Securities Law

The European Union (EU) was arguably the first body to establish multinational anti-market abuse laws aimed at enhancing the detection and curbing of cross-border market abuse activities in its Member States. Put differently, the EU Insider Dealing Directive was adopted in 1989 and was the first law that harmonized the insider trading ban among the EU Member States. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation (EU Market Abuse Directive) was adopted in a bid to improve and effectively discourage all forms of market abuse in the EU's securities and financial markets. However, the EU Market Abuse Directive had its own gaps and flaws. In light of this, the Market Abuse Regulation and the Criminal Sanctions for Market Abuse Directive were enacted to repeal and replace the EU Market Abuse Directive in 2016. The article examines the adequacy of the EU Market Abuse Directive and its implementation in the United Kingdom (UK) prior to the UK's vote to leave the European Union (Brexit). This is done to investigate the possible implications of the Brexit referendum outcome of 23 June 2016 on the future regulation of market abuse in the UK.

This article presents a comparative analysis of the application of US and EU securities laws to initial coin offerings (ICOs), or token sales. An extensive token taxonomy framework is proposed to categorize digital assets in order to advance a more precise discussion on the legal classification and regulation of tokens. For the US, a full analysis of the application of the Howey test to different types of tokens gives insight into classification of tokens as a security (“investment contract”) under Section 2(a)(1) of the US Securities Act of 1933 and 3(a)(10) of the Securities Exchange Act of 1934. The analysis shows that most, if not all, so-called utility tokens can be classified as a security in the US. A possible ‘sufficiency-of-decentralization-test’ is also explored, while taking prior case law and the multiple dimensions of decentralization of blockchain projects into account.

For EU financial law, the analysis in this paper focuses on the classification of tokens as ‘transferable securities’ under Art. 4(1)(44) of MIFiD II. The analysis shows that, in contrast to the US, pure utility tokens might not be deemed transferable securities under the EU securities regime. Across EU Member States however, large differences exist in terms of the legal classification of most tokens, which result from the freedom provided to EU Member States in transposing the MIFiD II definition of transferable securities into national law. The analysis in this paper provides insight into the two main approaches adhered to by EU Member States in the implementation of this definition, as well as their consequences for the legal classification of tokens. Conclusions are subsequently drawn on possible offering strategies adopted by issuers for future token sales and regulatory developments in the US and EU.

Voordeel vir skuldeisers in verpligte sekwestrasieverrigtinge

Die konsep van voordeel aan krediteure is uiters belangrik in die Suid-Afrikaanse insolven-siereg. Byvoorbeeld, enige voorlopige of finale sekwestrasiebevel word slegs deur die howe toegestaan indien die sekwestrasie van die skuldenaar of die insolvent se boedel voordelig by die algemene liggaam van krediteure sal wees (sien aa 10 (c) en 12 (1) (c) lees Met artikel 3 (1) en 6 (1) van die Insolvensiewet 24 van 1936 (Insolvensiewet). Die konsep van voordeel aan krediteure word egter nie uitdruklik in die Insolvensiewet gedefinieer nie. Die artikel bespreek dus die onlangse besluit in die liggaam. Korporatiewe van Empire Gardens v Sithole 2017 4 SA 161 (SCA) ("Sithole") wat verskeie interpretasie- en verwante uitdag-ings blootstel wat steeds deur die howe en geaffekteerde partye voorkom wanneer hulle met die konsep van voordeel aan krediteure in die Suid-Afrikaanse insolvensiereg handel.

