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LUND UNIVERSITY LIBRARIES

Otillåten insiderhandel - Ett kontroversiellt brottsområde

Mansfeld, Nils LU (2013) JURM02 20132
Department of Law
Abstract (Swedish)
I takt med att de finansiella marknadernas omfång och betydelse har ökat, har allmänhetens intresse för de finansiella marknaderna också ökat. Idag omsätter den svenska värdepappersmarknader flera miljarder kronor och ger upphov till ett växande informationsflöde. En anledning till det stora intresset för värde-pappersmarknader är bland annat att det internationella inslaget har ökat kraf-tigt. Mycket av handeln som sker idag på marknaderna är gränsöverskridande. En annan viktig anledning till att värdepappersmarknaderna har tilldragit sig intresse är den snabba teknikutvecklingen. Dessa två faktorer har lett till att marknaderna präglas av en hög förändringstakt.

Otillåten insiderhandel (insiderbrott) är inte en ovanlig företeelse... (More)
I takt med att de finansiella marknadernas omfång och betydelse har ökat, har allmänhetens intresse för de finansiella marknaderna också ökat. Idag omsätter den svenska värdepappersmarknader flera miljarder kronor och ger upphov till ett växande informationsflöde. En anledning till det stora intresset för värde-pappersmarknader är bland annat att det internationella inslaget har ökat kraf-tigt. Mycket av handeln som sker idag på marknaderna är gränsöverskridande. En annan viktig anledning till att värdepappersmarknaderna har tilldragit sig intresse är den snabba teknikutvecklingen. Dessa två faktorer har lett till att marknaderna präglas av en hög förändringstakt.

Otillåten insiderhandel (insiderbrott) är inte en ovanlig företeelse varken i Sverige eller utomlands. I år slår antalet anmälda misstänkta insiderbrott rekord, men det är fortfarande få som åtalas och fälls. Ekobrottsmyndigheten vill få fler åtalade och fällda för insiderbrott och har därför inrättat en ny kammare, finansmarknadskammaren, vars uppgift är att beivra och utreda misstänkta brott mot marknadsmissbruklagen.

Förutsättningen för att ett insiderbrott ska vara för handen är att det rör sig om ett otillåtet utnyttjande av insiderinformation. Lagstiftaren har valt att definiera begreppet insiderinformation på grundval av vaga och flytande rekvisit. En anledning till att så få personer fälls för insiderbrott är att legaldefinitionen av insiderinformation medför tillämpningssvårigheter vid rättsavgöranden. Åklagare möter inte sällan svårigheter att leda i bevis att en person har haft uppsåt att begå insiderbrott. De höga beviskraven gör att de flesta som åtalas för otillåten insiderhandel frias från ansvar.

Ett förbud mot insiderhandel har inte alltid varit en självklarhet och var innan dess inträde i svensk rätt något som ansågs vara en naturlig del av marknaden. Det har under en lång tid förts en diskussion om huruvida fördelarna med ett förbud mot insiderhandel överväger nackdelarna. Idag anses insiderreglering vara en förutsättning för en fungerande marknad, vilket motiveras med att det stärker allmänhetens förtroende för den finansiella marknaden. Tanken med insiderlagstiftningen är att handeln på de finansiella marknaderna skall ske utifrån jämlika förutsättningar och att spelreglerna skall vara lika för alla.

De första bestämmelserna i Sverige som rörde otillåten insiderhandel infördes under 1970-talet. Först år 1985 kom de första direkta förbuden mot insider-handel. Sedan EG:s direktiv om insiderhandel implementerades i svensk rätt år 1989 har den svenska insiderlagstiftningen harmoniserats med den europeiska motsvarigheten. Insiderregleringen har sedan den infördes kommit att stegvis förändras och utvidgas. Allt fler transaktioner omfattas av allt strängare förbud. Den första insiderlagstiftningen gällde en mindre krets personer (insynspersoner och dess närstående). Idag omfattar insiderförbudet alla som utifrån insiderinformation handlar med finansiella instrument. All handel på värdepappersmarknaderna omfattas av förbudet, även transaktioner som sker utanför de finansiella marknaderna om affären berör finansiella instrument på en reglerad marknad.

