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To provide a practical look at the European Union Market Abuse Regulation (Regulation EU No. 596/2014) (“MAR”) and some of its uncertainties, particularly the issue of its wide reaching jurisdictional scope.

The article takes a three pillar approach covering the following: a brief discursive overview of MAR, consideration of some of its uncertainties and key areas of controversy, and a detailed consideration of the jurisdictional scope of MAR.

Many questions and considerations about MAR remain, particularly those regarding how the investment recommendations requirements will be met in practice, most notably in respect of sales notes. Further, additional extensive record keeping obligations and prescriptive market soundings procedures are now expected of firms in order to show the legitimacy of their activities. In addition, the geographical scope of MAR is wide and all encompassing. Whilst its market manipulation, improper disclosure and insider dealing provisions must undoubtedly be adhered to worldwide, it remains to be seen how far the conduct requirements included in MAR will be implemented by non EU firms.

Consolidation and detailed consideration of the most common questions being asked in the market by market participants and issuers on The Market Abuse Regulation in the run up to its implementation. Practical guidance from experienced financial regulatory lawyers.

Analysis of the guidelines on investment recommendations (“Guidelines”) issued by the Italian Securities and Exchange Commission (“CONSOB”) on the application of the EU Regulation No. 596/2014, the Market Abuse Regulation (“MAR”).

This article focuses on the Guidelines issued with the aim to facilitate the identification of unlawful conducts of firms and individuals disseminating investment recommendations on financial instruments or issuers. In particular, the definition of investment recommendations as per MAR, the duties of persons providing such information and also the investigative powers conferred to CONSOB in order to prevent the dissemination of false or misleading information to the public are examined in detail.

The Guidelines are an important interpretative tool for firms and individuals providing investment recommendations on financial instruments or issuers. They further determine the duties deriving from MAR and the investigative powers attributed to CONSOB.

This article provides useful information on MAR and practical guidance on the applicability of this regulation to persons and firms providing investment recommendations on financial instruments or issuers.

This paper intends to explore how corporate bodies could be held criminally responsible for abuse and neglect that takes place in hospitals and care homes if by their actions they facilitate this abuse or neglect to take place. It explores current domestic and international law and seeks to find precedents and guidance that would allow the Government to create a new criminal sanction for “corporate neglect”.

The paper provides a review of existing legislation and regulation on corporate neglect in hospitals and care homes.

The paper proposes that the Health and Social Care Act 2008 be amended to include a new section which would make corporate neglect a criminal offence. Furthermore, to ensure that the punishments for these offences act both as appropriate sanction and a suitable deterrent for corporations, the author proposes that new offences should be implemented to include unlimited fines, remedial orders and publicity orders.

Following a number of recent scandals in care homes and hospitals, including Winterbourne View and Mid Staffordshire, it is clear that there is a legislative and regulatory gap in the ability to hold corporate bodies to account for neglect or abuse that occurs in their institutions. This must now be urgently addressed.

The purpose of this paper is to introduce the concept of the assumption of altruism argued by the author to be a tendency among both the lay public, professionals and politicians, a generalised assumption that contributes to the long standing and obstinate presence of abuse of adults who are at risk throughout England, particularly older people living in care and nursing homes.

By examining available figures that depict the continuing abuse of vulnerable adults, and by drawing on research, the author offers a partial explanation for the longevity of abuse in English society.

The paper demonstrates how the concept of the assumption of altruism can explain to a degree the apparent enduring levels of abuse of adults who are at risk.

The paper offers the opportunity for the reader to consider some of the fundamental, higher order reasons for the persistent levels of abuse in England, abuse that endures despite the oversight by government of care provided to adults who maybe at risk by virtue of the activities of the statutory regulator and health and social care commissioners.

By presenting the incontrovertible evidence of enduring abuse, the paper introduces the concept of the assumption of altruism as a partial explanation for its continuing occurrence despite decades of policy and practice guidance designed to overcome it.

No Secrets: Guidance on developing and implementing multiagency policies and procedures to protect vulnerable adults from abuse was introduced as formal guidance in 2000 (Department of Health, 2000). In July 2009, the government published Safeguarding Adults: Report on the consultation on the review of the ‘No Secrete’ guidance (Department of Health, 2009), paving the way for revised guidance. In the 10 years since the introduction of No Secrets, we have seen many changes in the field of adult protection, including reconceptualisation of this area of practice in terms of ‘safeguarding’. As guidance, No Secrets operates within the context of current legislation and case law. This legal landscape has developed considerably over the last 10 years and it is apposite to review those changes; the effect of which must be integrated into any review. 2010 also marks 10 years since the implementation of the Human Rights Act 1998 (HM Government, 1998) and while its influence is clear in some developments, certain case law decisions have been disappointing.

