Risk, recklessness and policing the financial markets

In ‘The law of financial crime – Fighting financial crime in the global economic crisis’ published by Routledge on 4th November 2014, Jonathan Fisher QC devotes a chapter to policing the financial markets and demonstrates that the conventional perception concerning the impotence of the criminal law is misconceived.

He studies a wide range of examples of reckless risk-taking on the financial markets which helped precipitate the global crisis and the roles senior management, traders and regulators played. He looks at the key question in the context of reckless risk-taking on the financial markets: whether it is possible for reckless conduct to satisfy the criterion of dishonesty for the purposes of the criminal law. Irrespective of whether or not section 4 of the Fraud Act 2006 is sufficiently wide to capture the activities of reckless risk-taking on the financial markets, there are strong arguments for enacting a new criminal offence related to said risk-taking to this effect. 

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