Other countries, particularly those with big stockmarkets, are getting tougher, too. “Seventy percent of all equity trading in the world takes place in London, New York and Hong Kong,” says Mark Steward, director of enforcement at Hong Kong’s Securities and Futures Commission (SFC). “It’s not surprising to see all three jurisdictions take the same thing seriously.” …. Developing countries are under pressure to make their markets more welcoming to foreign investment as well. Maria Helena Santana, who heads the CVM, Brazil’s securities regulator, says that “after having investors consider our legislation and regulatory environment not safe enough or strong enough”, the CVM had to “gain credibility”. Fighting insider trading has become “the single most important task we have”. Earlier this year Russia made insider trading a criminal offence for the first time.
‘Enforcement 40’ for 2020
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