EU-medlemsstaternas olika syn på vad som utgör insiderbrott, den snabba teknikutvecklingen och det ökande inslaget av transnationell handel har gjort det uppenbart att det nuvarande regelverket är bristfälligt. Av denna anledning tillsatte EU-kommissionen år 2011 en utredning, för att harmonisera regelver-ket mellan de olika medlemsstaterna. Syftet med det nu aktuella lagförslaget är att höja förtroendet för värdepappersmarknaden och investerarskyddet samt att få till stånd ett enhetligt och heltäckande EU-rättsligt regelverk.

Det presenterade lagförslaget innehåller bland annat krav på både administra-tiva och straffrättsliga sanktioner samt en utvidgning av begreppet insiderin-formation till att inbegripa en ny kategori av insiderinformation. Enligt det föreslagna lagförslaget kommer i princip all information, som ej har blivit of-fentliggjord, komma att utgöra insiderinformation Dessutom föreslår kom-missionen att tillsynsmyndigheterna ska ges utvidgade befogenheter för att kunna lagföra fler för insiderbrott.

Det är fortfarande oklart vad det slutgiltiga lagförslaget kommer att innebära för svensk rätt, då det fortfarande pågår förhandlingar kring dess utformning. Men oavsett om/när förslaget träder i kraft kommer det att påverka svensk insiderlagstiftning. Förhoppningen är att det kommer påverka svensk insider-lagstiftning positivt, i form av ett tydligt regelverk med klara och entydiga rekvisit där gränsen för vad som utgör tillåtna och otillåtna transaktioner är klar. (Less)
Abstract
As the financial markets grow and their importance increases, so has public interest. The financial markets in Sweden have a turnover of several billion Swedish kronor which goes some way to explain the current interest. Other reasons for the increasing public interest are the expanding transnational trade and the rapid evolution of trade technology.

Illegal insider trading (insider dealing) is not uncommon in Sweden or interna-tionally. This year, the number of reported suspected illegal insider trading is at an all time high. However, comparatively few insiders are being prosecuted and even fewer are being convicted. The Swedish National Economic Crimes Bureau would like to ensure more convictions of illegal insider trading and has... (More)
As the financial markets grow and their importance increases, so has public interest. The financial markets in Sweden have a turnover of several billion Swedish kronor which goes some way to explain the current interest. Other reasons for the increasing public interest are the expanding transnational trade and the rapid evolution of trade technology.

Illegal insider trading (insider dealing) is not uncommon in Sweden or interna-tionally. This year, the number of reported suspected illegal insider trading is at an all time high. However, comparatively few insiders are being prosecuted and even fewer are being convicted. The Swedish National Economic Crimes Bureau would like to ensure more convictions of illegal insider trading and has set up a new chamber, finansmarknadskammaren, with the purpose to investigate and prosecute people suspected of breaking the Market Abuse Act.

An insider criminal is somebody who has abused inside information. Unfortu-nately, the legal definition of inside information is vague. One reason so few have been convicted of insider trading is because the legal definition of insider information is fraught with problems. Moreover, prosecutors often find it difficult to prove that somebody has committed insider trading with intent. The high demands of the burden of proof often make those indicted in illegal insider trading absolved from responsibility.

Prohibiting insider trading has not previously been given priority by Swedish law. There is an ongoing debate as to whether the benefits of banning insider trading will outweigh the disadvantages. Today, insider control is regarded necessary for markets to function properly and to strengthen public confidence in the financial market. The idea behind the legislation is that trading in the financial markets must be based on equal opportunities and that rules must be the same for everybody.

The first Swedish legislation concerning insider trading was introduced during the 1970s. The first direct prohibition was introduced in 1985. Swedish insider legislation was harmonized with the European illegal insider trading in 1989, when the EU-Directive on insider trading was implemented into Swedish law. The regulation of insider trade has since its introduction been continually altered and expanded. Today more transactions than ever are subject to increasingly stringent prohibitions. The first insider legislation prohibited trading by a small group of individuals (insiders and their affiliates), this group has since been greatly expanded, to include each and everyone who has come into possession of inside information.

The current regulatory framework is inadequate/outmoded for several reasons: EU Member States differ in their views on what constitutes insider trading, trade technology is evolving rapidly and transnational commerce is on the increase.

As a result of these problems, the definition of which insider dealing offences constitute criminal offences differs considerably between member states. The problems caused by technological developments and by the transnational na-ture of commerce have revealed gaps in the regulation. In light of these prob-lems, the EU Commission initiated an investigation in 2011 with a view to create a harmonized regulation of market abuse. The Directive aims to increase market integrity and investor protection, while ensuring a single rulebook.