The case note offers an analysis of Zietman using the rules of statutory interpretation, to determine whether information that was communicated to the appellants constituted inside information required for commission of the insider trading offence. Zietsman is a precedent-setting case, which is commendable as a well-reasoned decision that requires support. Avvakoumides AJ applied the primary rule of statutory construction, namely, ascertaining the true intention of the legislature, to give the undefined cardinal words in the statute their literal meaning. Furthermore the court, followed the demands of section 233 of the Constitution by referring to foreign law for assistance with the interpretation of the insider trading provisions. The court pointed out that the information which was possessed by the alleged insider dealers, need not be in its final stage to qualify as precise information as long as there was a realistic prospect that the act from which the information flows would reasonably be finalised. Secondly, information will be specific if it can be identified, pointed to and be unequivocally expressed. Thirdly the information possessed by the alleged insider dealers must have the capacity to materially affect the share price using the test of a reasonable investor, who will take into account information that would likely have a significant effect on the price of shares. Finally, the alleged insider dealer’s belief that the information he or she possessed was not inside information will not be a defence if the belief was not based on reasonable grounds.

This Paper, written for the “Globalization of the United States Litigation Model” symposium at Brooklyn Law School (October 21, 2011), inquires on whether emerging capital markets are shifting toward enhanced regulatory intensity in the enforcement of their securities laws, under the context of global legal convergence. It ventures into this puzzle of globalization, corporate law enforcement, and financial development, in light of the increasing phenomenon of regulatory convergence and international cooperation among securities regulators, in the realm of capital market surveillance and enforcement.

Focus is placed on the emerging Latin American region, namely Brazil’s securities market. The study explores Brazil’s securities enforcement system during the wave of legal and institutional reform dating back to the turn of the century, resulting from competing dynamics between incumbent controlling owners resisting change, and global forces demanding enhanced corporate law and governance.

A decade onward, aim is set at identifying and reflecting upon selected instances that, when combined and analyzed, suggest that Brazil has pursued the enforcement of its securities laws with enhanced regulatory intensity — both as a result of i) adopting a more robust institutional design with enforcement structures and practices characteristic to developed global markets, and; ii) boosting implementation of these practices, in view of preliminary evidence of enforcement on the ground, in terms of actual enforcement activity and resources allocation toward market surveillance.

The evidence identifies a transformation of Brazil’s securities enforcement system during the past decade, revolving around its Securities and Exchange Commission (CVM). The research showcases how CVM came to embody features of securities enforcement systems in developed markets — like the U.S. model. These features are much in line with what the U.S. academic literature has envisioned as enforcement guidelines that emerging capital markets should follow for effective enforcement. They include, among others, CVM (1) adopting a fundamental policy to prioritize enforcement; (2) modeling its structure after the U.S. SEC’s “sole-entity” model, including an independent Board of Commissioners; (3) undergoing a conversion into an ex-post law enforcement-driven agency; (4) achieving considerable political independence from the executive branch; (5) establishing a stand-alone enforcement program with a mandate; (6) having access to an enhanced tool-kit to combat serious corporate wrongdoing in “real-time”; (7) institutionalizing the ability to settle with wrongdoers; and (8) relying on a “multiple-enforcers” approach involving active collaboration among public, private, and self-regulatory enforcement channels — by establishing partnerships with the industry, via a sophisticated self-regulatory regime, sharing the burden of market surveillance with a quasi-governmental FINRA-like SRO; with the criminal justice authorities; with the international community; and, to a lesser extent, with the judiciary. Accordingly, the latter half of the decade witnessed an increase in implementation in terms of budget, staffing, and actual enforcement activity, yielding a surge in administrative actions, sanctions, and settlements, and a more visible targeting of serious misconducts.

The study sheds light on how these developments may speak to the globalization of securities enforcement and the influence of developed markets in the evolution of emerging securities enforcement systems. It showcases how Brazil’s recent experience with securities enforcement, could well be a reflection of the path lying ahead for emerging capital markets in today’s global arena.

