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By Iain G. MacNeil

This booklet offers a wide-ranging evaluation of the legislations and regulatory ideas appropriate to funding in monetary tools. half 1 introduces the elemental rules and constitution of the legislation when it comes to monetary funding. It explains the felony nature of economic tools, the reason for rules and the heritage and improvement of the process of legislation within the uk. It comprises an research of the most ideas and regulatory suggestions brought by means of the monetary providers and Markets Act 2000. half 2 examines investments and traders, explaining the criminal nature and constitution of the most sorts of monetary funding and analyzing the criminal rules and regulatory principles which are correct to institutional funding and personal traders. half three bargains with finance and governance. In essence it explains the criminal mechanisms wherein traders provide cash to businesses looking funding and the governance strategies which have been built to permit traders to observe investments and carry corporation administrators chargeable for their activities. half four discusses how markets and industry individuals function and are regulated, analyzing the character of monetary markets, their legislation and the criminal principles that advertise "clean" markets.

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Extra resources for An Introduction to the Law on Financial Investment

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7 This means that investors generally require additional expected 5 See J Rutterford, Introduction to Stock Exchange Investment 2nd edn (Basingstoke, Macmillan, 1993). 6 Modern portfolio theory uses a ‘risk-free’ rate of return to measure risk and expected return from securities. The ‘risk-free’ rate of return is based on the yield available from government securities, which are regarded as a proxy for a ‘risk-free’ investment. Expected returns from other securities can be compared with this risk-free rate.

Within a single-country portfolio this risk cannot be avoided, but for an international portfolio, diversification can reduce the risk. 12 The most basic distinction is between equity-based investments and fixed interest investments. The main feature of equity-based investments is that they offer no guarantee in respect of either return of capital or income. In that sense they are risk capital. Fixed interest investments (such as bank deposits, gilts and corporate bonds) on the other hand offer a guarantee in respect of both return of capital and income.

Uk (8 Nov 2004)) for statistics. 15 This is not to say that intermediation is always necessary. There are many instances in which companies are able to raise finance directly from investors (typically through financial markets). 16 Intermediaries can resolve this problem at relatively low cost by selecting and monitoring investments on behalf of a group of investors. 2 The legal nature of investment as contract and property The fundamental challenge for the law is to devise rules that will allow investment to occur.

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