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Ny marknadsmissbruksförordning - ny insiderreglering?

Göransson, Johan LU (2016) LAGF03 20162
Department of Law
Faculty of Law
Abstract (Swedish)
En fungerande kapitalmarknad är en förutsättning för ett växande näringsliv. För att upprätthålla en fungerande kapitalmarknad med jämlika spelregler för alla aktörer finns marknadsmissbruksreglerna. Ett särskilt marknadsmissbruk som anses hota kapitalmarknadens funktionalitet är insiderhandel. Under 2000-talet har det skett en snabb teknisk utveckling vilket medfört betydande förändringar av den finansiella miljön. För att upprätthålla ett aktuellt regelverk mot insiderhandel antog EU under våren 2014 två nya rättsakter, Europaparlamentets och rådets förordning (EU) nr 596/2014 av den 16 april 2014 om marknadsmissbruk och Europaparlamentets och rådets direktiv 2014/57/ EU om straffrättsliga sanktioner för marknadsmissbruk. Förordningen... (More)
En fungerande kapitalmarknad är en förutsättning för ett växande näringsliv. För att upprätthålla en fungerande kapitalmarknad med jämlika spelregler för alla aktörer finns marknadsmissbruksreglerna. Ett särskilt marknadsmissbruk som anses hota kapitalmarknadens funktionalitet är insiderhandel. Under 2000-talet har det skett en snabb teknisk utveckling vilket medfört betydande förändringar av den finansiella miljön. För att upprätthålla ett aktuellt regelverk mot insiderhandel antog EU under våren 2014 två nya rättsakter, Europaparlamentets och rådets förordning (EU) nr 596/2014 av den 16 april 2014 om marknadsmissbruk och Europaparlamentets och rådets direktiv 2014/57/ EU om straffrättsliga sanktioner för marknadsmissbruk. Förordningen trädde i kraft den 3 juli 2016 medan den svenska implementeringen av direktivet väntas vara klar i februari 2017.

Rättsakterna syftar till att effektivt stävja insiderhandel. Genom att förhindra att personer handlar på insiderinformation så upprätthålls allmänhetens förtroende för kapitalmarknaden. Mer konkretiserat kan insiderregleringen sägas ha en signalfunktion som består i att till olika aktörer på marknaden skicka olika signaler. Potentiella insiders ska avskräckas från att handla på insiderinformation genom att insiderregleringen framstår som effektiv och vattentät. En allmänhet av investerare ska i sin tur känna förtroende för kapitalmarknaden och dess funktion genom att insiderregleringen fungerar och härigenom signalerar just effektivitet. Insiderregleringens syfte är därför främst att uppfylla sin signalfunktion. Om regleringen har ett högt signalvärde bör den beskrivas som effektiv.

De nya rättsakterna har medfört flera förändringar av insiderregleringen. Tidigare gällande rätt innehöll en del luckor som nu har täppts igen. Införandet av det s.k. ”har”-rekvisitet innebär sannolikt att handel på självgenererad insiderinformation numera är förbjudet. Att återkalla eller ändra en handelsorder efter det att en handlare har fått tillgång till insiderinformation är numera illegitimt. Det är inte heller längre tillåtet tillåtet att följa eller en ren köp- eller säljrekommendation från någon som innehar insiderinformation. Ovanstående är bara några exempel på rättsliga förändringar som de nya rättsakterna har medfört i förhållande till tidigare gällande rätt.

Då flertalet luckor har täppts igen och insiderregleringen nu framstår som betydligt mer vattentät och robust än tidigare så förutspås syftet med reglerna bättre kunna uppnås. Om regelverket kan fylla sin signalfunktion och därigenom skapa det viktiga förtroendet hos allmänheten för kapitalmarkna- den så får EU anses ha lyckats med sitt mål - nämligen att skapa en effektiv insiderreglering. (Less)
Abstract
A properly functioning capital market is a necessary condition for a growing economy. In order to maintain a functioning capital market there are regulations against market abuse. A special kind of market abuse that is considered to threat the functionality of the capital market is insider trading. Due to the rapid technical development during the 21st century there has been major changes in the financial sector. In spring 2014, in order to keep an updated legal framework against insider trading, the EU adopted two new legal documents, Regulation (EU) No 596/2014 of the European Parliament and of the Council 16th April 2014 on market abuse and Directive 2014/57/EU of the European Parliament and of the Council 16th April 2014 on criminal... (More)
A properly functioning capital market is a necessary condition for a growing economy. In order to maintain a functioning capital market there are regulations against market abuse. A special kind of market abuse that is considered to threat the functionality of the capital market is insider trading. Due to the rapid technical development during the 21st century there has been major changes in the financial sector. In spring 2014, in order to keep an updated legal framework against insider trading, the EU adopted two new legal documents, Regulation (EU) No 596/2014 of the European Parliament and of the Council 16th April 2014 on market abuse and Directive 2014/57/EU of the European Parliament and of the Council 16th April 2014 on criminal sanctions for market abuse. The regulation entered into force on the 3rd of July 2016 while the Swedish implementation of the directive is expected to be completed in February 2017.

