Cover -- Copyright and publication details -- Contents -- Publisher's note -- Acknowledgements -- About the authors -- Introduction -- Preliminary Matters -- Regulatory Frameworks for Market Manipulation -- Criminal and Regulatory Offences -- Breadth of Coverage -- Civil Actions -- FCA Handbook -- History and Rationale for Proscription of Market Manipulation -- A Neglected Phenomenon -- The Rationale for Proscription -- History of Market Manipulation -- Attractions of Market Manipulation -- The Influence of Technology -- Vulnerability to Market Manipulation -- Proving Manipulative Behaviour
Forms of Market Manipulation -- Setting the Scene -- The Main Forms of Manipulation -- Pump and Dump -- Trash and Cash -- Wash Trading -- Marking the Close -- Spoofing -- Intention Is (Often) Everything -- Identifying and Investigating Market Manipulation -- Introduction -- Detection -- STORs -- Investigations -- The Investigative Interview -- Criminal Prosecution or Regulatory Action? -- Relevant Factors -- Suspect Co-operation -- Market Manipulation as a Criminal Offence -- Introduction -- Specialist Legislation in the UK -- Some Preliminary Points -- Corporate Liability -- Dishonesty
Recklessness -- Territoriality -- 'Relevant' Agreements, Investments and Benchmarks -- A Precautionary Approach -- The FSA 2012 Offences -- Section 89 -- The Mental State behind the Statement or Concealment -- Inducement -- An Illustrative Case -- Stock Promotion -- Section 90: Misleading Impressions -- Mental Elements -- Section 91 -- LIBOR and Other 'Relevant Benchmarks' -- Misleading Statements or Impressions in Relation to Benchmarks -- Criminal Defences and Punishment -- Introduction -- The Statutory Defences -- Section 89(3) -- Section 90(9) -- Section 91(3)-(4) -- Penalties
The Regulatory Regime and its Penalties -- Introduction -- The MAR -- Key Provisions -- 'Relevant Investments' -- Territoriality -- Enforcement -- Procedure for an Enforcement Action -- Reference to the Upper Tribunal -- Risks in Going to the Upper Tribunal -- The Tribunal Hearing -- Penalties -- Illustrative Cases -- Winterflood -- Tesco -- Evidential Perspectives -- Introduction -- Burden and Standard of Proof in Regulatory Actions -- Burden of Proof -- Standard of Proof -- Expert Evidence -- Conclusion -- Frequently Used Acronyms -- Appendix: Financial Services Act 2012 (Extract)
PART 7 Offences relating to financial services -- 89 Misleading statements -- 90 Misleading impressions -- 91 Misleading statements etc. in relation to benchmarks -- 92 Penalties -- 93 Interpretation of Part 7 -- Market Abuse Regulation 2016 (Extract) -- Article 15 Prohibition of market manipulation -- Article 12 Market manipulation -- Select Bibliography -- Index -- The Little Book of Insider Dealing -- Back cover
Summary
An invaluable pocket guide and market manipulation law primer. An essential guide for investors. With practical examples and decided cases. An up-to-date treatment of a fast-moving topic. Describes both criminal and regulatory regimes
