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Förbudet mot insiderhandel – En studie av rättsutvecklingen och de nya EU-reglerna på området

Ploman, Andrea LU (2017) JURM02 20171
Department of Law
Abstract (Swedish)
I Sverige infördes lagstiftning i syfte att motverka insiderhandel i början av 1970-talet. Rättsområdet har därefter varit föremål för omfattande reformer. Den senaste reformen vidtogs med anledning av en ny EU-förordning och ett nytt EU-direktiv. Insiderlagstiftningen har kritiserats för att den har innehållit vaga rekvisit, medfört bevissvårigheter och för att den inte har varit tillräckligt effektiv. Det har riktats kritik mot att antalet fällande domar är få i förhållande till antalet anmälningar. Syftet med uppsatsen är att redogöra för och analysera rättsutvecklingen på området för insiderhandel. Mot bakgrund av det avser uppsatsen att besvara om den nya lagstiftningens syfte kan förväntas bli uppfyllt och om den kan anses uppfylla... (More)
I Sverige infördes lagstiftning i syfte att motverka insiderhandel i början av 1970-talet. Rättsområdet har därefter varit föremål för omfattande reformer. Den senaste reformen vidtogs med anledning av en ny EU-förordning och ett nytt EU-direktiv. Insiderlagstiftningen har kritiserats för att den har innehållit vaga rekvisit, medfört bevissvårigheter och för att den inte har varit tillräckligt effektiv. Det har riktats kritik mot att antalet fällande domar är få i förhållande till antalet anmälningar. Syftet med uppsatsen är att redogöra för och analysera rättsutvecklingen på området för insiderhandel. Mot bakgrund av det avser uppsatsen att besvara om den nya lagstiftningens syfte kan förväntas bli uppfyllt och om den kan anses uppfylla krav på rättssäkerhet.

Rättsutvecklingen av lagstiftningen har inneburit att definitionen av insiderinformation och tillämpningsområdet för insiderhandelsförbudet har utvidgats samt att personkategorin som avses har utvidgats till att omfatta alla som har insiderinformation. Det har skett en förändring av lagstiftarens prioriteringar, från att betydelsen av kraven på rättssäkerhet samt förutsebarhet har prioriterats, till att hänsyn till dessa krav har tagits i allt lägre utsträckning.

Syftet med insiderlagstiftningen är att upprätthålla allmänhetens förtroende för värdepappersmarknaden. Den senaste reformen på området medför bland annat ett utvidgat tillämpningsområde, en mer detaljerad lagstiftning, förtydliganden av olika rekvisit och att ett administrativt sanktionssystem har införts. Det administrativa systemet samt Finansinspektionens utökade tillsyns- och utredningsbefogenheter kommer sannolikt att öka förutsättningarna för att fler överträdelser kan beivras. Detta bör leda till en ökad efterlevnad av insiderlagstiftningen och ett lägre antal överträdelser i förlängningen. Förändringarna bör stärka allmänhetens förtroende för värdepappersmarknaden och medföra att insiderlagstiftningens syfte kan förväntas bli uppfyllt. Insiderlagstiftningen kan dock inte i sig stärka allmänhetens förtroende utan det krävs att det skapas mekanismer som medför att lagstiftningen efterlevs.

Krav på rättssäkerhet tar sig delvis uttryck i legalitetsprincipen som ställer krav på att straffrättsliga bestämmelser inte ska vara obestämt formulerade. Den senaste reformen innebär bland annat att definitionen av insiderinformation och utformningen av insiderhandelsförbudet har förtydligats. Viss obestämdhet i insiderlagstiftningen kvarstår emellertid. Samtidigt accepteras obestämdhet hos straffrättsliga bestämmelser till viss del. En avvägning mellan en obestämd men flexibel och överskådlig lagstiftning samt en detaljerad och utförlig men mindre flexibel lagstiftning måste göras. Den avvägning som har gjorts vid den senaste reformen får anses vara välavvägd. Inte heller kan det administrativa sanktionssystemet anses strida mot krav på rättssäkerhet. (Less)
Abstract
To counteract insider trading, legislation was introduced in Sweden in the early 1970s. Ever since, the legal field has been subject to extensive reforms. The latest reform took place following a new EU regulation and a new EU directive. Insider legislation has been criticized because of its vague requisites, the difficulties in applying evidence, and because it has not been sufficiently effective. There has been criticism directed against the fact that the number of convictions are few in relation to the number of reports. The purpose of this thesis is to account for and analyze the legal development in the field of insider trading. On the basis of this, the thesis intends to answer whether the purpose of the new legislation is expected... (More)
To counteract insider trading, legislation was introduced in Sweden in the early 1970s. Ever since, the legal field has been subject to extensive reforms. The latest reform took place following a new EU regulation and a new EU directive. Insider legislation has been criticized because of its vague requisites, the difficulties in applying evidence, and because it has not been sufficiently effective. There has been criticism directed against the fact that the number of convictions are few in relation to the number of reports. The purpose of this thesis is to account for and analyze the legal development in the field of insider trading. On the basis of this, the thesis intends to answer whether the purpose of the new legislation is expected to be met and whether the legislation can be considered to meet legal safety requirements.

