Skip to main content

LUP Student Papers

LUND UNIVERSITY LIBRARIES

Marknadsmissbruk - Ett rättsområde i förändring

Bergvall, Albin LU (2013) JURM02 20131
Department of Law
Abstract (Swedish)
Syftet med denna uppsats är att redogöra för gällande rätt avseende marknadsmissbruk och utifrån praxis analysera rättsområdets praktiska funktion. Därutöver beskrivs och analyseras Europeiska kommissionens förslag till ny reglering av marknadsmissbruk utifrån ett svenskt perspektiv.

Bestämmelser som syftar till att förhindra insiderbrott har funnits i Sverige sedan början av 1970-talet. Regleringen har sedan dess genomgått omfattande förändringar som främst varit påkallade av den tekniska utvecklingen på värdepappersmarknaden och anpassningen till det EU-rättsliga regelverket. Avsikten med dessa regler har genomgående varit att upprätthålla allmänhetens förtroende för de finansiella marknaderna. De bestämmelser som idag reglerar... (More)
Syftet med denna uppsats är att redogöra för gällande rätt avseende marknadsmissbruk och utifrån praxis analysera rättsområdets praktiska funktion. Därutöver beskrivs och analyseras Europeiska kommissionens förslag till ny reglering av marknadsmissbruk utifrån ett svenskt perspektiv.

Bestämmelser som syftar till att förhindra insiderbrott har funnits i Sverige sedan början av 1970-talet. Regleringen har sedan dess genomgått omfattande förändringar som främst varit påkallade av den tekniska utvecklingen på värdepappersmarknaden och anpassningen till det EU-rättsliga regelverket. Avsikten med dessa regler har genomgående varit att upprätthålla allmänhetens förtroende för de finansiella marknaderna. De bestämmelser som idag reglerar marknadsmissbruk är MmL som tillkommit efter införandet av MmD under 2005. Vid en genomgång av dessa regler och tillhörande rättspraxis kan det konstateras att det finns stora brister i dagens marknadsmissbruksregler. Det finns mycket få rättsfall avseende insiderbrott och många av de mål som tagits upp i domstol har lett till friande domar, trots att mycket talar för att den tilltalade är skyldig. En av orsakerna till detta kan vara att bestämmelsernas utformning leder till stora bevissvårigheter. Det uppställs höga beviskrav vid straffrättsliga brott och insiderbrottets komplicerade konstruktion gör det därmed svårt för åklagaren att presentera bevisning som uppfyller dessa krav.

Med anledning av de brister som identifierats i dagens regelverk är det därför positivt att Europeiska kommissionen har presenterat ett nytt förslag till ramverk för marknadsmissbruk. Skälet till detta förslag är framförallt den EU-rättsliga utveckling som skett sedan införandet av MiFID samt den tekniska utvecklingen på de finansiella marknaderna. Förslaget består av en förordning som innehåller de huvudsakliga bestämmelserna och ett direktiv med kompletterande straffrättsliga sanktioner. Skulle dessa bestämmelser genomföras enligt det rådande förslaget kommer det medföra stora förändringar för det svenska rättsläget.

Ett av de huvudsakliga syftena med förslaget är att skapa en harmoniserad reglering av marknadsmissbruk inom EU, något som inte åstadkoms vid genomförandet av MmD. För värdepappershandeln som har en tydlig internationell prägel innebär detta att marknadernas utveckling hämmas och därför finns det behov av en tydlig harmonisering av rättsområdet. Vidare kommer förslaget innebära en utvidgning av bestämmelsernas tillämpningsområde. Detta sker bland annat genom att begreppet insiderinformation utvidgas till att inbegripa betydligt mer information än den tidigare regleringen. Även FI:s befogenheter kommer utvidgas för att underlätta myndighetens övervakande funktion.

