CRITIQUE AND BIBLIOGRAPHY УДК JEL: 1Institute for System Statistical Studies, Research ID : http://www.researcherid.com/rid/H-1247-2017 A FUNDAMENTAL LOOK AT THE PROBLEMS OF THE NATIONAL STOCK MARKET A monograph by a team of authors, consisting of both foreign and domestic scholars, devoted to the problem of abuse in capital markets, is peer-reviewed. The urgency of the chosen topic is due to the fact that the “cleansing” of the market, including large-scale law enforcement for price manipulation, has been going on in Ukraine for five years and will continue without the implementation of European standards to combat such abuse. Naturally, the question arises as to how to view market abuse –– as manipulation or as use of insider information? The authors tried a comprehensive approach to solving this problem, thoroughly describing how the current state of the market affects the position of the regulator (National Securities and Stock Market Commission) on regulation and law enforcement, as well as in the regulatory and legal framework of the stock market. The reviewed monograph presents the authors' own view on manipulation, which proves that formal and selective law enforcement leads to the substitution of concepts and biased punishment of market participants. The scientists quite reasonably conclude that the current state of regulation and its prospects in the interpretation of the National Securities and Stock Market Commission do not ensure sustainable development of the stock market and adequacy to the vectors of European integration of Ukraine. Keywords:national stock market; price manipulation; insider information; prohibitive norms; capital market abuse
1. Capital Market Abuse: Economic and Legal Aspects. O. Koshoviy, V. Tertyshnyk, N. Sheludko et al. (Eds.), Dnipro, Lira, 2019 [in Ukrainian]. |
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