The recently published Communique on Share Based Crowdfunding represents the first secondary legislation regarding crowdfunding in the Turkish capital market law. Unfortunately, fundraisers have to establish stock corporations in order to collect funds under the system outlined by the Communique. However, establishing the startup company in the form of a stock corporation is not necessary to balance the competing interests of the investors and fundraisers. Legal nature of limited liability companies has nothing to exclude limited liability companies from the scope of crowdfunding. Such regulatory policy may not be deemed appropriate. The choice of startup company type should be seen as an economic rather than legal issue, as this is the necessary liberal view supporting the development of the capital market. Accordingly, limited liability companies should be taken into the system of crowdfunding under the Communique by changing the “share based crowdfunding” regulatory approach to an “equity based crowdfunding”.

Corporate law, financial markets law and related policies as well as financial markets regulators play an important role in combating financial systemic risks and promoting viable financial markets globally. In this regard, Zimbabwe is not an exception. Over the years, Zimbabwe has been implementing a number of corporate and/or financial markets laws as well as related economic policies aimed at promoting economic growth and stable financial markets. However, it seems that corporate laws and financial markets-related laws and policies that have been flawed and inconsistently enforced by the relevant authorities in Zimbabwe to date. Owing to this, Zimbabwe has been confronted with a high rate of failed real output, high rates of unemployment, diminution of real wages, plummeting poverty levels, non-profitability of businesses, rampant bankruptcies and an ailing economy. To this end, financial laws and related policies implemented by the relevant authorities for the regulation of financial markets including the Ministry of Finance, Reserve Bank of Zimbabwe (RBZ) and Securities and Exchange Commission of Zimbabwe (SECZ) will be discussed. Against this background, this article recommends, inter alia, the adoption of a two-tier regulatory model of financial markets in Zimbabwe under the RBZ and other robust measures. Furthermore, it is hoped that the adoption of robust corporate and financial markets laws, good corporate governance standards and other good international best practices for the regulation of financial markets will enhance public investor confidence in the Zimbabwean financial markets and promote economic growth. 
Keywords: Public investor confidence, financial markets, economic growth, financial markets laws.

This project examines recent and ongoing misconduct in the financial sector and implications for corporate governance and accountability. The misconduct ranges from abusive mortgage trades and misreporting on derivatives losses to manipulation of commodity markets. Major corporations, such as JPMorgan Chase and Morgan Stanley, have paid billions of dollars to regulators in penalties. The research project reviews the events from the perspectives of corporate governance, specifically whether shareholders are penalized for wrongdoing of corporate managers, and how far the regulatory practice of making settlements with the companies promotes accountability and corporate governance. The penalties diminish shareholder wealth and the question is whether shareholders end up as “helpless victims.” The research herein has combined theoretical and empirical methods. The theory part of research includes discussion of various regulatory methods and their efficacy, the justification for the settlements concluded by the corporations with governments, grounds for proposed personal liability against executives, and possible class action lawsuits in the future. The empirical element consists of review of investigative reports, disclosures by the companies, and settlement orders made by regulatory agencies. This helps form an opinion on the culpability of executives and the related issue about whether the costs of misconduct in the form of penalties are passed on to shareholders.

Disclosure is a crucial aspect of the corporate landscape and has been the subject of in-depth scholarly discussion in recent years.

This Article aims to advance this lively debate by carefully analyzing the argument that the beneficial ownership reporting requirements adopted under Section 13(d) of the Securities Exchange Act of 1934 — requiring “a purchaser that beneficially owns 5 percent or more of a class of a Public Target Company’s equity securities . . . to promptly disclose its ‘plans or proposals’ to acquire additional securities of the Public Target Company or merge with the Public Target Company” no later than 10 days following such 5 percent acquisition — should be amended.

"...On Tuesday, April 6, 2021, I received by US Mail an offer to open a NEW credit card account with WELLS FARGO (See attached offer, pictured below). While I certainly appreciate the opportunity to rebuild a business relationship with WELLS FARGO, you are well-aware that there are substantial legal issues which must first be justly resolved - before giving any consideration to such offers (Ref. the $42B Federal lawsuit - HARIHAR v US BANK, et al, Docket No. 15-cv-11880, US District Court, Boston, MA)..."

