MAS takes civil penalty action against former managing director of CSE-Transtel for insider trading

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Insider trading and market manipulation — two of the most high-profile categories of financial misconduct — have resulted in several major cases, and significant sanctions in recent years. What we found from our empirical research was that even in jurisdictions with similar insider trading and market manipulation laws, enforcement approaches differed significantly. A summary of the sanctions imposed for market manipulation across the five jurisdictions is provided in the following table.

A typical offender in Australia received a ban or a custodial sentence. The number of bans is significant given that offenders convicted of market manipulation in the criminal courts are also subject to automatic disqualification from managing corporations in Australia for five years.

Pecuniary sanctions were very rarely imposed on offenders. In Hong Kong, insider trading cases in singapore 41 percent insider trading cases in singapore offenders received a custodial sentence, and a slightly smaller proportion of offenders 40 percent received a ban. Around a third of offenders also received a punitive pecuniary penalty.

However, nearly two thirds of the custodial sentences were fully suspended, and the other sentences tended to be substantially shorter than in Australia. A typical offender in Hong Kong received a ban, insider trading cases in singapore short custodial sentence, or a small pecuniary penalty.

Ontario was characterized by a high proportion of offenders receiving bans, and a relatively high number of pecuniary sanctions. However, there was only one custodial sentence imposed for market manipulation in Ontario during the study period, so a typical offender received a ban and a pecuniary sanction.

In Singapore, pecuniary sanctions were imposed on nearly all offenders. Bans were imposed on around 28 percent of offenders. In Singapore, a market manipulation conviction or a civil penalty also results in automatic management disqualification for five years.

A typical offender in the UK received a punitive pecuniary sanction, and in some cases also a ban. There appear to have been no criminal sanctions imposed for market manipulation in the UK, despite the fact that insider trading offenders are increasingly prosecuted criminally in that jurisdiction. We found differences in sanction severity and enforcement intensity in the five jurisdictions. Under our model, the level of enforcement intensity is influenced by both the level of enforcement activity and sanction severity.

One of the complexities in comparing the severity of sanctions and enforcement intensity across jurisdictions is the different enforcement approaches taken.

To account for this, we developed a model that assigned numerical values to sanctions based on their type and magnitude. Broadly, the model ranks custodial sentences with a minimum period of incarceration as most severe, followed by a criminal sanctions that involve convictions but not incarceration; b banning orders; c sanctions that are purely monetary; and d standalone declarations of contravention and cease and desist orders.

All of the sanction values for a given offender are added together— the higher the value of combined sanctions, the more severe the sanctions received by the offender. We used our model to compare the severity of sanctions imposed for market manipulation and insider trading in each jurisdiction.

As shown below, sanctions imposed for insider trading were more severe than those imposed for market manipulation in each of the jurisdictions apart from Singapore. There were also considerable differences in sanction severity between jurisdictions. The differences were more significant for insider trading than for market manipulation.

The countries with the most severe sanctions for market manipulation were Hong Kong The least severe sanctions for market manipulation were imposed in the UK 9.

We also found that there are considerable differences in the levels of enforcement intensity relating to insider trading and market manipulation among the five jurisdictions, which may indicate differences in regulatory enforcement priorities.

As illustrated below, the stronger enforcement focus in Hong Kong and Singapore appears to be insider trading cases in singapore market manipulation, while in Australia, Ontario, and the UK it is on insider trading. Previous research in this area typically focused on legal insider trading cases in singapore of legislation and judgments.

But academic studies have shown that strong laws without strong enforcement are not enough insider trading cases in singapore maintain trust and confidence in the integrity of financial markets. The increasing pressure on financial regulators to be transparent and accountable, and a trend towards increased empiricism in enforcement reporting, has been observed.

Our application of an empirical model to provide insights into the level of enforcement intensity provides an example of how to evaluate regulatory effectiveness. By providing empirical evidence of the actual sanctions imposed for insider trading and market manipulation across a wide range of jurisdictions, our study aims to provide a more insider trading cases in singapore picture of the enforcement landscape for insider trading and market manipulation.

Our findings also have implications in terms of the ability of the various regulators to create a credible deterrent. These findings warrant further research on the enforcement priorities and practices of regulatory bodies and other enforcement agencies. For example, in Ontario, 94 percent of offenders received bans, 59 percent received a punitive pecuniary sanction, 59 percent received a corrective or restorative pecuniary sanction, and only 6 percent received a custodial sentence so in most cases an offender received a ban, a punitive pecuniary sanction, and a corrective or insider trading cases in singapore pecuniary sanction.

Regulatory Enforcement Approaches — Market Manipulation What we found from our empirical research was that even in jurisdictions with similar insider trading and market manipulation laws, enforcement approaches differed significantly. Breakdown of Sanctions Imposed for Market Manipulation Across Jurisdictions Below are our key findings on the enforcement approaches relating to market manipulation. Australia A typical offender in Australia received a ban or a custodial sentence.

Hong Kong In Insider trading cases in singapore Kong, around 41 percent of offenders received insider trading cases in singapore custodial sentence, and a slightly smaller proportion of offenders 40 percent received a ban. Ontario Ontario was characterized by a high proportion of offenders receiving bans, and a relatively high number of pecuniary sanctions.

Singapore In Singapore, pecuniary sanctions were imposed on nearly all offenders. UK A typical offender in the UK received a punitive pecuniary sanction, and in some cases also a ban. Sanction Severity and Enforcement Intensity — Comparing Market Manipulation and Insider Trading Sanctions We found differences in sanction severity and enforcement intensity in the five jurisdictions.

Severity of sanctions as estimated by median sanction values There were also considerable differences in sanction severity insider trading cases in singapore jurisdictions.

Enforcement Intensity We also found that there are considerable differences in the levels insider trading cases in singapore enforcement intensity relating to insider trading and market manipulation among the five jurisdictions, which may indicate differences in regulatory enforcement priorities.

Enforcement intensity as estimated by total sanction values Previous research in this area typically focused on legal analysis of legislation and judgments.

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