Thesis (Ph. D.)--Rutgers University, 2009. / "Graduate Program in Criminal Justice." Includes bibliographical references (p. 159-166).

published_or_final_version / abstract / Criminology / Master / Master of Social Sciences

Univ., Diss. u.d.T.: Sauer, Klaus: Haftung für sekundärmarktbezogene Informationspflichtverletzungen--Frankfurt am Main, 2004.

Univ., Diss.--Frankfurt am Main, 2006. / Literaturverz. S. 15 - 39.

Thesis (Ph. D.)--Pardee RAND Graduate School, 2007. / Includes bibliographical references. Also available online.

Thesis (Ph.D.)--RAND Graduate School, 2007. / Title taken from PDF title screen (viewed October 18, 2007). Includes bibliographical references.

Market abuse practices may directly or indirectly give rise to diverse problems such as inaccurate stock market prices, low public investor confidence, reduced market integrity and poor efficiency in the affected financial markets. This thesis reveals that three major forms of market abuse, namely insider trading, prohibited trading practices (trade-based market manipulation) and the making or publication of false, misleading or deceptive statements, promises and forecasts relating to listed securities (disclosure-based market manipulation) are prohibited in South Africa. However, although South Africa has had market abuse legislation for about 30 years, and must be commended for its great effort to enhance market integrity by combating market abuse practices, the enforcement of such legislation is still problematic. Moreover, in spite of the fact that there is no empirical data or accurate figures quantifying the occurrence and extent of market abuse activities in the South African financial markets, this thesis submits that market abuse practices are still to be completely eradicated. Accordingly, this thesis suggests that the aforementioned problem might have been aggravated by inter alia, various gaps, flaws and/or inconsistent implementation and enforcement of the market abuse legislation in South Africa. To this end, the anti-market abuse enforcement framework under the Securities Services Act 36 of 2004 is analysed to investigate its adequacy. The co-operation and role of the Financial Services Board, the courts, the Directorate of Market Abuse and other relevant stakeholders is also examined and discussed. Moreover, the co-operation between the Financial Services Board and similar international agencies is discussed to gauge its effectiveness in relation to the combating of cross-border market abuse practices. The adequacy of the awareness and preventative measures in place to curb market abuse practices is also investigated to determine whether such measures are robust enough to combat other new challenges that were posed by the 2007 to 2009 global financial crisis. Furthermore, a comparative analysis is undertaken of the enforcement of the market abuse prohibition in other jurisdictions, namely the United States of America, the United Kingdom, the European Union and Australia. This was done to investigate the relevant lessons that can be learnt or adopted from these jurisdictions. The thesis further discusses the adequacy of the recently introduced provisions of the Financial Markets Bill as well as the subsequent market abuse provisions of the Financial Markets Bill 2012. The thesis highlights that the aforementioned Bills are positive attempts by the policy makers to improve the enforcement of the market abuse provisions in South Africa. Nonetheless, the thesis reveals that most of the shortcomings contained in the Securities Services Act 36 of 2004 were duplicated in the Financial Markets Bill and the Financial Markets Bill 2012. In light of this, it remains to be seen whether the market abuse provisions contained in the Financial Markets Bill and/or the Financial Markets Bill 2012 will improve the combating of market abuse practices in South Africa. Consequently, it is hoped that the relevant market abuse provisions of the Securities Services Act 36 of 2004, the Financial Markets Bill and/or the Financial Markets Bill 2012 will be comprehensively reviewed in regard to the recommendations made in this thesis. To this end, the thesis proposes a viable anti-market abuse model and policy framework and sets out both policy objectives and provisions which policy makers could use to strengthen some of the market abuse provisions in South Africa.

Univ., Diss.--Würzburg, 2004. / Literaturverz. S. 419 - 447.

