Is the enforcement of insider trading regulation enforceable? A Critical analysis of five years of Belgian enforcement policy of insider trading

European Journal of Crime, Criminal Law and Criminal Justice

Volumn 5, Issue 2, 1997, Pages 105-111

  Engelen, Peter Jan ^a  

^a UNIVERSITY OF ANTWERP   (Belgium)

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EID: 3943061845     PISSN: 09289569     EISSN: 15718174     Source Type: Journal    
DOI: 10.1163/157181797X00455     Document Type: Article

References (19)

1. Incorporation of Article 509-4 into the Belgian Criminal Code by Article 27 of the Statute of 9 March 1989 modifying the Commercial Code and the Royal Decree No. 185 of 9 July 1935 on bank control and on the issuance of transferable securities, Belgian Gazette, 9 June 1989, erratum, Belgian Gazette, 27 June 1989.
2. In consequence of a European Directive (89/592/EEC) of 13 November 1989 for the coordination of the regulations of insider trading, O.J., L334/30 of 18 November 1989, the regulation of insider trading was rewritten in Part V (Arts. 181-193) of the Statute of 4 December 1990 on Financial Transactions and Financial Markets, Belgian Gazette, 22 December 1990, erratum, Belgian Gazette, 1 February 1991. At the same time Article 509-4 of the Criminal Code was abolished. The Statute which came into force on 1 January 1991 has recently been modified by the Statute of 6 April 1995 concerning the secondary markets, the regime of and the supervision on the in- vestment companies, the financial intermediaries and the investment consultants.
3. First Instance Criminal Court of Ghent, 27 September 1995, Banken Financiewezen, 9/1995, 535-538
4. and First Instance Criminal Court of Charleroi, 27 September 1995, Banken Financiewezen, 9/ 1995, 539.
5. Vermaelen, T., 'Encouraging information disclosure', Tijdschrift voor Economie en Management, 1986, 439.
6. Carlton, D. and D. Fischel, 'The Regulation of Insider Trading', Stanford Law Review, 1983, 857.
7. Haddock, D. and J. Macey, 'A Coasian Model of Insider Trading', Northwestern University Law Review, 1986, 1469.
8. See in more detail: Engelen, P.J., In Defense of Insider Trading, Working paper, Department of Business Economics, University of Antwerp (UFSIA), April 1997, No. 97-247, p. 23
9. and Watson, B.J., 'Prohibiting Insider Trading: Is It All Worth It?', Eur.J.Crime Cr.L.Cr.J., 1995-2, pp. 122-149.
10. Parliamentary Report, Belgian Senate, 1986-1987, doc. No. 533/ 1
11. and Parliamentary Report, Belgian House of Representatives, 1989-1990, doc. No. 1156/1.
12. G. Becker, 'Crime and Punishment: An Economic Approach', Journal of Political Economy, 1968, pp. 177-178.
13. First Instance Criminal Court of Ghent, 27 September 1995, o.c., 538.
14. Statute of 4 December 1990 on Financial Transactions and Financial Markets, Belgian Gazette, 22 December 1990
15. Royal Decree of 3 July 1996 on the obligations concerning occasional information of companies whose securities are quoted on the first market of the Public Stock Exchange, Belgian Gazette, 6 July 1996.
16. See P. Krekels, 'Misbruik van voorkennis naar Belgisch recht: de repressieve keerzijde van de informatiemedaille ?', Tijdschrift voor Belgisch Handelsrecht, 1992, No. 39.
17. Article 19 paragraph 2, 2°, c of the Statute of 6 April 1995 and article 4 of the Statute of 30 January 1996 modifying the Statute of 6 April 1995 and the Statute of 4 December 1990, Belgian Gazette, 20 February 1996.
18. See also Parliamentary Report, The Belgian House of Representatives, 1995-1996, No. 287/3, 3.
19. Directiecomite van de Effectenbeurzennootschap van Brussel, Activiteitenverslag van de marktautoriteit van de beurs van Brussel 1996, 14 March 1997, p. 41.