An overview analysis of selected challenges in the enforcement of the prohibition of insider trading and market manipulation in the European Union and South African regulatory frameworks – pg 94.
Cross-border trading in securities has caused a great number of challenges for various national regulators, especially with regard to the enforcement of market abuse laws. Accordingly, the need for strong co-operation and co-ordination between such regulators became crucial and inevitable for the purpose of combatting market abuse in the European Union and other jurisdictions, such as, South Africa. It is against this background that some selected national regulators and/or role players in the enforcement of the prohibition of market abuse in South Africa, such as, the Financial Services Board, the Directorate of Market Abuse, and the Enforcement Committee, as well as the European Union’s Committee of the Wise Men, the Forum of European Securities Commissions, the Committee of European Securities Commissions Regulators, the European Securities and Markets Authority, the Lamfalussy Process and the European Union’s Action Plan for Financial Services, will be discussed. This is mainly done to isolate and expose selected challenges and/or flaws in the enforcement of market abuse laws in both the European Union and South Africa in order to recommend, where applicable, possible anti-market abuse measures that could be employed to enhance the curbing of market abuse activities in their respective jurisdictions.