Cross-border Insider Trading Regulation

This book examines legal, regulatory and institutional aspects of combating cross-border insider trading and similar forms of market misconduct with a cross-border dimension. The book identifies the territorial character of the legal and regulatory framework, the inward focus of domestic institutions, and the absence of key regional institutions as some of the notable constraints on effective regulation of cross-border securities market misconduct in the eastern and southern African Region (the COMESA Region). The central argument of the book is that, although the harmonization model of international securities market regulation is demonstrably more effective than the in-force regulatory competition model, the former model standing alone, is likely to have limited success in regulatory international securities markets in the COMESA Region. As a possible way of enhancing the enforcement efficacy of the proposed harmonization model, the book proposes a combination of harmonization, centralization, a regional stock exchange, and the participation of Self-Regulatory Organizations (SROs).