Date of Award

1-14-2016

Document Type

Dissertation

Degree Name

Doctor of Philosophy (PhD)

Keywords

Securities regulation, Insider trading, Insider dealing, Market manipulation, Market abuse, IOSCO, Securities regulators, Enforcement, Penalties, Market integrity, Cross border market abuse, Detection, Investigation, Securities offences, Memorandum of Understanding, Soft law, Transnational Regulatory Networks, SEC, FCA, Ontario Securities Commission, BaFin, ASIC, OTC, High frequency trading, Hedge funds, Stock markets, Market surveillance, Securities markets

First Advisor

Mary G. Condon

Abstract

Over the last few decades world securities markets have become significantly more sophisticated in terms of how securities are traded as well as the variety of securities traded. My hypothesis is that the ability of securities regulators to take enforcement action against market abuse has not kept pace with the level of sophistication of the markets and, in particular, the way in which trading can take place across borders and the manner in which market related information can spread rapidly across the world. I argue that that regulators need to do more to protect the integrity of the markets by improving their efforts to initiate action against market abuse. Furthermore, given the global nature of the problem I argue that the International Organization of Securities Commissions (IOSCO) should be more proactive in coordinating the activities of securities regulators in this regard.

I commence with an analysis of why the integrity of securities markets is critical to the economy of a country and why it is necessary for regulators to enforce laws prohibiting market abuse in order to protect market integrity. I then move on to identify the changes to securities markets, the regulatory responses to these changes, trends in the types of market abuse which is taking place across borders and how those responsible for taking enforcement action against such market abuse have responded. Finally I consider IOSCO, its history, how its role has evolved, its impact to date and how IOSCO could build upon its success in terms of improving the enforcement outcomes of securities regulators in relation to market abuse. I conclude that the transformation of the markets have presented opportunities to engage in market abuse across borders and that, while some positive steps have been taken to address this issue, more could be achieved. Finally I discuss and make recommendations about what might be done to improve the ability of securities regulators to take successful enforcement action.

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