Legal Protection against Financial Market Abuse International and Local Perspectives

Introduction
Anna Błachnio-Parzych and Luigi Cornacchia

I.     International perspective

1.  Fundamentals of Market Abuse: Just Distribution, Fair Information, Public Trust
Luigi Cornacchia

2.  Insider Trading: Not Playing by the Rules of the Game in Capital Market – a Criminal Offense?
Carsten Momsen

3.  Interests Protected by the Prohibition of Insider Dealing in European Union Law
Sergio Seminara

4.  The Suppression of AI-based Market Disruption between the United States and Europe
Federico Consulich

5.  Faster and better traders or new kinds of market manipulation?
An evaluation of the selected strategies of high-frequency traders
Anna Błachnio-Parzych

6.  Navigating Market Abuse in the Age of AI: Reimagining Criminal Responsibility in Algorithmic Trading
Luigi Scollo

7.  Rational and Irrational Investor: Cyborg Finance, Biases, and Black Swans
Maria Beatrice Magro

8.  Recent Challenges for EU Market Abuse Laws: The Case of Greenwashing
Ester Herlin-Karnell

II. Local perspectives

Belgium

9. Belgian Market Abuse legal framework: Navigating legal complexities and dual enforcement dynamics at the intersection of criminal and administrative law
Vanessa Franssen and Mathilde Vandormael

Canada

10. Protecting Investors: Market Manipulation in Canada
Poonam Puri

Chile

11. Market Abuse Crimes in Chile. The 2023 reform
Héctor Hernández Basualto and Fernando Londoño Martínez

12. Criminal Compliance: New Challenges to Prevent Market Abuse in Chile
Rodrigo Andrés Guerra Espinosa

China and Japan

13. Offences of Market Manipulation under Criminal and Administrative Sanctions in Japan and China
Kanako Takayama and Jiang Xin

Finland

14. Punitive Sanctions for Market Abuses: The Finnish Experience
Raimo Lahti and Miikka Rainiala

Germany

15. Market Abuse in German Criminal Law
Kilian Wegner

Italy

16. The Protection of CONSOB’s Supervisory Activity and the Right to Silence
Dalila Federici and Marina Poggi d’Angelo

Japan and the United States

17. Modes of Information Acquisition Subject to Insider Trading Regulations in Japan and the United States
Motoko Hirayama

Peru

18. The Crime of Agreements Restricting Free Competition in Peruvian Criminal Legislation: Is the Criminal Prohibition Still Only Symbolic?
Percy García Cavero

Poland and Ukraine

19. Criminal Law Protection Against Market Manipulation in Ukraine in the Context of the Implementation of EU Law:  Comparative Analysis of Ukrainian and Polish Law
Oleksandr Koshovyi

Spain

20. The Criminal Protection of Insider Information in Spain
Diego Gomez Iniesta

The United Kingdom

21. The regulation of Market Abuse – is it time for an alternative approach?
Marina Aristodemou and Nicholas Ryder

The United States of America

22. Market Abuse Prosecutions in the USA: Definitional and Territorial Issues
Frederick T. Davis

23. The U.S. criminal law of insider trading and market manipulation: A complicated hybrid of legislative, administrative, judicial, and prosecutorial decision-making
Joseph Hoffmann

24. Legal Protection against Financial Market Abuse: International and Local Perspectives – Synthesis
Anna Błachnio-Parzych and Luigi Cornacchia,

Biography

Anna Błachnio-Parzych is Associate Professor in the Criminal Law Department at Kozminski University, Poland. She is also a specialist in jurisprudence in the Supreme Court of Poland. Her main interests are economic crimes, comparative criminal law, EU criminal law, human rights and philosophy of criminal law.

Luigi Cornacchia is Full Professor of Criminal Law at the Bergamo University, Italy, Alexander von Humboldt Fellow, co-director of the series “Ultima Ratio” and member of the scientific committee of many criminal law reviews. His main interests are general theory of criminal law, criminology, business criminal law and environmental criminal law.