Definitionen av insiderbrott skiljer sig inte från det som föreskrivs i MmD men trots detta kommer förslaget innebära stora förändringar för den svenska tillämpningen av detta förbud. Detta beror på att Sverige vid införandet av MmD valde en modell som innebar att ingen som får insiderinformation får utföra transaktioner med instrument hänförliga till informationen. MmD och förslaget föreskriver i stället att bestämmelsen innehåller ett förbud att utnyttja informationen och eftersom förordningen blir direkt tillämplig i Sverige kommer den svenska bestämmelsen ändras. Vidare föreskrivs i förordningsförslaget att administrativa sanktioner ska införas och samtidigt uppställs i direktivförslaget krav på att medlemsstaterna även ska tillämpa straffrättsliga sanktioner. Det svenska regelverket har idag endast straffrättsliga sanktioner att tillgå för att säkerställa att bestämmelserna om marknadsmissbruk efterlevs vilket alltså innebär att ytterligare sanktioner kommer införas i den svenska regleringen.

Det är svårt att avgöra exakt vilka effekter förslaget till nya marknadsmissbruksregler kommer få på det svenska regelverket i praktiken. Däremot kan det konstateras att förslaget, om det genomförs, kommer få stora konsekvenser för den svenska regleringen och innebära en ordentlig skärpning av rättsläget. (Less)
Abstract
The purpose of this thesis is to describe the Swedish legislation regarding market abuse and, on the basis of case law analyze the practical function of the legal field. In addition, the European Commission's proposal for a new regulatory framework regarding market abuse will be described and analyzed from a Swedish perspective.

Provisions aimed to prevent insider trading was introduced in Sweden during the early 1970s. The regulation has since undergone extensive alterations that mainly have been necessitated by the technological development of the securities market and adjustments to the legal framework of the EU. The aim of these regulations has consistently been to maintain the society's confidence in the financial markets. In... (More)
The purpose of this thesis is to describe the Swedish legislation regarding market abuse and, on the basis of case law analyze the practical function of the legal field. In addition, the European Commission's proposal for a new regulatory framework regarding market abuse will be described and analyzed from a Swedish perspective.

Provisions aimed to prevent insider trading was introduced in Sweden during the early 1970s. The regulation has since undergone extensive alterations that mainly have been necessitated by the technological development of the securities market and adjustments to the legal framework of the EU. The aim of these regulations has consistently been to maintain the society's confidence in the financial markets. In Sweden, the regulations governing market abuse is found in MmL, which was implemented following the introduction of the Market Abuse Directive in 2005. In a review of these rules and related case law, it’s possible to identify major deficiencies with the current regulations. There are very few court cases concerning insider trading and only a few of the cases brought to court has led to guilty verdicts, even though there are many indications that the defendant is guilty. One of the reasons for this may be that the structure of the provisions leads to great difficulties regarding the provision of evidence.
Criminal law generally imposes high standards of proof, and the complicated structure of the Insider offence makes it even more difficult for the prosecution to present evidence that meets these requirements.

Due to the deficiencies identified in the current regulations, it is encouraging that the European Commission has presented a new draft framework for market abuse. The reason for this proposal is mainly the legal developments within the EU following the introduction of MiFID and the technical developments in the financial markets. The proposal consists of a Regulation containing the main provisions and a Directive containing additional criminal penalties. Should these rules be implemented according to the current proposal it will result in major changes for the Swedish provisions regarding market abuse.

One of the main aims of the proposal is to create a harmonized regulation of market abuse in the EU, which has not been achieved with the implementation of the current Market Abuse Directive. Trading in securities contains many international elements, which implies a need for harmonized regulations in order to avoid inhibition of the development of the legal field.
Furthermore, the proposal will involve an extension of the scope of the provisions, which is accomplished through an expansion of the term Insider information. If the proposal is implemented, the regulations will comprise considerably more information than the previous legislation. In addition, Financial Supervisory Authority’s mandate will be extended to facilitate the Agency’s function as supervising authority.

The definition of insider trading is no different from that provided in the Market Abuse Directive, but despite this, the proposal will entail major changes for the Swedish legislation. The reason for this is that Sweden in introducing the Market Abuse Directive opted for a system stating that no one who gets inside information may acquire or dispose of instruments attributable to the information. The provision of the Market Abuse Directive and the draft on the other hand, contains a requirement that the information actually has been used in the transaction. Since the Regulation is directly applicable in the member states, Sweden will have to adapt to the system used in the EU legislation. Furthermore, the proposal for a new Regulation suggests an implementation of administrative sanctions while the Directive contains requirements stating that the member states need to impose criminal sanctions. The Swedish regulation only has criminal sanctions available to ensure compliance with the provisions on market abuse, which implies that further sanctions will be applicable in the Swedish legislation.