The purpose of this study is a comparison of anti-insider trading regulations in the European Union (EU) and in Brazil.

The subject of the comparison are three key elements that define the shape of the protection against insider trading, namely, the definition of inside information, the definition of insiders and the kinds of behaviours that are forbidden.

There are both differences and similarities between EU and Brazilian legislations on insider trading. The main discrepancies found in the three foci of the analysis seem to relate strongly to the different rationales for the prohibition of insider trading adopted in the two legal systems. In the EU, market egalitarianism and thus the parity of information, are the central concepts, whereas fiduciary duties originally constituted the point of reference in Brazil, although it has been losing importance over time owing to subsequent changes in the legislation. In sum, while anti-insider trading regulations in the EU have a well-defined identity, in Brazil their policy basis seems to be in the process of redefinition.

As of the time of submission of this study no published academic works dedicated substantially to a comparison of the anti-insider trading legislation of the EU and Brazil could be found.

The purpose of this paper is to provide a comprehensive background on the recent legislative, regulatory, and prosecutorial scrutiny of mutual funds and underlying issues such as the level and transparency of fees and costs, distribution and sales practices, and fund governance.

Provides a detailed chronology of events since January 2003 concerning mutual fund scandals such as trading abuses and questionable sales practices and related issues such as revenue sharing, directed brokerage, soft dollars, market timing, late trading, and selective disclosure. The chronology in this issue of JOIC will be followed an article in the next issue that describes reform initiatives that have taken place in response to the scandals.

Despite criticism and scrutiny of equity mutual funds following poor performance in 2001 and 2002, meaningful efforts to achieve reform began to lose momentum in mid‐2003. Then concern with mutual fund abuses was reignited in September 2003 when New York Attorney General Eliot Spitzer announced a settlement with Canary Capital that involved market timing, late trading, and selective disclosure. Since then there have been numerous disclosures of fund trading abuses and questionable trading practices, and the resulting uproar has triggered significant efforts to reform the manner in which funds and their service providers conduct business.

This comprehensive chronology provides an essential reference by bringing together all the events and underlying issues related to mutual fund scandals, abuses, regulation, compliance, and reform efforts since January 1, 2003.

The purpose of the paper is to explore the legal and institutional frameworks for optimal regulation of capital market beyond compliance-based regulation, to enable the market to deliver on its strategic role as the enabler of efficient allocation of resources and economic growth.

The paper relies on doctrinal approach to assess the existing regulatory approaches and prospects for the future.

The paper found that the regulatory authorities unduly concentrate on compliance-based and sanction-based regimes without sufficient emphasis on innovations and transformative solutions that foster diversification and efficiency in the market. The paper also found that the deployment of innovations and transformative solutions complemented with robust regulation is positively correlated with capital market growth.

The paper offers fresh insights on the optimal approaches to regulation of capital market that transcend compliance-based and sanction-based regimes to reliance on innovative tools that expand, diversify and effectuate the functionality and utility of capital market.

This study aims to consider the anti-money laundering/combating of financing of terrorism (AML/CFT) regime that applies to microfinance institutions (MFIs) and microfinance programmes and projects (MFPs) in Vietnam to identify ways in which to improve the alignment between financial inclusion and financial integrity objectives in relation to this sector.

This doctrinal study is informed by the Financial Action Task Force mutual evaluation methodology.

The AML/CFT regulatory framework for MFIs/MFPs is inadequate but improving. The money laundering and terrorist financing risks posed by microfinance are low and so is the capacity of many providers to comply with AML/CFT obligations. Given the low risk, there is space to simplify AML/CFT requirements for this sector in a manner that will better align financial inclusion and financial integrity policy objectives.

This paper considers the implementation of AML/CFT obligations of MFIs/MFPs based on existing studies as well as own research relating to compliance and supervisory practices. Further empirical studies to determine for the whole microfinance sector could provide a more granular understanding of crime risks and compliance capacities in the sector.

AML/CFT regulators in Vietnam can take concrete steps to simplify the AML/CFT due diligence obligations of MFIs/MFPs and support these institutions to formalise and implement appropriate AML/CFT measures.

MFIs/MFPs play a vital socio-economic role by providing financial services to the poor. Appropriate AML/CFT control measures can enable these providers to continue providing these services while strengthening economic formalisation and integrity goals of the government.

The paper provides novel supervisory perspectives on the AML/CFT regime in relation to MFIs/MFPs.