Experience of the States of the Anglo-Saxon System of Law in Countering Market Manipulation and Unlawful Use of Insider Information

Abstract

Purpose: This research is intended to analyze the legislation of Anglo-Saxon law countries which provides for the liability for market manipulation, as well as the unlawful use of insider information and its application in practice. Design/Methodology/Approach: The goal of research was achieved through the use of general scientific and specific scientific research methods, as well as comprehensive, complete and objective analysis of norms of foreign legislation, established in law enforcement practice, as well as academic papers concerned with the issues of information relations created by top-level scholars. Findings: The findings of uniform trends in the legislation of Anglo-Saxon law countries regarding the definition of constituent elements of such offences as the unlawful use of insider information, as well as market manipulation, have been formulated; severe types of punishments for market manipulation, as well as for the unlawful use of insider information as compared to other criminal acts involving both market manipulation and unlawful use of insider information, were identified in Anglo-Saxon law countries. Originality/Value: Market manipulation, as well as the unlawful use of insider information are deemed to be some of classic offences that are committed in the securities market. In Russian criminal law, such constituent elements of offences are classified as novels. This is precisely why the study of foreign experience in the field of the liability for market manipulation, as well as the unlawful use of insider information, is undoubtedly highly important.