Capital markets law and compliance : the implications of by Paul Nelson

By Paul Nelson

The Markets in monetary tools Directive (MiFID) is a close re-writing of the rules of capital markets. To the level these ideas allow, the monetary prone Authority (FSA) can be introducing high-level 'principles-based regulation'. in accordance with this, Paul Nelson offers useful tips at the legislation of the capital markets, starting from new matters and IPOs to funding banking, broker-dealing and asset administration. All legislation and ideas suitable to the rules of the capital markets are defined and placed into context in the financial operation of markets, associations and items, the eu unmarried marketplace, the FSA's regulations and targets, the ancient evolution of the rules and the final civil and felony legislations. Drawing on 30 years' event as a practitioner, and touching on an unlimited variety of helping fabrics, the writer presents an insightful research and critique of the foundations, the rule of thumb makers and the associations.

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And . . 79 In short, it was a failure of the supposedly self-regulatory system. Although there were calls for a single statutory regulator, ‘in the Last-Chance Saloon for selfregulation’80 the SIB Chairman’s recommendations were for ‘changes . . of style, approach and attitude, of relationships; and of regulatory method . . But they are evolutionary. ’ This was to occur through ‘radical changes in SIB’s relationship with [SROs]’. SIB would get rid of the core rules and, instead, ‘set . . the standards for [SROs]’ together with performance and cost benefit measures, leaving the SROs to draw up appropriate rules.

The original SIB Conduct Rule: A firm shall not make a recommendation to a [private customer] . . to purchase, sell or exchange any investment . . 57 This became two Principles: A firm should act with due skill, care and diligence . . A firm should seek from customers it advises . . 58 And a Core Rule: A firm must take reasonable steps to ensure that it does not . . make any personal recommendation to a private customer . . unless the 153 154 155 157 158 Parl. , House of Commons, Standing Committee D, 29 June 1989, cols.

Davey Report, para. 6. 3 The Prevention of Fraud Acts Although ossified by the 1980s, the Prevention of Fraud (Investments) Act 1939, re-enacted almost without change in 1958, was based on the recommendations of the 1937 Bodkin Committee, appointed ‘to consider . . share-pushing and share-hawking and similar activities’:11 The practices which have been described . . all involved one or both of two distinct kinds of fraud. In the first . . the victim is persuaded to part with money or valuable securities in exchange for shares which prove to be worthless.

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