EXTRA-TERRITORIAL CRIMINALIZATION OF MARKET MISCONDUCT—THE CHALLENGE OF ENFORCEMENT
Journal Title: International Journal of Research in Social Sciences - Year 2018, Vol 8, Issue 2
Abstract
Given the ever-increasing remote participation of issuers, intermediaries in foreign securities markets, extra-territorial criminalization of securities market misconduct—market misconduct committed wholly outside one jurisdiction but harmful effect on that market—appears to be the effective device for preserving the cleanliness and integrity of securities markets in the region.The study examines the legal and institutional framework for enforcement of international crimes so as to establish whether or not it has provided adequate incentive for effective enforcement of extra-territorial securities market crimes. The study employs the doctrinal approach to evaluation of legal rules. The main findings of the study were that:(a) the Zambian law and policy provides for extradition of offenders, (b) notwithstanding such a position, the legal framework does not recognize securities market offences as extraditable, (c) apart from non-recognition of securities market offences as extraditable, the legal framework does not impose an obligation on requested States to surrender such offenders, (d)the Zambian legal framework provides for statutory power to act in support of foreign regulators, and that (e) notwithstanding this power on the part of the Zambian regulator, foreign regulators do not have such a power. As possible solution to these shortcomings in the legal framework, the study makes the following recommendations (a) the Zambian Government should include securities market offences in the Schedule containing extraditable offences in the Zambian Extradition Act, (b) the Zambian Government should sign bilateral extradition treaties with other COMESA countries as a way of imposing an obligation on those other States to surrender securities market offenders, (c) the Zambian Government and other COMESA countries should enhance mutual legal assistance with other States by domesticating the SADC Mutual Legal Assistance Treaty, and (d) enjoy other COMESA countries to make provision for the statutory on the part of their regulators to act in support of foreign regulators in the region.
Authors and Affiliations
Samamba, Lennox Trivedi
Keywords
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