Winding up enables affected companies to be administered by the courts for the benefit of their members, creditors and other relevant persons. The available assets are divided amongst members, other relevant persons and creditors in accordance with their rights. The Companies Act 71 of 2008 (Companies Act 2008) regulates the winding up of solvent companies in South Africa while the winding up of insolvent companies is still regulated by sections 343, 344, 346 and 348-353 of the repealed Companies Act 61 of 1973 (Companies Act 1973). A solvent company may be dissolved through a voluntary winding up application initiated by the company members or shareholders and/or creditors in terms of the Companies Act 2008. Consequently, this article discusses the voluntary winding-up of solvent companies by its shareholders or creditors under the Companies Act 2008. Procedures, formalities and requirements that need to be followed to effect such voluntary winding up are also discussed.

The Fifth Dimension of Conflictuality: The Rise of Cyberspace and Its Effects on In- ternational Politics
Cyberspace has become a crucial element for political, social, financial and individual activities. The Information and Communication Technologies (ICT) have enhanced the human interactions and have contributed to “reinvent” classical concepts such as political participation, political debate, decision-making. However, their all-encom- passing, ubiquitous nature and their growing use for political and military purposes poses significant risks to international peace, stability and security. The low barrier of access to ICT capabilities, the speed of technological advances and the complexity of the cyberspace environment with regard to traditional legal definitions of borders have presented new challenges to States (the main actors of international relations) such as the inherent complexity of accurately attributing cyber-attacks. It is both this complexity and the frequent insistence of parties to attribute cyber-attacks and incidents “beyond a reasonable doubt” that gives one the ability to deny responsibility and frustrate attempts to build trust and political rapport in cyberspace. The purpose of this research is to analyze how cyberspace affects the international politics. The nature of the topic dictates the use of qualitative analysis of primary and secondary sources such as official reports, declarations and policy documents, and academic analysis, in order to understand effects and dynamics carried out by the cyber domain on classical concepts such as war, peace and international relations. The main idea of this research is that the development of Information and Communication Technolo- gies (ICTs) and the related (r)evolution of warfare have produced relevant effects on the dynamics of the contemporary international system highlighting, at the same time, how the militarization of the cyber domain has posed consequences on interna- tional security, peace and stability. However, the lack of specific research related to “cyberspace’s effects on international politics” highlights the need to devote more attention on this topic bearing in mind that, more extensive and enduring analysis on cyberspace’s dynamics might allowed policy makers the opportunity to improve
awareness related to cyber threats in order to governing challenges emerging from the digital sphere.

Today, despite the legal gray zone the smart contracts continue to operate in under the traditional norms of contract law, corporate law, and securities regulation in many jurisdictions, entities such as national governments, central banks, financial institutions, clearing houses, fund managers, large and small corporations are actively conducting research about potential ways to integrate various blockchain solutions into their operations in order to better streamline their operations and reduce various administrative and transactional costs.  Yet, despite the enormous potential of their wide-ranging practical implementations, in reality the legality of smart contracts and DAOs hang on very complex questions regarding smart contract design, and their current, as well as future regulatory treatment.  Ironically, although the proponents of smart contracting often draw parallelisms with traditional legal tools in their pursuit of robust digital contract systems, this absolutist approach often mistakenly assumes “law” and “legality” as a rigid concept, ignoring various equitable doctrines and the relevant complexities of modern contract and corporate law.  Under the current law smart contracts cannot be seen as binding legal documents.  Rather, parties should resort to them as tools of risk shifting, a digital alternative to secured transactions where the role of an escrow agent is replaced by an automatized ledger system to maximize transparency and ensure digital custody and control over various records.   
This paper aims to provide a background on the development of DAOs and smart contracting together with the underlying basic concepts.  Furthermore, the paper will analyze the DAO phenomenon as deployed in real world examples against the current doctrines of contracts law, corporate law, and securities law.