The Bill includes requirements for both administrative and criminal sanctions, and an extension of the concept of inside information to include a new category of inside information: under the proposed Bill, all information which has not been disclosed to the public may be considered inside information.

As the debate continues, it is still unclear what the final Bill will mean for Swedish law. Whatever the outcome, it is clear that when the proposal comes into force, it will affect Swedish insider trading legislation. Hopefully it will impact Swedish insider legislation positively, in the form of a regulatory framework with clear and unambiguous criteria, where the boundaries of what constitutes lawful and unlawful transactions are clarified. (Less)
Please use this url to cite or link to this publication:
author
Mansfeld, Nils LU
supervisor
organization
alternative title
Abuse of Insider Trade - Controversial Legislation
course
JURM02 20132
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
insiderinformation, insiderbrott, finansrätt, Associationsrätt, börsrätt, insiderhandel, marknadsmissbruk
language
Swedish
id
4067372
date added to LUP
2013-11-29 11:38:03
date last changed
2013-11-29 11:38:03
@misc{4067372,
  abstract     = {As the financial markets grow and their importance increases, so has public interest. The financial markets in Sweden have a turnover of several billion Swedish kronor which goes some way to explain the current interest. Other reasons for the increasing public interest are the expanding transnational trade and the rapid evolution of trade technology. 

Illegal insider trading (insider dealing) is not uncommon in Sweden or interna-tionally. This year, the number of reported suspected illegal insider trading is at an all time high. However, comparatively few insiders are being prosecuted and even fewer are being convicted. The Swedish National Economic Crimes Bureau would like to ensure more convictions of illegal insider trading and has set up a new chamber, finansmarknadskammaren, with the purpose to investigate and prosecute people suspected of breaking the Market Abuse Act.

An insider criminal is somebody who has abused inside information. Unfortu-nately, the legal definition of inside information is vague. One reason so few have been convicted of insider trading is because the legal definition of insider information is fraught with problems. Moreover, prosecutors often find it difficult to prove that somebody has committed insider trading with intent. The high demands of the burden of proof often make those indicted in illegal insider trading absolved from responsibility.

Prohibiting insider trading has not previously been given priority by Swedish law. There is an ongoing debate as to whether the benefits of banning insider trading will outweigh the disadvantages. Today, insider control is regarded necessary for markets to function properly and to strengthen public confidence in the financial market. The idea behind the legislation is that trading in the financial markets must be based on equal opportunities and that rules must be the same for everybody.

The first Swedish legislation concerning insider trading was introduced during the 1970s. The first direct prohibition was introduced in 1985. Swedish insider legislation was harmonized with the European illegal insider trading in 1989, when the EU-Directive on insider trading was implemented into Swedish law. The regulation of insider trade has since its introduction been continually altered and expanded. Today more transactions than ever are subject to increasingly stringent prohibitions. The first insider legislation prohibited trading by a small group of individuals (insiders and their affiliates), this group has since been greatly expanded, to include each and everyone who has come into possession of inside information. 

The current regulatory framework is inadequate/outmoded for several reasons: EU Member States differ in their views on what constitutes insider trading, trade technology is evolving rapidly and transnational commerce is on the increase.

As a result of these problems, the definition of which insider dealing offences constitute criminal offences differs considerably between member states. The problems caused by technological developments and by the transnational na-ture of commerce have revealed gaps in the regulation. In light of these prob-lems, the EU Commission initiated an investigation in 2011 with a view to create a harmonized regulation of market abuse. The Directive aims to increase market integrity and investor protection, while ensuring a single rulebook.

The Bill includes requirements for both administrative and criminal sanctions, and an extension of the concept of inside information to include a new category of inside information: under the proposed Bill, all information which has not been disclosed to the public may be considered inside information.

As the debate continues, it is still unclear what the final Bill will mean for Swedish law. Whatever the outcome, it is clear that when the proposal comes into force, it will affect Swedish insider trading legislation. Hopefully it will impact Swedish insider legislation positively, in the form of a regulatory framework with clear and unambiguous criteria, where the boundaries of what constitutes lawful and unlawful transactions are clarified.},
  author       = {Mansfeld, Nils},
  keyword      = {insiderinformation,insiderbrott,finansrätt,Associationsrätt,börsrätt,insiderhandel,marknadsmissbruk},
  language     = {swe},
  note         = {Student Paper},
  title        = {Otillåten insiderhandel - Ett kontroversiellt brottsområde},
  year         = {2013},
}