The purpose of the new legal documents is to effectively suppress insider trading. By preventing people from trading on inside information the public’s trust in the capital market and its functionality will be preserved. To be more concrete this implies that the regulation has an important signal function. By appearing watertight and robust the regulation shall discourage potential insiders from using inside information in an illegitimate way. The investors amongst the public, on the other hand, is supposed to feel encouraged and confident in relation to the capital market and its functionality. The purpose of the regulation against insider trading is therefore best summarized as to fulfill its signaling function in order to be effective.

The new acts have resulted in several changes in the insider regulation. The former applicable Swedish law contained several loopholes that the new regulation has closed. The introduction of the ”to have”-prerequisite in the regulation will most likely mean that insider trading on so called self-generated inside information now is illegal. As a consequence of the new regulation it will also be considered as insider trading if an investor, after getting access to inside information, withdraws or changes a trading order. Another consequence is that it is no longer legitimate to trade when the trade is based on a pure sell- or buy recommendation coming from someone who is in possession of inside information. These are just a few examples of the legal changes that the new acts has brought.

Due to the fact that many loopholes now appears to been closed and that the regulation now appears to be more watertight and robust than before it is likely to believe that the the regulation will meet its purposes. If the regulation succeeds in sending the right signals and thereby gain the public’s trust for the capital market then the EU has succeeded with their objective - namely to shape an effective regulation against insider trading. (Less)
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author
Göransson, Johan LU
supervisor
organization
course
LAGF03 20162
year
type
M2 - Bachelor Degree
subject
keywords
Finansrätt. Insiderhandel, marknadsmissbruk, insider trading, marknadsmissbruksförordningen.
language
Swedish
id
8896951
date added to LUP
2017-02-08 11:29:31
date last changed
2017-02-08 11:29:31
@misc{8896951,
  abstract     = {A properly functioning capital market is a necessary condition for a growing economy. In order to maintain a functioning capital market there are regulations against market abuse. A special kind of market abuse that is considered to threat the functionality of the capital market is insider trading. Due to the rapid technical development during the 21st century there has been major changes in the financial sector. In spring 2014, in order to keep an updated legal framework against insider trading, the EU adopted two new legal documents, Regulation (EU) No 596/2014 of the European Parliament and of the Council 16th April 2014 on market abuse and Directive 2014/57/EU of the European Parliament and of the Council 16th April 2014 on criminal sanctions for market abuse. The regulation entered into force on the 3rd of July 2016 while the Swedish implementation of the directive is expected to be completed in February 2017.

The purpose of the new legal documents is to effectively suppress insider trading. By preventing people from trading on inside information the public’s trust in the capital market and its functionality will be preserved. To be more concrete this implies that the regulation has an important signal function. By appearing watertight and robust the regulation shall discourage potential insiders from using inside information in an illegitimate way. The investors amongst the public, on the other hand, is supposed to feel encouraged and confident in relation to the capital market and its functionality. The purpose of the regulation against insider trading is therefore best summarized as to fulfill its signaling function in order to be effective. 

The new acts have resulted in several changes in the insider regulation. The former applicable Swedish law contained several loopholes that the new regulation has closed. The introduction of the ”to have”-prerequisite in the regulation will most likely mean that insider trading on so called self-generated inside information now is illegal. As a consequence of the new regulation it will also be considered as insider trading if an investor, after getting access to inside information, withdraws or changes a trading order. Another consequence is that it is no longer legitimate to trade when the trade is based on a pure sell- or buy recommendation coming from someone who is in possession of inside information. These are just a few examples of the legal changes that the new acts has brought. 

Due to the fact that many loopholes now appears to been closed and that the regulation now appears to be more watertight and robust than before it is likely to believe that the the regulation will meet its purposes. If the regulation succeeds in sending the right signals and thereby gain the public’s trust for the capital market then the EU has succeeded with their objective - namely to shape an effective regulation against insider trading.},
  author       = {Göransson, Johan},
  keyword      = {Finansrätt. Insiderhandel,marknadsmissbruk,insider trading,marknadsmissbruksförordningen.},
  language     = {swe},
  note         = {Student Paper},
  title        = {Ny marknadsmissbruksförordning - ny insiderreglering?},
  year         = {2016},
}