Financial market manipulation and insider trading: an international study of enforcement approaches

Lev Bromberg, George Gilligan, Ian Ramsay

Research output: Contribution to journalArticleResearchpeer-review

Abstract

This article examines the deployment of enforceable undertakings by the Australian Securities and Investments Commission (ASIC). Enforceable undertakings are formal settlement agreements between a regulator and regulated parties to resolve issues of non-compliance with laws administered by the regulator. This article analyses the circumstances and context under which 414 enforceable undertakings were accepted by ASIC from 1 July 1998 until 31 December 2015 (17.5 years). It addresses three fundamental questions: who are the regulated parties that gave enforceable undertakings; why did they give them; and what fundamental promises or obligations did their agreements contain? The study shows that ASIC utilises enforceable undertakings to remove law-breaking individuals from an industry and to promote legal and regulatory compliance on a systemic basis within individual firms and more broadly, especially within the financial planning and wealth management sector.
Original languageEnglish
Pages (from-to)652-679
Number of pages28
JournalJournal of Business Law
Volume2017
Issue number8
Publication statusPublished - 2017
Externally publishedYes

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