists of chapters considering relevant issues by topic; whilst the second provides the first article-by-article commentary on the Regulation, with a detailed and technical analysis of its terms. In the first part guidance is arranged by topic and includes aspects not directly addressed by MAR such as enforcement, and the impact of US securities regulation. As well as considering the sources of market abuse regulation in general, this first part also examines its theoretical and economic framework in order to provide better understanding of the Regulation itself.

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What Reviewers Are Saying

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Nov 2nd 2018, 18:22
A BOOK FOR OUR TIME:
Awesome - 10 out of 10
A BOOK FOR OUR TIME:
FRESH AND ERUDITE DISCUSSION ON THE EU’S MARKET ABUSE REGULATION

An appreciation by Elizabeth Robson Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers
and Reviews Editor, “The Barrister”

Balanced against the myriad advantages of a free market economy, there are inevitably, a number of downsides, most or all of which come under the category of market abuse. Within this bleak landscape, the need for Market Abuse Regulation (yes, it’s capitalized) looms large.

If you are in any way involved in matters pertaining to financial services specifically within the EU, this new practitioners’ text from the Oxford University Press is what you need -- the subject matter being more than a little complex.

Offering an interesting historical perspective at the outset of the discussion, the two editors, Marco Ventoruzzo and Sebastian Mock point out that the regulation of market abuse has a long history in the European Union, dating back to the 1960s, following on, you might say, from initial efforts in the US to impose regulation against ‘insider trading’ as the result of the 1929 stock market crash.

In Europe, a number of directives were launched from the 60s onward, aimed at curbing market abuse, notably the Market Abuse Directive (MAD) which has now been replaced by a regulation (as opposed to a directive), namely the Market Abuse Regulation (MAR) around which the discussion by this book’s expert contributors ultimately revolves.

MAR, as the editors explain, is ‘one of the centrepieces of the new Capital Market Union (CMU) of the European Union’, with far-reaching significance for law practice and research. The hoped-for outcome is that it may lower the barriers which too often separate jurists from different countries within the EU.

Whether this development will smooth the path to eventual harmonisation of EU law remains to be seen, although the editors, together with their several contributors, support the view that ‘continental Europe now speaks a common legal language’ in the area of market abuse. This in their opinion, is ‘a major step forward toward a more uniform legal framework.’

Market abuse manifests itself in various ways, the most pervasive of which are discussed in this book. The annotated guide section (A) deals in detail with, for example, insider dealing and market manipulation, examining basic concepts as well as possible remedies available within public and private enforcement of the Market Abuse Regulation.

In the second section (B), the book’s expert contributors come into their own, offering a number of viewpoints on market abuse. Particularly interesting are the sub-sections on insider information, including unlawful disclosure. Another section deals in detail with the ESMA (European Securities and Markets Authority) and the various issues involved in whistle-blowing mechanisms and the whistleblowers themselves. Very topical this.

International in orientation, the book nonetheless appears not to have mentioned Brexit. It can’t be too far-fetched to conclude that as far as the contributors are concerned, Britain’s planned exit from the EU is probably an irrelevance. Considering London’s international pre-eminence in financial services, this is not a terribly comfortable assumption

Financial services practitioners, however, will be interested in acquiring this book, with its range of perspectives on regulation in general and the EU Market Abuse Regulation in particular. Researchers from a range of professions will certainly appreciate the wealth of research references offered throughout, especially in the extensive footnoting and in the tables of cases and of legislation.

The law is stated as at 1 September 2017.

Newspapers & Magazines
A detailed index ensures easy access to the relevant parts of the book. A table of court cases and a detailed table of legislation, both with references to the respective paragraphs in the book, further enhance the user-friendliness. This book is a welcome contribution to a pan-European dialogue which aims at bringing together different legal traditions. The particular value of this book is that, when one wishes to look beyond the "national" interpretation and take
the "European" approach which is required for the construction of the MAR, this book clearly deserves reading. * Markus Heidinger, Journal of International Banking Law and Regulation * the authors have delivered a timely and convenient guide on an important piece of legislation within the context of the Capital Markets Union. * Ebbe Rogge, Common Market Law Review *