The UK＇s position as a leading international financial center depends not only on the openness and competitiveness of its market, but also on its reputation as a clean and fair place to do business. Market confidence...The UK＇s position as a leading international financial center depends not only on the openness and competitiveness of its market, but also on its reputation as a clean and fair place to do business. Market confidence will be undermined where participants and users believe markets are susceptible to abuse. Thus, the main convincing justification for controlling insider＇s abuse of power is based on the harm principle, which it causes to investor confidence and securities markets. An insider ought not to be able to take advantage of his position either to breach a confidence or to achieve an unfair advantage in the market place; particularly the market place should, as far as possible, provide equality of opportunity to people entering it. Insider dealing has been regulated by the criminal law involved under Part V of the Criminal Justice Act 1993 in the UK. It has become clear that the traditional criminal penalty was limited by the criminal standard of proof required, while self-regulatory regimes are thought as toothless tigers. Although various potential common law civil remedies for breach of fiduciary duty and breach of confidence relating to insider dealing do exist, they are ineffective remedies and beset by so many complexities. As a response, the Financial Services and Markets Act 2000 came into force and marked an important development in the regulation of market abuse in creating civil penalties, which also contained misuse of confidential insider information. Later, the main substantive changes to existing civil market abuse regime have been taken effect within the Financial Services and Markets Act 2000 （Market Abuse） Regulations 2005, 2011 and 2014. Regarding to the regulatory framework, the range of regulatory powers of the Financial Services Authority, which has been replaced by the Financial Conduct Authority in April 1, 2013, available in combating market abuse is one of the most fundamental innovations of the FSMA 2000 and plays a significant role in defining the law in practice through a展开更多
文摘The UK＇s position as a leading international financial center depends not only on the openness and competitiveness of its market, but also on its reputation as a clean and fair place to do business. Market confidence will be undermined where participants and users believe markets are susceptible to abuse. Thus, the main convincing justification for controlling insider＇s abuse of power is based on the harm principle, which it causes to investor confidence and securities markets. An insider ought not to be able to take advantage of his position either to breach a confidence or to achieve an unfair advantage in the market place; particularly the market place should, as far as possible, provide equality of opportunity to people entering it. Insider dealing has been regulated by the criminal law involved under Part V of the Criminal Justice Act 1993 in the UK. It has become clear that the traditional criminal penalty was limited by the criminal standard of proof required, while self-regulatory regimes are thought as toothless tigers. Although various potential common law civil remedies for breach of fiduciary duty and breach of confidence relating to insider dealing do exist, they are ineffective remedies and beset by so many complexities. As a response, the Financial Services and Markets Act 2000 came into force and marked an important development in the regulation of market abuse in creating civil penalties, which also contained misuse of confidential insider information. Later, the main substantive changes to existing civil market abuse regime have been taken effect within the Financial Services and Markets Act 2000 （Market Abuse） Regulations 2005, 2011 and 2014. Regarding to the regulatory framework, the range of regulatory powers of the Financial Services Authority, which has been replaced by the Financial Conduct Authority in April 1, 2013, available in combating market abuse is one of the most fundamental innovations of the FSMA 2000 and plays a significant role in defining the law in practice through a
