Part II UK Securities Markets, 8 Transaction Reporting

This chapter explains “transaction reporting” as the process by which detailed information about a transaction is submitted to the appropriate regulatory body. It draws attention to the European transaction reporting requirements, particularly Article 20 of the Investment Services Directive, that can be traced to 1993. It also discusses the significant expansion of the pan—European harmonised approach to transaction reporting in 2008, following the introduction of new measures to address weaknesses and close loopholes caused by the financial market crisis. This chapter outlines how transaction reporting provides the Financial Conduct Authority (FCA) in the UK with a representation of the transaction that informs the competent authority about all the relevant circumstances under which the transaction took place. It describes how transaction reporting is operationally and conceptually distinct from “trade reporting” that is more concerned with the price formation.

Bußgeldrechtliche Sanktionierung juristischer Personen im neuen Marktmissbrauchsrecht

The main cause of the financial market crisis was the lack of effective and deterrent sanctions for market abuse and the inadequate enforcement of these sanctions. The European legislator has addressed this shortcoming by massively tightening sanctions – especially fines against legal persons. The thesis examines new legal issues that arise in particular from the increasing regulatory density at the European level. The central object of investigation is the tension between the need for deterrent sanctions and the preservation of the principle of proportionality as well as other constitutional principles at the level of the individual company as well as the level of the corporate group.

Modern approaches to the crisis management of hotel enterprises, used in world practice

The concept of "crisis management" entered into everyday use among the managers of hotel enterprises relatively recently. As a practical discipline, crisis management began to actively develop in the 1990s. It was at this time that the objects and subjects of crisis management were determined, different approaches to definition were outlined, tasks, methods, and methods for solving them were formed. The article considers the existing approaches to the definition of crisis management, proposed by Russian and foreign scientists. The most interesting definitions of crisis management, which are used in the hotel business, are indicated. In the framework of the above definitions, examples are given on the implementation of crisis management in practice (in Russia and in foreign countries). Particular attention is paid to the classification of crises that affect the activities of hotel enterprises. Internal and external factors influencing the development of the hotel business are highlighted, and their ranking has been carried out. According to the results of the study, the shortcomings of the approaches to crisis management are presented, and a personal interpretation of the definition is proposed. World experience shows that crisis management was interested in scientists and practitioners from various fields: management, economics, finance, law, mathematical modeling, econometrics, programming, etc. Moreover, interest in crisis management arose most often at times when the world economy underwent a number of negative impacts. Currently, these phenomena have become quite frequent. Due to the fact that the markets and industries of the world have become interconnected, the financial market crisis leads to a decline in the development of the tourism industry, which in turn affects the hotel business.

Part III The Conduct Crisis, 10 The Impact of the Libor Scandal: Concerns about Misconduct and Findings of the Conduct Costs Project

The financial market crisis of 2007 was also a crisis of conduct. The events immediately before, during, and after the crisis that stand out, deserve analysis, and indeed, have given rise to some of the most substantial post millennial legal and regulatory changes. This chapter sets the scene, framing the ‘rebuilding trust agenda’ that arose after a plethora of misconduct events — epitomised by the Libor scandal. Using the findings of the Conduct Costs Project, a project of the CCP Research Foundation that collates data on the ‘Conduct Costs’ of twenty of the world’s foremost financial institutions, the chapter highlights the extent to which concerns over a conduct crisis are justified. It concludes by prefacing the issues of sustainability, ethics, standards, accountability, and disclosure that are then taken up in greater detail in later chapters.