證券市場是企業取得營運資金最主要的管道，也是國民資金投資最佳的選擇，惟前提是必須有一個健全的證券市場，使投資人能安心地將資金投入其中。為了建立這樣的一個投資環境，就必須有要完善的證券法規，當中，主要職司這個功能的就是「證券詐欺法制」。 基於證券詐欺法制在證券法規中所居的關鍵性地位，其良莠不能不說是與國家經濟的健全與否息息相關，因此，本文便以此一主題為研究對象，主要的研究範圍設定在證券詐欺之「構成要件」，定名為「證券詐欺構成要件論」。而「因果關係」只是在證明請求權的存在與否，可與「構成要件」切割，故本文並不包含此一議題。 本文所使用之資料，有相當大的比例是美國(1934年證券交易法Section 10(b))與我國(證券交易法第二十條第一項)的法院判決，以增進本文的實證價值。依據本文之研究，無論是行為要件、客體要件、主觀要件或主體要件，都著實存在相當的瑕疵待修補。希冀本文所得出之研究結論，能為修補這些瑕疵盡到些許的功效。 / The securities market is the most important channel that enterprises gain their business capital; it is also the best option that nationals invest their money to. But this is on the premise that there is a sound securities market. In order to establish this kind of investment environment, a set of flawless securities statutes is needed. Within this legal system, this major function is exercised through the “securities fraud regime.” The securities fraud regime is decisive of the soundness of the securities statute and nation’s economy. Therefore, this dissertation selects this topic as research subject. The scope of this dissertation is restricted in the “requirement ” of the securities fraud. The title is: “The Requirements of Securities Fraud.” The causation element is just an attestation of plaintiff’s plea, it can be separated from “requirement,” therefore, this issue is excluded in this dissertation. The references this dissertation cited are mainly from U.S. and Taiwan’s court decisions. According to the research this dissertation did, no matter behavior requirement, object requirement, mental requirement or subject requirement, there are quite some loopholes that need to be fixed. The writer hopes the conclusion that this dissertation comes up with can somewhat fixed these loopholes.

Dans les matières dites techniques, auxquelles se rattachent les règles d'organisation et de fonctionnement du marché boursier, le droit pénal est utilisé comme une discipline accessoire, garantissant l'efficacité de ces réglementations. Cette approche emporte une déformation du droit pénal de fond et un recul de la protection normalement garantie par celui-ci, essentiellement par des atteintes au principe de la légalité criminelle et une instrumentalisation du mécanisme de la responsabilité pénale. Il en résulte que l'apport du droit pénal à la moralisation du marché boursier est limité aux exigences du procès équitable, l'assimilation des sanctions pécuniaires administratives à des peines ayant emporté leur soumission aux principes généraux qui gouvernent la matière pénale. Pourtant, quel que soit le champ de son intervention, le droit pénal demeure porteur de valeurs morales fondamentales. Il ne peut d'ailleurs contribuer à moraliser le marché boursier que dans la mesure où il est normatif. Le recours à la sanction pénale doit dès lors être limité à la répression de la ruse, matérialisée par la création ou l'exploitation d'une situation de déséquilibre entre les individus. Le droit pénal ne doit plus être au service de la régulation des marchés, mais voir son efficacité garantie par celle-ci. Loin d'être étrangère aux préoccupations de concurrence inhérentes au fonctionnement des marchés, cette approche contribuerait à la conciliation de la morale et de l'économie sur ceux-ci. / In so-called technical subjects which relate to the rules of organisation and operation of the stock market, criminal law is used as an ancillary discipline, ensuring the effectiveness of these regulations. This approach leads to a distortion at the core of criminal law and adecline in the protection which is normally guaranteed by, essentially, violations of the principle of criminal law and a manipulation of the mechanism of criminal responsibility. As a result, the contribution of criminal law to the morality of the stock market is limited to therequirements of fair trial, the balance between administrative sanctions and penalties that have been achieved through abiding to the general principles that govern the criminal.Yet regardless of the scope of its intervention, the criminal law remains with its fundamentalmoral values. It can only contribute to the morality of the stock market by being normative.The use of the criminal sanctions must therefore be limited to the suppression of the ruse, aswitnessed by the creation or operation of a situation of imbalance between individuals. The criminal law should no longer be at the service of the regulation of markets, but see its efficiency guaranteed by it. Far from being foreign to the concerns of competition inherent tothe key components of the markets, this approach would lead to the reconciliation of morality and the economy of the markets themselves.