Η παρούσα μελέτη παραγματεύεται την αύξηση κεφαλαίου και το δικαίωμα προτίμησης μετά το νέο Ν 4548/2018 για την ΑΕ .
Η αύξηση του µετοχικού κεφαλαίου αποτελεί τον προσφορότερο τρόπο χρηµατοδότησης της ανώνυµης εταιρίας αντί της προσφυγής αυτής στο τραπεζικό δανεισµό. Πολλές φορές όµως δηµιουργεί κινδύνους για τους µετόχους της µειοψηφίας. Με την αύξηση του µετοχικού κεφαλαίου µειώνεται η αξία των παλιών µετοχών, µε συνέπεια την ελάττωση του ποσοστού συµµετοχής των παλιών µετόχων στα κέρδη και στο προϊόν εκκαθάρισης της εταιρίας και συνάµα αποδυναµώνεται το δικαίωµα ψήφου τους, ιδίως όταν καταργηθεί το δικαίωµα προτίµησης και εκδοθούν οι νέες µετοχές σε τιµή κατώτερη της πραγµατικής αξίας των παλιών µετοχών. Συγ-χρόνως δε η αύξηση κεφαλαίου επηρεάζει αρνητικά το δικαίωµα µετατροπής των οµολογιούχων δανειστών, αν κατά τη µετατροπή των τίτλων οι νέες µετοχές ή οι νέες µετατρέψιµες οµολογίες διατεθούν στους παλιούς µετόχους.........

These new discoveries (in part) are related to evidenced legal arguments brought by the Federal government – Ref. “THE UNITED STATES v ACE CORP, et al” Docket No. 0:2013cv00464 and the sworn testimony of Nationally recognized Fraud Expert - Lynn E. Szymoniak. In this case reference (and on behalf of the Plaintiff - The United States), Ms. Szymoniak stated under oath:

“Defendants used fraudulent mortgage assignments to conceal that over 1400 MBS trusts, each with mortgages valued at over $1 billion, are missing critical documents..."

The rise of crypto-assets and crypto-assets corporate finance transactions – like Initial Coin Offerings, Security Token Offerings and respective variants – are disrupting the way companies raise funds. At the same time the sudden rise of crypto finance transactions has created unprecedented challenges for regulators, financial market authorities, corporate finance lawyers and professionals. Crypto-assets corporate finance transactions are essentially borderless, global and interconnected. Their borderless nature was the core inspiration of this work. This book, indeed, is an attempt to address to a comparative and functional analysis of crypto-assets corporate finance transactions.

Perkembangan Teknologi Informasi pada saat ini sudah berkembang pesat dan memberi dampak positif dengan meningkatnya kinerja dan efektivitas kerja pada aktivitas sehri manusia. Dari sisi lain perkembangan teknologi informasi juga menimbulkan dampak negatif yang tidak dapat dihindari. Dengan kecanggihan perangkat digital pada saat ini. Kejahatan juga semakin maju dengan alat alat tersebut dengan berbagai modus kejahatan terbaru yang belum ada sebelumnya.
Berbagai persoalan hokum yang muncul pada akhir-akhir ini telah membuka mata kita akan pentingnya keahlian di bidang Digital Forensic dalam mendukung investigasi dan pencarian barang bukti digital pada kasus kejahatan khususnya kejahatan yang menggunakan perangkat Digital contohnya seperti Leptop,Handphone,CCTV dan lain sebagainya.

Disclosures in initial coin offerings (ICOs) have ranged widely from informative to incomplete to fraudulent. Consequently, advocates for the investing public have, understandably, called for the registration of ICOs to facilitate better disclosures. As this chapter shows, however, registration under the 1933 Securities Act is, as currently enacted, a weak mechanism for mandating the disclosures needed for informed investments in ICO tokens. Many ICO issuances offer non-traditional, non-financial rights that require and involve different pricing considerations than traditional common equity and debt, and are embedded in technical systems unanticipated by the New Deal. ICOs thus require a reconceptualization of longstanding disclosure obligations and safeguards, as well as a revamped approach towards entities tasked with validating disclosures. This chapter charts key provisions in the Securities Act’s Form S-1, crowdfunding’s Form C, Form 1-A for Regulation A , and Rule 144A to provide just such a policy framework.

