Market Abuse Regulation in South Africa, the United States of America and the United Kingdom
by Howard Chitimira (North West University, South Africa)
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This book provides a concise comparison of the regulation and enforcement of the anti-market abuse laws (insider trading and market manipulation) in South Africa, the United States of America (USA) and United Kingdom (UK). Bringing together a number of previously published articles, the book provides a novel discussion of the challenges and associated with the enforcement of market abuse laws in both developing countries such as South Africa and developed ones such as the USA and the UK. This is primarily done to examine and expose the current strengths and weaknesses of market abuse laws in relation to certain aspects of the corporate, securities and financial markets environments in South Africa, the USA and the UK. Accordingly, chapters two to five of the book unpack the regulation and enforcement of market abuse laws in South Africa and the USA in a comparative perspective. Thereafter, chapters six to eight of the book discuss the regulation and enforcement of market abuse laws (Financial Markets Act 19 of 2012) and other related statutes in South Africa and the UK. The book proposes some measures that could be utilised to enhance the enforcement of anti-market laws in South Africa, USA and the UK. New market abuse-related challenges that occurred during the global financial crisis are also briefly discussed. The book further provides a relatively adequate overview of the comparative analysis of the regulation of market abuse in South Africa versus two key developed and respected jurisdictions, namely, the USA and the UK. Accordingly, it is hoped that the book can aid regulatory authorities, financial market participants, academics, students and other interested readers to understand market abuse offences and possible measures that could be employed to combat such offences.
Chapter 1 Introduction and Background
Chapter 2 Aspects of the State Prohibition on Market Abuse in the United States of America and South Africa
Chapter 3 The Federal Regulation of Market Abuse in the United States of America: Lessons for South Africa?
Chapter 4 The Enforcement of the Market Abuse Prohibition in the United States of America and South Africa
Chapter 5 The Establishment of Anti-Market Abuse Preventative Measures in the United States of America and South Africa
Chapter 6 The Combating of Market Abuse in the United Kingdom: A Historical Comparative Analysis
Chapter 7 Selected Aspects of the Implementation of Market Abuse Laws in the United Kingdom: Lessons for South Africa
Chapter 8 Selected Anti-Market Abuse Preventative Measures in the United Kingdom and South Africa
Chapter 9 Conclusion and Recommendations
Prof. Howard Chitimira is currently an associate professor in the faculty of law, North West University, South Africa. He is also an advocate of the High Court of South Africa. Prof Chitimira graduated with a Bachelor of laws (LLB) degree (cum laude) in 2006 and a Master of Laws (LLM) degree in 2009 from the University of Fort Hare, South Africa. He also obtained a Doctor of laws (LLD) degree in Securities and Financial Markets Law in 2013 from the Nelson Mandela Metropolitan University, South Africa. He is a reviewer and member of the editorial boards for several law journals in South Africa and elsewhere. Prof. Chitimira is an external examiner for LLB, LLM and LLD degrees for several universities in South Africa and other countries. He is a Y2 National Research Foundation (NRF) rated researcher in South Africa. His research interests includes Securities and Financial Markets Law, Market Abuse Regulation, Corporate law, Mercantile law, Commercial law, Insolvency law, Competition law, Banking law, Intellectual property law, International Trade law and Human Rights law. To date, Prof Chitimira has published over 20 journal articles on Securities and Financial Markets Law.