Inside brokers Weikai Li, Abhiroop Mukherjee, Rik Sen WHO SHOULD REGULATE INVESTMENT ADVISERS? Ben Charoenwong* National University of Singapore Alan Kwan Hong Kong University Tarik Umar Rice

false statement/ Dissenimation of false or misleading information 1 5 5,000,000.00 - 153,310.00 - - Market manipulation 3 6 83,000,000.00 131,227.00 48,638.00 2 15 Insider trading / Disclose inside

Earnings Management • Earnings management includes both legitimate and less legitimate decisions by manager to change accounting policies or real actions in order to smooth earnings or achieve some specific

การออมนั้นจะต้อง ได้รับผลตอบแทนที เหมาะสม เพื อรองรับค่าใช้จ่ายในอนาคต เป้าหมายของการออมเงิน จึงเป็นการท่าให้เรามีความสามารถ ในการบริโภคที สม ่าเสมอต่อเนื อง ในแต่ละอายุ (Smooth consumption) บทบาทของคณะ

false statement/ Dissenimation of false or misleading information 0 0 - - 0 0 1 1 Market manipulation 0 0 4 68 0 0 1 14 Insider trading / Disclose inside information 0 0 1 3 0 0 - - Takeover - - - - 1 1

; (6) “inside information” means material facts which affect the change in the price of securities but have not yet been disclosed to the public and a securities company has acquired during the course of

; (6) “inside information” means material facts which affect the change in the price of securities but have not yet been disclosed to the public and a securities company has acquired during the course of

its formula for excellent cleaning of fuel injectors, allowing for complete combustion within the engine that allows for smooth performance with maximum clean power. 7 Management Discussion and Analysis

proprietary trading under Clause 12(8) of the Notification on Standard Conduct of Business: (1) risk management system; (2) investment control system; (3) system for preventing access to inside information

proprietary trading under Clause 12(8) of the Notification on Standard Conduct of Business: (1) risk management system; (2) investment control system; (3) system for preventing access to inside information