It’s difficult to determine exactly what impact the proposed new market abuse regulations would have on the Swedish legislation. It may however be concluded that the proposal, if implemented, will have major consequences for the Swedish regulation and definitely imply a strengthening of the provisions concerning market abuse. (Less)
Please use this url to cite or link to this publication:
author
Bergvall, Albin LU
supervisor
organization
alternative title
Market Abuse - An evolving area of law
course
JURM02 20131
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
obligatoriska, kontrollerade ämnesord, marknadsmissbruk, insider, otillbörlig marknadspåverkan, börsrätt
language
Swedish
id
3802034
date added to LUP
2013-06-13 15:14:29
date last changed
2013-06-13 15:14:29
@misc{3802034,
  abstract     = {The purpose of this thesis is to describe the Swedish legislation regarding market abuse and, on the basis of case law analyze the practical function of the legal field. In addition, the European Commission's proposal for a new regulatory framework regarding market abuse will be described and analyzed from a Swedish perspective.

Provisions aimed to prevent insider trading was introduced in Sweden during the early 1970s. The regulation has since undergone extensive alterations that mainly have been necessitated by the technological development of the securities market and adjustments to the legal framework of the EU. The aim of these regulations has consistently been to maintain the society's confidence in the financial markets. In Sweden, the regulations governing market abuse is found in MmL, which was implemented following the introduction of the Market Abuse Directive in 2005. In a review of these rules and related case law, it’s possible to identify major deficiencies with the current regulations. There are very few court cases concerning insider trading and only a few of the cases brought to court has led to guilty verdicts, even though there are many indications that the defendant is guilty. One of the reasons for this may be that the structure of the provisions leads to great difficulties regarding the provision of evidence. 
Criminal law generally imposes high standards of proof, and the complicated structure of the Insider offence makes it even more difficult for the prosecution to present evidence that meets these requirements.

Due to the deficiencies identified in the current regulations, it is encouraging that the European Commission has presented a new draft framework for market abuse. The reason for this proposal is mainly the legal developments within the EU following the introduction of MiFID and the technical developments in the financial markets. The proposal consists of a Regulation containing the main provisions and a Directive containing additional criminal penalties. Should these rules be implemented according to the current proposal it will result in major changes for the Swedish provisions regarding market abuse.

One of the main aims of the proposal is to create a harmonized regulation of market abuse in the EU, which has not been achieved with the implementation of the current Market Abuse Directive. Trading in securities contains many international elements, which implies a need for harmonized regulations in order to avoid inhibition of the development of the legal field. 
Furthermore, the proposal will involve an extension of the scope of the provisions, which is accomplished through an expansion of the term Insider information. If the proposal is implemented, the regulations will comprise considerably more information than the previous legislation. In addition, Financial Supervisory Authority’s mandate will be extended to facilitate the Agency’s function as supervising authority.

The definition of insider trading is no different from that provided in the Market Abuse Directive, but despite this, the proposal will entail major changes for the Swedish legislation. The reason for this is that Sweden in introducing the Market Abuse Directive opted for a system stating that no one who gets inside information may acquire or dispose of instruments attributable to the information. The provision of the Market Abuse Directive and the draft on the other hand, contains a requirement that the information actually has been used in the transaction. Since the Regulation is directly applicable in the member states, Sweden will have to adapt to the system used in the EU legislation. Furthermore, the proposal for a new Regulation suggests an implementation of administrative sanctions while the Directive contains requirements stating that the member states need to impose criminal sanctions. The Swedish regulation only has criminal sanctions available to ensure compliance with the provisions on market abuse, which implies that further sanctions will be applicable in the Swedish legislation.

It’s difficult to determine exactly what impact the proposed new market abuse regulations would have on the Swedish legislation. It may however be concluded that the proposal, if implemented, will have major consequences for the Swedish regulation and definitely imply a strengthening of the provisions concerning market abuse.},
  author       = {Bergvall, Albin},
  keyword      = {obligatoriska,kontrollerade ämnesord,marknadsmissbruk,insider,otillbörlig marknadspåverkan,börsrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Marknadsmissbruk - Ett rättsområde i förändring},
  year         = {2013},
}