SUMMARY This article analyses the regulation of cross-border insolvency under the Cross-Border Insolvency Act 42 of 2000 1 in order to examine the adequacy of such regulation as regards to the enforcement of insolvency proceedings in South Africa and other relevant jurisdictions. To this end, the paper provides an overview analysis of the regulation and/or enforcement of insolvency proceedings under the Cross-Border Insolvency Act. Moreover, where possible, the paper also provides a comparative analysis of selected aspects of the regulation and/or enforcement of insolvency proceedings under the Cross-Border Insolvency Act and those that are provided under the Insolvency Act 24 of 1936 and other related international instruments. This is done to expose the challenges and future prospects of the regulatory and enforcement framework under the Cross-Border Insolvency Act in South Africa.

BREAKING: Evidenced Corruption and Collusion in Federal and Massachusetts State Courts - Recused/Disqualified Judges, Attorneys for Bank Defendants Wells Fargo/US Bank, Federal/State Prosecutors and the Deafening silence of Massachusetts Legislators, including Governor Charlie Baker (R-MA).... WHY you ask? In part, it's an effort to prevent legal precedent from being set that shows more than 60M illegally securitized mortgages in The United States are entirely VOID. Once the Courts initiate corrective action: (1) HARIHAR v US BANK et al (Docket No. 15-cv-11880, US District Court, Boston, MA); and (2) HARIHAR v WELLS FARGO, et al (Docket No. 1981-cv-00050, Middlesex Superior Court, Woburn, MA), stands to become landmark cases in US history - IF Defendants DO NOT wish to accept HARIHAR's GOOD FAITH Opportunity to reach a legal settlement agreement.

Let's see if any of the Defendants' Counsel (K&L Gates LLP, Nelson Mullins LLP, Rich May PC and Harmon Law Offices PC) respond by today's 5pm deadline (Wednesday, 05/13/2020). Either way, this litigation WILL move forward - and the WORLD is watching...

The hedge fund industry in South Africa is among the most established in the emerging markets, and probably the world, we are one of the first countries to put in place comprehensive regulation for hedge funds. With a market riddled with investment professionals and entrepreneurs looking for a rewarding entrepreneurial endeavour, we unpack the exclusive and mysterious nature of hedge funds in South Africa, and give the rundown of how to start your own hedge fund and how to invest in one.

Bitcoin, also known as a decentralized virtual currency (DVC), is regulated differently in the People’s Republic of China (PRC), Canada, and the United States, and represents a vastly underdeveloped area of the law. No country has currently backed Bitcoin. Launched in 2009, and founded by Satoshi Nakamoto,  Bitcoin is a “decentralized peer-to-peer virtual currency.” Other virtual currencies include Litecoin, Namecoin, Auroracoin, Peercoin, and Dogecoin – about 500 varieties in total – but research here primarily focuses on Bitcoin. A comparative analysis helps discern how these respective countries classify Bitcoin (e.g., a virtual object, currency, or potential security), and how these jurisdictions regulate, or intend to regulate, DVCs. Bitcoin is identified as a “currency,” throughout the paper, but the classification is heavily contested. Questions for analyses include: are there appropriate existing legal frameworks to regulate Bitcoin? What securities regulation challenges does Bitcoin pose? What are the consumer and investor protection concerns associated with Bitcoin compared to traditional financial exchanges? What are the cross-jurisdictional challenges of virtual currency transactions that operate over the Internet (e.g., money laundering, or fraudulent activities)? Research incorporates securities commission reports, social and political commentary from secondary sources, and relevant jurisprudence and legislation. Findings help situate the current climate of Bitcoin globally, and assess how its regulation differs relative to technological, economic, social, financial, and political forces.

