Markkinoiden juridinen toimintaympäristö Luento 4

Esitys aiheesta: "Markkinoiden juridinen toimintaympäristö Luento 4"— Esityksen transkriptio:

1 Markkinoiden juridinen toimintaympäristö Luento 4
Case 4 Matti Rudanko

2 Case 4: Sisäpiirin kaupankäynti
Tehtävät: - ks. seuraavat kalvot

3 Lecture 4: Slides Markkinoiden juridinen toimintaympäristö Luento 4
Slide sets: 8, 9, 10, 11, 12, 13 8: Market Abuse 9: Disclosure Duties, Insider Information and Business Secrets 11: Finnish Insider Case (2006:110; see also 2009:1 TJ Group, set 10) 12 and 13: Legal Liabilities Markkinoiden juridinen toimintaympäristö Luento 4

4 Possible Tasks and Questions 1
4.2. Try to solve the same question in b) applying the rules of "traditional " damages law. 4.1. Try to solve the legal question above in aa), i.e. the damages remedy question. Markkinoiden juridinen toimintaympäristö Luento 4

5 Possible Tasks and Questions 2
4.3. Consider the significance of economic theories such as Efficient Capital Markets Hypothesis and Market Fraud Theory in this case (point b above) for the application of damages liability. Consider in general the damages liability in connection with insider dealing, "a victimless crime" Markkinoiden juridinen toimintaympäristö Luento 4

6 Topics and Issues Markkinoiden juridinen toimintaympäristö Luento 4
Definition and Main Regulation of Insider Trading ”Disclose or Abstain” Scope of and Exemptions from Application Insider Disclosure and Registers Insider Crimes Liability for Damages and other Special Questions Liability for Damages in Insider Cases Transactions in Own Shares Disclosure Duties, Insider Information and Business Secrets Information Crimes, Information as Property Markkinoiden juridinen toimintaympäristö Luento 4

7 COMMISSION DIRECTIVE 2003/124/EC
Regulation MAR: REGULATION (EU) No 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (see below) COMMISSION DIRECTIVE 2003/124/EC (repealed) of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation Markkinoiden juridinen toimintaympäristö Luento 4

8 Regulation (cont.: Accepted Market Practices)
(Repealed) COMMISSION DIRECTIVE 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions Markkinoiden juridinen toimintaympäristö Luento 4

9 NASDAQ OMX Guidelines for Insiders
Regulation, National SMA ch. 12 The Penal Code, ch. 51, sect NASDAQ OMX Guidelines for Insiders FSA Standard 5.3: Declarations of insider holdings and insider registers Markkinoiden juridinen toimintaympäristö Luento 4

10 Regulation, Cont. (National)
Arvopaperimarkkinalaki ( / 746; Luku 12: markkinoiden väärinkäyttö Luvut 3 – 5: tiedonantovelvollisuudet Arvopaperien markkinointi ja liikkeeseenlasku, tiedonantovelvollisuus (AML 1: 2 – 4) Securities Markets Act ( / 746; ) Ch. 12 on market abuse Ch. 3 – 5 on disclosure duties Marketing and issuance of securities, duty of disclosure (SMA ch. 1 sect. 2 – 4) Markkinoiden juridinen toimintaympäristö Luento 4

11 Regulation, Special: Transactions in Own Shares
Commission Regulation (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council (Market Abuse Directive) as regards exemptions for by-back programmes and stabilization of financial instruments (Commission Buy-back Regulation) Rule of the Stock Exchange Ch. 5.3 Guidelines of the Stock Exchange on the Own Shares of a Listed Company FSA Standard 1.3 ( ; not yet in English; ”The Reliable Administration and Arrangement of Business Activities”) Markkinoiden juridinen toimintaympäristö Luento 4

12 Regulation, Special: Transactions in Own Shares, Safe Harbours
COMMISSION REGULATION (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments Markkinoiden juridinen toimintaympäristö Luento 4

13 MAR: REGULATION (EU) No 596/2014 art. 5)
Safe Harbours, cont. MAR: REGULATION (EU) No 596/2014 art. 5) The prohibitions provided for in this Directive shall not apply to trading in own shares in ‘buy-back’ programmes or to the stabilisation of a financial instrument provided such trading is carried out in accordance with implementing measures adopted in accordance with the procedure laid down in Article 17(2). Markkinoiden juridinen toimintaympäristö Luento 4