Insider Dealing and Criminal Law: Dangerous Liaisons by Iwona Seredyńska

By Iwona Seredyńska

This paintings is a multidisciplinary research of the problem of insider dealing from the viewpoint of the applicability of legal legislations to control it. First, it examines the character of its prohibition within the eu Union and within the country. The textual content incorporates a extra wide evaluate of prohibition in 4 Member States of the eu Union (France, the uk, Luxembourg and Poland). Then, it summarises the arguments awarded by way of ethicists and economists in favour of and opposed to insider dealing. additional, it analyses the rules of felony legislations and justifications which are given for its software. at the foundation of this research, it offers a brand new two-step conception of criminalisation. step one is predicated on a liberal conception of wrongfulness that makes connection with safeguard of the fundamental human rights. the second one step is determined by classical yet frequently forgotten rules of legal legislations. ultimately, it examines attainable choices to felony principles.

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66 WRONKOWSKA, Sławomira, Podstawowe poje˛cia prawa i prawoznawstwa, Poznan´ 2003, p. 63. 67 Similar concerns in: BRAUM, Stefan, Europ€ aische Strafgesetzlichkeit, Frankfurt am Mainz, 2003, pp. 502–503. A Development of the Insider Dealing Regulation in the European Union 15 Precise Nature. The requirement to be precise is the other important issue concerning the notion of inside information. It could be presumed that the notion of precise character was introduced in order to facilitate analysis of inside information.

However, their relation to a given issuer seems to be very indirect. In fact, such decisions influence the whole market. Therefore, a question may be asked on whether this kind of information should enter within the scope of the notion of inside information. An opinion might be supported that it should be rather regulated by internal rules on confidential information of governing bodies or issuing entities. Otherwise, the scope of the analysed notion is blurred by the extremely wide possible application.

Similarly wide, or even wider, is the second group, so-called “secondary insiders”. A question might be even asked on whether it is still justified to call them insiders. The Market Abuse Directive describes them as “any person [. 106 As regards this category “the sky is the limit”. In fact, everyone who knows something about the issuer or the circumstances that may possible influence the value of financial instruments should ask oneself whether this is inside information before he decides to acquire or dispose of financial instruments of this issuer.

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