The consistent application of s 9(4A) of the Insolvency Act 24 of 1936
(Insolvency Act) has, to date, been sometimes impeded by various
interpretational challenges in the South African courts. For instance, the
courts have grappled to determine whether the furnishing of the petition
in terms of s 9(4A) of the Insolvency Act is peremptory or directory in
nature. The courts have also struggled to consistently determine whether
the provisions of this section are applicable to both business and
domestic employees of the debtor. Section 9(4A) stipulates that a
petitioner must furnish a copy of the petition for the sequestration of the
debtor’s estate to the employees of that debtor. The confusion regarding
the interpretation and application of s 9(4A) was addressed by the recent
Constitutional Court judgement in Stratford&others v Investec Bank Ltd
& others 2015 (3) SA 1 (CC) (Stratford). This case also dealt with the
requirement concerning advantage to creditors in terms of s 12(1)(c) of
the Insolvency Act.

The article discusses the advantage to creditors' requirement in voluntary surrender, friendly and compulsory sequestration in South Africa. This is done to, inter alia, examine the meaning and application of the advantage to creditors' requirement in sequestration proceedings in South Africa. It is also done to comparatively discuss the burden of proof and the court's discretion in relation to the advantage to creditors' requirement in voluntary surrender, friendly and compulsory sequestration proceedings. To this end, the article provides an overview analysis of the meaning and interpretation of the advantage to creditors' requirement, the burden of proof and the possible differences in the application of this requirement in the relevant sequestration proceedings. Accordingly, the article provides a discussion of the possible challenges and the court's discretion in the adjudication and application of the advantage to creditors' requirement in all sequestration proceedings in South Africa.

Click on the attached Plaintiff Motion filed on Wednesday, October 27, 2021, which evidences the latest undisclosed conflict of interest by US District Court Judge - Hon. Indira Talwani and provides a summary of the egregious Color of Law violations that continue to be evidenced in two (2) related Federal lawsuits: (1) HARIHAR v JEANNE D'ARC CREDIT UNION et al (Docket No. 20-cv-12293); and (2) HARIHAR v US BANK et al (Docket No. 15-cv-11880). Both civil complaints are in the US District Court of Massachusetts.

To learn more about the decade-long litigation history and the systemic judicial abuses of record, visit: mohanharihar.academia.edu

Market abuse (insider trading and market manipulation) practices that are prohibited in South Africa are briefly discussed in this article. Accordingly, this article discusses selected key elements of the insider trading and market manipulation prohibition in terms of the Financial Markets Act 19 of 2012. This is done to, inter alia, examine the adequacy of this prohibition in relation to the combating of market abuse in South Africa. To this end and where necessary, possible recommendations that could be utilised to enhance the curbing of market abuse activity in the South African financial markets will be made.

This paper focuses on the role of technical analysis in cryptocurrency and whether cryptocurrency can be followed with technical analysis or not. During this study, we have used the most established technical tools and indicators like the Candlestick pattern, volumes, trends, the Moving Average, Moving Average Convergence Divergence, the Relative Strength Index, Bollinger Bands, Fibonacci Retracement, etc. By analyzing Bitcoin charts, the results indicate that the indicators can be used to generate a significantly positive return. It is found that cryptocurrency can be followed with technical analysis like equity market and forex market. We have used charts that explain how Bitcoin can be traded through technical analysis which is the most hyped-up topic for today's generation.

The paper posits that the regulation of insider dealing will continue to throw up a host of issues. For one, the sophistication of the financial environment within which the law and regulatory mechanisms operate, compounds the practical and legal difficulties confronting those seeking to administer and apply the law. The paper proceeds to argue that the taking of advantage of information that the other party could not obtain, is as old as human nature and that man is naturally structured to think of protecting his interest first. Consequently, the paper asserts that the problem of insiders abusing information that they obtain by virtue of the special relationship that they have with the company is not a new one. Nonetheless, while some do not see any reason why insiders who deal in the securities of the issuer with which they enjoy this privileged access to its information should not be held responsible, others hold the view that acquisition of superior information should not be discouraged, let alone be penalised. It is against this backdrop that the paper critically examines the concept of insider dealing under the Nigerian law; the mischief the law seeks to remedy; and considers relevant lessons from other jurisdictions.

