Browsing by Subject "Securities Fraud"

Now showing 1 - 2 of 2
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    Corporate Insider Trading in Saudi Arabia - A Comparative Analysis with the United States
    (2019-07) Altwayan, Nasser
    This dissertation examines the present regulations of corporate insider trading in the United States and Saudi Arabia and whether the two laws are doctrinally and practically similar or different. It also focuses on the strengths and weaknesses of the Saudi Arabian corporate insider trading regulations by comparing them with the U.S. regulations. This dissertation includes both descriptive and comparative analysis of the two countries’ regulations. First, it describes and explains the regulations in the United States and Saudi Arabia. This dissertation then compares them focusing on the similarities and differences arising from the legal outcome of applying each country’s regulations to a hypothetical case. The findings show that both countries’ regulations share relatively similar regulations. However, there is some divergence between the two countries’ regulations regarding the justification of the law and the reach of the regulations. The findings of this dissertation imply that the Saudi Arabian regulations are somewhat uncertain and ambiguous compared to the U.S. regulations. Therefore, this dissertation proposes recommendations to reform Saudi Arabian corporate insider trading regulations that benefit from the U.S. regulations, so they are more certain for all parties.
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    Toward Integrative Securities Market Manipulation Regulation in Korea: Why does Korean regulation rely heavily on criminal enforcement? Should it change? Theory, Evidence, and Recommendations
    (2022-07) Jung, Youchull
    Although the securities market in Korea has developed rapidly since 1950 after the Korean war, the Korean securities market regulation to prevent market manipulation began in earnest with the enactment of the Financial Investment Services and Capital Markets Act of Korea in the 2000s, although the market in Korea has developed rapidly since 1950 after the Korean war. The Securities laws and regulations of Korea are very similar to that of the U.S. However, the enforcement against market manipulation heavily relies on criminal enforcement. This prioritization of criminal prosecution over administrative and civil enforcement makes it difficult for Korea to protect investors, especially in the post-Morrison world where market manipulation may migrate from foreign markets to Korea. Is future reformation of market manipulation law needed in Korea? Historically, the model of Korean securities laws is Japan’s, and the Japanese securities law benchmarked the U.S securities law. Therefore, the core anti-market manipulation law of Korea is almost identical to the U.S securities laws. However, substantial differences between the markets and enforcement history made Korean enforcement quite different. In Korea, the securities law’s primary enforcement tool is criminal prosecution. Civil enforcement by securities market regulators is scarce in Korea, and a class action by private investors is tough to bring. Using this criminal enforcement mechanism against foreign market manipulators is almost impossible in practice. The enforcement system, which heavily relies on criminal enforcement could be problematic, especially in the post-Morrison world. Cross-border consistency of civil, administrative, and criminal enforcement is critical to protect investors against the market manipulator who seeks enforcement arbitrage between countries after the U.S. Supreme Court Morrison decision applied U.S. securities laws only to transactions inside the U.S. This dissertation will examine various options for regulatory enforcement reform in Korea that would build on Korea's distinctive institutions and enhance administrative, civil, criminal securities regulation mechanisms against market manipulation.