Insider Dealing and Money Laundering in the EU: Law & Regulation

This work presents a comparative study of the provisions relating to insider dealing under the EC Insider Dealing Directive. The volume begins with a discussion of the rationale for regulating financial services in general and controlling insider dealing and money-laundering in particular. It examines the definition of an insider and of inside information and the various criminal offenses relating to insider dealing. The role of money-laundering is also recognized and the anti-money laundering regime as well as the considerable impact on the financial sector is discussed in detail. The work assesses the efficacy of criminal law in controlling insider dealing and considers the increasing trend to deal with it by means of civil/administrative measures.

Contents: Preface; Why regulate insider dealing and money laundering?; Who is an insider?; Inside information; Criminal offences of insider dealing; Money laundering: the EU directive and the UK statutory response; Impact on the financial services industry; Civil and administrative offences; Conclusion: a model for enforcement; Bibliography; Index.


Contents
Table of Cases vii
Table of Legislation ix
Preface xv
Chapter 1 Why Regulate Insider Dealing and Money
Laundering? 1
Insider Dealing 2
Money Laundering 21
International Pressure 28
Chapter 2 Who is an Insider? 37
The Directive 38
Austria 47
Belgium 51
Denmark 54
Finland 55
France 56
G ermany 61
Greece 66
Ireland (Republic) 67
Italy 69
Luxembourg 71
Netherlands 71
Portugal 72
Spain 75
Sweden 76
United Kingdom 77
Conclusion 80
Chapter 3 Inside Information 83
The Directive 83
Austria 85
Belgium 87
Denmark 92
Finland 94
France 95
Germany 99
Greece 102
vi Insider Dealing and Money Laundering in the EU: Law and Regulation
Ireland 102
Italy 103
Luxembourg 104
Netherlands 106
Portugal 107
Spain 108
Sweden 109
United Kingdom 110
Chapter 4 Criminal Offences of Insider Dealing 113
Introduction 113
Dealing 114
Exemptions Relating to Dealing Offence 116
Penalties for Dealing 121
Encouraging to Deal 135
Allowing to Deal 138
Unauthorised Disclosure 139
Chapter 5 Money Laundering: The EU Directive and the
UK Statutory Response 143
Introduction 143
The EU Position 145
United Kingdom 156
Chapter 6 Impact on the Financial Services Industry 181
Insider Dealing 181
Money Laundering 188
Conclusion 199
Chapter 7 Civil and Administrative Offences 201
Substantive Insider Dealing Offences 201
Failure to Report Significant Developments 222
Chapter 8 Conclusion: A Model for Enforcement 229
Insider Dealing 229
Money Laundering 237
Current Trends 244
The Future 250
Bibliography 255
Index 259