An Introduction to the Law on Financial Investment by Iain G. MacNeil

By Iain G. MacNeil

This publication offers a wide-ranging evaluation of the legislation and regulatory ideas appropriate to funding in monetary tools. half 1 introduces the fundamental rules and constitution of the legislations in relation to monetary funding. It explains the criminal nature of monetary tools, the explanation for law and the historical past and improvement of the approach of rules within the uk. It contains an research of the most ideas and regulatory innovations brought via the monetary companies 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 ideas and regulatory ideas which are proper to institutional funding and personal traders. half three bargains with finance and governance. In essence it explains the felony mechanisms wherein traders provide funds to businesses looking funding and the governance thoughts which have been built to permit traders to observe investments and carry corporation administrators answerable for their activities. half four discusses how markets and marketplace contributors function and are regulated, studying the character of economic markets, their legislation and the criminal principles that advertise "clean" markets.

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In this sense, diversification reduces the overall risk of a portfolio. Market risk refers to the risks arising from general movements in the economy, for example a recession. 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.

An example is a bearer security that promises to pay the bearer on demand. Each security is a thing in its own right, with rights and obligations that can be determined without reference to any other similar security. Undivided (or pro indiviso) ownership occurs when two or more people hold 19 The meaning of a ‘thing’ in this context is defined by DN MacCormick at para 1097 of the entry ‘General Legal Concepts’ in T Smith and R Black (eds) The Laws of Scotland, Stair Memorial Encyclopedia (Edinburgh, Butterworths, 1990) vol 11: Things are conceived as durable objects existing separately from and independently of persons, subject to being used, possessed, and enjoyed by persons, and thus capable of being transferred from one person to another without loss of identity.

12 The nature of particular forms of investment is discussed in more detail in Ch 4. 2 for a discussion of equity and fixed interest investments. 2 Financial intermediation The second factor that determines whether funds available for investment are invested is the role played by financial intermediaries. 13 They act as intermediaries in the sense that they take money from their customers and in turn provide their customers with a financial instrument (such as a deposit, unit trust, life policy or share).

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