The Little Book of Insider Dealing

Since the Financial Crisis of 2008, criminal prosecution has moved to centre-stage as the Financial Conduct Authority’s preferred means of punishing and deterring insider dealing (the illegal practice of trading with access to sensitive non-public information). The Little Book of Insider Dealing looks at all aspects of the 'insider' offences established by the Criminal Justice Act 1993, including their history, punishment and rationale, as well as their (slightly uneasy) relationship with the overlapping civil regulatory regime that also governs such financial misconduct. Topics covered also include: detection, compliance, surveillance, suspicion, reporting obligations, enforcement and (civil and criminal) penalties and warnings, plus there is a strong focus on evidential aspects and a wealth of examples from real life cases. Suitable for beginners and practitioners alike. The first concise treatment and highly topical. Being promoted across relevant institutions. A gem for finance industry professionals, lawyers and students as well as ordinary investors (who like everyone else must avoid putting themselves at risk).

Review


‘Despite simplification in the CJA 1993 insider trading remains a very complicated offence. The meaning of relevant statutory terms is often elusive and there is little Supreme Court or Court of Appeal authority to explain them. This short book, or monograph as the authors modestly describe it, provides a clear analysis and explanation of the offence together with acute discussion of the key areas of debate relating to it. It is an excellent introduction to the subject which stimulates interest as well as providing valuable information and insight. The creation and development of the crime are concisely reviewed as are the policy considerations informing them. This sets the statutory provisions in context. The elements of the offences are clearly analysed and explained, as are the four defences provided by the Act. Controversial areas, such as the reverse burden provisions are discussed and potential areas of legal challenge identified. Whilst engagingly brief it lacks nothing in important detail and provides an invaluable aid to understanding and dealing with the provisions. It is much more than a primer and provides an indispensable first and frequent point of reference for anyone dealing with this complex area of criminal law’— John Ryder QC