Seiring dengan perkembangan teknologi internet, menyebabkan munculnya kejahatan yang disebut “CyberCrime” atau kejahatan melalui jaringan Internet. Munculnya beberapa kasus “CyberCrime” diindonesia, seperti pencurian kartu kredit, hacking beberapa situs, menyadap transmisi data orang lain, misalnya email, dan memanipulasi data dengan cara menyiapkan perintah yang tidak dikehendaki kedalam programmer computer. Sehingga dalam kejahatan computer dimungkinkan adanyan delik formil dan delik materil. Delik formil adalah perbuatan seseorang yang memasuki computer orang lain tanpa ijin, sedangkan delik materil adalah perbuatan yang menimbulkan akibat kerugian bagi orang lain. Adanya cybercrime telah menjadi ancaman stabilitas, sehingga pemerintah sulit megimbangi teknik kejahatan yang dilkukan dengan teknologi computer, khususnya jaringan internet dan intranet.
Pengamanan secara teknis disertai dengan social pressure. Adanya banyak orang mengawasi membuat seseorang mengurungkan diri untuk melakukan kejahatan. Pendidikan etika dan moral nampaknya harus kita aktifkan kembali, khususnya untuk dunia cyberspace.
Dunia internet merupakan sebuah tempat dimana kita “hidup” secara maya (virtual,digital). Di dunia ini kita dapat melakukan beberapa kegiatan yang mirip dengan kegiatan di dunia nyata (real space). Kita dapat melakukan perniagaan (commerce) atau sekedar untuk sosialisasi.
Dunia maya ini juga memiliki aturan yang kita definisikan bersama. Aturan ini ada yang sama dan ada yang berbeda dengan aturan yang ada di dunia nyata dikarenakan hokum-hukum fisika tidak berlaku di dunia ini. Dua orang yang secara fisik berada di tempat yang jaraknya ribuan kilometer dapat berada di ruang virtual yang sama. Aturan yang sama antar lain sopan santun dan etika berbicara (menulis), meskipun kadang-kadang disertai dengan implementasi yang berbeda.
Dengan  kemajuan teknologi ini, bagi para investigator menjadi hal yang sulit di masa depan karena tantangan untuk melakukan investigasi membutuhkan keahlian khusus disebabkan semakin cangihnya jenis dan mode kejahatan yang akan dihadapi. Perkembangan social budaya dan teknologi juga menyajikan peluan dan tantangan bagi lembaga seperti kepolisian untuk upaya investigasi untuk memenuhi permintaan dari masyarakat, para lembaga penegag hokum ini akan memperluas sector kemitraan dengan sector swasta. Ini akan menjadi penting khususnya dalam investigasi penipuan, Devisi-devisi kejahatan cyber akan dibetuk untuk menangani kasus-kasus kejahatan yang berbasis computer. Dengan memanfaatkan kecanggihan robot akan dapat mempermudah pekerjaan kepolisian atau para lembaga investigator lainya.

Company Law and International Company Law are linked. In some countries the incorporation of a company requires the fulfillment of strict controls and verifications (about where the real seat of the company is located, or related with the requirements of minimum capital). In other countries these controls do not exist. In this paper I intend to show that there is a relationship between the option followed by each country in company law and the option followed in international company law. If incorporation of companies requires strict controls, the country should follow the "real seat theory", but countries that follow the "incorporation theory" are, probably, also countries where the constitution of a company does not require the fulfillment of strict controls. The European Court of Justice has imposed to the European countries the "incorporation theory" without taking into consideration that the european company law and the national company law of many countries in Europe demand the application of the "real seat theory".