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首页> 外文期刊>Journal of Financial Regulation & Compliance >The metamorphosis of insider trading in the face of regulatory enforcement
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The metamorphosis of insider trading in the face of regulatory enforcement

机译：面对监管执法，内幕交易的蜕变

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Purpose – The purpose of this paper is to explore the prospects for and some foreseeable consequences of more intensive enforcement action against insider trading in the context of the UK, within the EU and international contexts. Design/methodology/approach – The approach adopted is qualitative, based on the literature and policy papers, examining developments regarding enforcement against insider trading. Explores extent to which regulators are to some extent overcoming their previous ambivalence over enforcement action against insider trading. Examines the Spector judgement from the European Court of Justice. Looks at possible consequences of more robust enforcement on insider trading. Findings – Three possible consequences are outlined. First, some persons contemplating insider trading may be deterred. Second, risk-tolerant individuals and firms persist with insider trading, whilst taking some obvious precautions, thus shielding their activities against enforcement. Third, creativity and innovation within the largest, most sophisticated and reputationally cautious firms produce new patterns of trading that cannot legally be described as “insider trading”, for example by commissioning research services, as evidence from the USA suggests. Practical implications – Information asymmetries within the market might not be reduced, rather they could just become less visible to the regulator. These would be mixed results; any regulator with an ambition to be more than reactive to events would already be thinking about the next move. Originality/value – The financial market crisis and the regulatory deficiencies that it has exposed provoke greater pubic scrutiny, policy changes and critical research in relation to regulation and enforcement. This paper examines aspects of this ongoing process and contributes to it.
机译：目的–本文的目的是探讨在英国和欧盟范围内以及在国际范围内，针对英国内幕交易采取更严格的执法行动的前景和可预见的后果。设计/方法/方法–采用的方法是定性的，基于文献和政策文件，研究了针对内幕交易的执法进展。探索监管机构在多大程度上克服了他们先前对内幕交易采取执法行动的模棱两可的态度。检查欧洲法院的Spector判决。研究更强大的内幕交易执法可能带来的后果。调查结果–概述了三种可能的后果。首先，某些考虑进行内幕交易的人可能会受到阻挠。第二，具有风险承受能力的个人和公司坚持内幕交易，同时采取一些明显的预防措施，从而保护了他们的活动不受执行。第三，美国证据表明，最大，最老练和声誉卓著的谨慎公司中的创造力和创新产生了新的交易模式，在法律上不能称之为“内部交易”，例如通过委托研究服务。实际意义–可能不会减少市场内的信息不对称，而对于监管机构而言，它们可能变得越来越不明显。这些结果好坏参半。任何希望对事件做出更多反应的监管者都已经在考虑下一步行动。原创性/价值–金融市场危机及其所暴露的监管缺陷引发了公众对监管和执行的详细审查，政策变更和批判性研究。本文研究了这个正在进行的过程的各个方面并对此做出了贡献。

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