The legal development of the legislation has resulted in the expansion of the definition of insider information and the scope of the insider trading ban, and the category of subjected persons has been extended to encompass all those who possess insider information. The legislator’s priorities have also undergone change, as the priority of the importance of requirements of legal safety and predictability have been taken into account at a lesser extent than originally, when they were given full priority.

The purpose of the insider legislation is to maintain the public’s trust in the financial market. The latest reform in the field entails, inter alia, an extended scope, a more detailed legislation, clarifications of various requisites, and the introduction of an administrative sanction system. The administrative system, as well as Finansinspektionen’s increased supervision and investigative powers, are likely to increase the conditions for a higher number of convictions of offenders. This should in turn lead to increased compliance with insider legislation and a decreasing number of violations in the long run. These changes should lead to the reinforcement of the public’s trust in the financial market and result in the purpose of insider legislation to be met. However, insider legislation cannot in itself strengthen the public’s trust, instead the creation of mechanisms that ensure compliance with the legislation are required.

Legal safety requirements are expressed in part in the principle of legality, which requires that criminal law provisions should not be vaguely formulated. The latest reform suggests, among other things, that the definition of insider information and the formulation of the insider trading ban have been clarified. However, certain uncertainty in the insider legislation remains. Nonetheless, uncertainty of criminal law is partly accepted. A balance between an uncertain but flexible and transparent legislation and a detailed and precise defined but less flexible legislation must be made. The balance that has been made in the latest reform can be deemed to be well balanced. Additionally, the administrative sanction system cannot be considered to conflict with legal safety requirements. (Less)
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author
Ploman, Andrea LU
supervisor
organization
alternative title
The ban on insider trading – A study of the legal development and the new EU rules in the area
course
JURM02 20171
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
finansrätt, straffrätt, insiderhandel, insiderbrott
language
Swedish
id
8909047
date added to LUP
2017-06-21 21:51:22
date last changed
2017-06-21 21:51:22
@misc{8909047,
  abstract     = {To counteract insider trading, legislation was introduced in Sweden in the early 1970s. Ever since, the legal field has been subject to extensive reforms. The latest reform took place following a new EU regulation and a new EU directive. Insider legislation has been criticized because of its vague requisites, the difficulties in applying evidence, and because it has not been sufficiently effective. There has been criticism directed against the fact that the number of convictions are few in relation to the number of reports. The purpose of this thesis is to account for and analyze the legal development in the field of insider trading. On the basis of this, the thesis intends to answer whether the purpose of the new legislation is expected to be met and whether the legislation can be considered to meet legal safety requirements.

The legal development of the legislation has resulted in the expansion of the definition of insider information and the scope of the insider trading ban, and the category of subjected persons has been extended to encompass all those who possess insider information. The legislator’s priorities have also undergone change, as the priority of the importance of requirements of legal safety and predictability have been taken into account at a lesser extent than originally, when they were given full priority. 

The purpose of the insider legislation is to maintain the public’s trust in the financial market. The latest reform in the field entails, inter alia, an extended scope, a more detailed legislation, clarifications of various requisites, and the introduction of an administrative sanction system. The administrative system, as well as Finansinspektionen’s increased supervision and investigative powers, are likely to increase the conditions for a higher number of convictions of offenders. This should in turn lead to increased compliance with insider legislation and a decreasing number of violations in the long run. These changes should lead to the reinforcement of the public’s trust in the financial market and result in the purpose of insider legislation to be met. However, insider legislation cannot in itself strengthen the public’s trust, instead the creation of mechanisms that ensure compliance with the legislation are required.

Legal safety requirements are expressed in part in the principle of legality, which requires that criminal law provisions should not be vaguely formulated. The latest reform suggests, among other things, that the definition of insider information and the formulation of the insider trading ban have been clarified. However, certain uncertainty in the insider legislation remains. Nonetheless, uncertainty of criminal law is partly accepted. A balance between an uncertain but flexible and transparent legislation and a detailed and precise defined but less flexible legislation must be made. The balance that has been made in the latest reform can be deemed to be well balanced. Additionally, the administrative sanction system cannot be considered to conflict with legal safety requirements.},
  author       = {Ploman, Andrea},
  keyword      = {finansrätt,straffrätt,insiderhandel,insiderbrott},
  language     = {swe},
  note         = {Student Paper},
  title        = {Förbudet mot insiderhandel – En studie av rättsutvecklingen och de nya EU-reglerna på området},
  year         = {2017},
}