New Perspective on Market Abuse: Outsider Trading as an Outlawed Conduct

ILSU Working Paper No. 2008-04/IT

56 Pages Posted: 8 Apr 2008 Last revised: 16 Mar 2009

Date Written: April 1, 2008

Abstract

The following paper illustrates how the Market Abuse Directive 2003/6/EC has backed up previous legislation by contemplating a new form of outlawed behaviour which an outsider may carry out by exploiting her informative advantage. After a general analysis of the features of such conduct, relevant for both criminal and administrative law, its main characteristics are underlined in a comparative perspective with US law. A schematic outline of the most critical analyses on outsider trading regulation is also carried out. The paper eventually deals with two controversial applications of the rules under Italian decree 58/1998, recently modified.

Note: Downloadable document is in Italian.

Keywords: Market Abuse, Directive 2003/06/EC, Outsider Trading, Bocconi Legal Papers

JEL Classification: K22, K14

Suggested Citation

Busnach Ravenna, Jacopo, New Perspective on Market Abuse: Outsider Trading as an Outlawed Conduct (April 1, 2008). ILSU Working Paper No. 2008-04/IT, Available at SSRN: https://ssrn.com/abstract=1117898 or http://dx.doi.org/10.2139/ssrn.1117898

Jacopo Busnach Ravenna (Contact Author)

affiliation not provided to SSRN ( email )

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