Criminal and administrative risk in market misconduct cases: A comparative study of the law and practice in the UK, Italy and France
Richard Sims, Luca Basilio, Eric Boillot and Dominique Lepagnot
Abstract:
This paper is a comparative study of the law and practice of market misconduct cases failing under the Market Abuse Directive regime and/or the criminal regime in the UK, Italy and France. It examines a person’s risk of prosecution as against their risk of administrative sanction in each of those jurisdiction.
Keywords:
market abuse, insider dealing, administrative proceedings, criminal proceedings, sanctions, FSA, CONSOB, AMF
Richard Sims is a Senior Associate in Simmons & Simmons’ International Financial Markets Litigation group based in the London office. Richard specialises in contentious regulatory work in the financial services area. He has extensive experience of regulatory disputes and investigations. Prior to joining Simmons & Simmons, he spent three years in the Enforcement Division of the Financial Services Authority.
Luca Basilio is a Senior Associate in Simmons & Simmons’ International Financial Markets Litigation group based in the Milan office. Luca has extensive experience of advising financial institutions on criminal risks arising from financial market activity including market abuse, debt restructuring and usury crimes.
Eric Boillot is Counsel in Simmons & Simmons’ International Financial Markets Litigation group based in Paris. He has extensive experience in advising international financial institutions in proceedings before the French market regulator.
Dominique Lepagnot joined Simmons & Simmons as Associate in November 2008.
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