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Securitisation is the process of raising finance by the issuing of bonds or commercial paper. In many cases the originator of the arrangement will, in return, be selling a package of existing loan assets in the form of debt instruments. The first of these arrangements is known as ‘primary securitisation’, the second as ‘secondary securitisation’. There is no generally accepted legal definition, though Feency provides a useful one:

The purpose of this paper is to provide an analysis of the market abuse regulation to determine whether the general assumption that it has made little difference to the pre-existing UK law on market abuse is accurate. In particular, the potential impact on compliance and behaviour in financial services firms and those who potentially receive inside information is considered.

The methodology adopted is a combination of critical analysis and black letter law utilised to determine the content and potential impact of the market abuse regulation. A process of discovery made more important by the limited assistance given by the European Securities and Markets Authority and the Financial Conduct Authority in terms of the guidance and definitions they have provided.

The new Regulation has a wider definition of insider dealing than under the previous law, has a wider application in terms of the financial instruments that it applies to, has triggered significant new compliance and disclosure requirements and it also extends the law to new markets.

There are limitations in that the relevant regulatory bodies, ESMA and the FCA have made little effort to clarify how they interpret the new Regulation. This is a serious problem because in the case of the FCA, their view will impact on the approach they will take in future enforcement actions.

This paper provides the first real analysis of the market abuse regulation’s effect and shows that, if carefully analysed in context, it has a significant impact on firms in the financial services sector and those engaged in activities which can put them in receipt of inside information. It will cause an increase in relevant compliance and has significant cost implications for affected firms.

This is not really relevant here. There will be necessary changes to compliance procedures.

The originality stems from the fact that there appears to be little else published which has engaged in a sustained analysis of the impact and effect of the EU market abuse regulation on the UK’s financial markets and those other firms who receive inside information.

Those carrying on ‘relevant financial business’ are already aware of the responsibilities imposed on them by the legislation relating to money laundering. At present this is made up of a variety of statutes, namely the Criminal Justice Act 1988, as amended (in Scotland the Criminal Justice (Scotland) Act 1987), the Prevention of Terrorism (Temporary Provisions) Act 1989, the Northern Ireland (Emergency Provisions) Act 1991 and the Drug Trafficking Act 1994. Pursuant to the anti‐laundering policy adopted by successive governments, the Money Laundering Regulations came into effect on 1st April, 1994, providing details of the requirements that were imposed on those carrying on ‘relevant financial business’. Since then there have been guidance notes issued by the Joint Money Laundering Steering Group, the Law Society and the Institute of Chartered Accountants which set out the steps that those regulated by particular bodies should take to satisfy the law. The latest step is that the FSA has now issued a draft set of rules that will, when enacted, operate in addition to the above. This has arisen as a result of the Financial Services and Markets Act 2000 which, inter alia, gives the FSA the power to make rules in relation to the prevention and detection of money laundering in connection with the carrying on of regulated activities by authorised persons, with the objective of reducing financial crime. In this context ‘financial crime’ is interpreted to mean

The struggle against corruption is not an area where any state has had a sufficiently high success rate to become complacent, particularly when bearing in mind the evidence of the scale on which such crimes are being committed. This lack of success applies in terms of both the number of prosecutions brought and, at least in those states where the burden of proof rests on the state, the success rate in attaining successful prosecutions. Particular problems arise for developing countries. This paper considers reasons for the increase in the scale of the problem, and the steps a developing country will need to consider in terms of staff and institutional development, in addition to changes in its criminal and civil law. By comparison, it also looks at successful developments in developed countries that highlight approaches to the problem which may have an impact if used elsewhere.

Explains how the Wolfsberg Principles came about in late 2000, when leading banks met at Wolfsberg castle in Switzerland to improve private banking standards for combating the huge amounts of money being laundered; two further sets of Principles have appeared since the original. Discusses the reasoning behind the Principles: to create a common standard which would lessen the complexity and uncertainty from running multinational banks across disparate anti‐money laundering regimes. Lists the Wolfsberg Principles Relating to the Suppression of Terrorism, and concludes that they represent a triumph of risk‐based over rule‐based management; this should result in more precise and practice‐based regulations than from the traditional regulator‐led compliance approach.

The purpose of this paper is to examine the UK law relating to money laundering in the aftermath of the three statutory instruments that came into effect in December 2007. In particular the suitability and impact of the law is considered.

The method adopted is to analyse the current content of the law and consider whether the approach utilised in its drafting will result in the aims behind the law being achieved.

The result of this analysis is to conclude that the law as drafted is not designed in a way that can be effectively applied and that in addition the entire approach is flawed. In particular there are five key areas where problems arise: there is a requirement to report suspicion or knowledge of criminal offences or proposed terrorist acts but not other proposed criminal offences; the requirement to report only relates to information that comes into the reporter's possession in the course of their trade or profession; the 2007 Regulations create requirements that many of those on whom they are imposed will not be able to effectively apply; the new s.333A appears to limit the offence of tipping off to the regulated sector but will not work as drafted; and in addition there are clear human rights issues associated with the overall regime.

This original and topical paper explains the law as it now exists and provides analysis of its impact and undoubted failings.

The paper aims to identify and demonstrate the benefits of plants in offices in contributing to employee health and well‐being by applying the study to a working office.

Via comprehensive literature reviews, the paper identifies the importance of indoor plants in office environments, firstly through physically improving the air quality and removing pollutants and secondly in improving employee well‐being through psychological benefits.

It is argued that plants are important in removing indoor air pollutants and in increasing employee perceptions of well‐being. The paper identifies, through literature review, plants with the ability to remove common office pollutants. It shows that there is a general preference for plants in offices through a perception survey and that occupants of planted offices feel more comfortable, more productive, healthier and more creative and feel less pressure than occupants of non‐planted offices.

The empirical research presented was limited to one office building. Research is now continuing, with the survey currently being completed by occupants of various offices throughout the UK.

The paper argues that indoor plants should become an integral part of corporate real estate strategies and that they have potential to alleviate sick building syndrome symptoms.

This paper provides an insight into how plants can be incorporated within corporate real estate strategies to improve employee health and well‐being and improve perceived productivity. It brings together two separate strands of research into the benefits in physically improving air quality and the psychological benefits of plants to humans.

The purpose of this paper is to analyse the nature and content of the laws relating to market abuse with a view to determining whether they only offer a civil law remedy for the State. The three categories of insider dealing as defined by the Criminal Justice Act 1993 clearly offer a criminal law based response, but as is shown here virtually all cases of market abuse can potentially be a basis for a criminal prosecution.

The methodology adopted is to consider the other relevant areas of law, namely the Fraud Act 2006, the law of conspiracy to defraud and the law relating to misleading communications under s.397 of the Financial Services and Markets Act 2000 and then to determine whether between them they cover all the areas of behaviour caught by the definitions of market abuse.

The consequences of this paper are that the Serious Fraud Office and the Financial Conduct Authority now have the option in almost any case of market abuse of considering whether a criminal or civil law approach is appropriate.

The approach adopted over the last two years by the prosecuting authorities of using the criminal law to a greater extent in serious cases of insider dealing can now be extended to market abuse generally where it is thought appropriate.