Islamic Arabia Essay

Signs of Islam using the Koran as the foundations of its life and values being more accepting of women whether they are married or single are easier to see than in Christianity that made use of the Bible as the basis of its spiritual teachings. Accommodations in Islam which means accepting women as people of sacred, substantial, cultural, social and moral worth began its call even before pre-Islamic Arabia (Smith 52). Increasingly, however, Christians are turning women into little more than just sex objects. Many other societies have actually demoted women with two pieces of skimpy cloth walking down the ramp, viewed on tubes for global audience use, drowning the usual human values, robbed of natural human distinction. The core of a woman is being destroyed by the image of being just sex objects. Mankind should remember that the origin of all is just one pair. Eve’s progeny reminds mankind to be grateful for her willingness to be the mother of the first children earth ever had and the generations later should be proud of the founding of humankind. Femininity is a tribute to society. Childbearing honors women who bear a child in her womb for nine long months, who goes through the pains of giving birth, and the burden of breastfeeding. Being a woman and a capable mother have great societal significance to Muslims, recognizing and accepting women’s role. There are two top religions in the world today that is reaping much awareness and credit. The 1st is Islam, which is the cult of those who believe in Muhammad as a messenger of God, differing according to culture, and Christian religion, the cult of those who believe in Jesus Christ the son of Mary, modified according to culture,. Though Muhammad and Jesus Christ have both been influenced by some patriarchal views (Fiorenza 316), they have also in many ways differing concepts about women in their respective time and society. Like, in one occasion when it came to the knowledge of Muhammad that a couple committed adultery, he ordered them to be stoned to death right in front of his mosque (Mishkat 267), on the other hand when Jesus received the report from a witnessed a woman committing adultery, and so she must be penalized according to Jewish law, Jesus said sternly, â€Å"Let him who is without sin among you throw the first stone at her†, discarding double standard of morality (John 122). However, in his personal affairs Muhammad advised his men to treat their women with kindness (Al-Bukhari   80). Today, long time after Jesus and Muhammad, these values have so much evolved as intellectual education intensifies bringing about much understanding of human nature and modifications to a changing ecosystem. It can not be denied however that there still exist varying scales as to acceptability of women in Islam or in Christianity. Accepting of women in society is relative when looked upon the perspective of Islam after the time of Muhammad as against those of the Christians after the time of Jesus without neglecting cultural values. In Islam women were raised on a pedestal over 1, 400 years ago (Jumuah 62), when Muhammad directed his followers to regard women with compassion (Al-Bukhari 1, 55, 62, 80). They were acknowledge   to be the sisters of men, bestowing rights: to education up to the highest intensity, the right to decide on their marriage partner, the right to end an unhappy marriage, the right to inheritance, and the rights of a full citizen of a state (Jumuah 62), though, cultural differences still exist. While Christianity is more liberal, it leaves women to find its own level in the strata of society (Luke 81). Christian codes do not specify and provide rights for women. Christians adopts rights for women founded by men as cultural dictates (Fiorenza 1083) incorporated in individual state and governmental laws, which changes from time to time as revised to suit a presumed social need (Luke 89). Islam considers that men and women are at par when it comes to value as pieces and parts of humanity (Jumuah 63), but, these changes from customs to ethnicity. A man can not be victorious in his life without a woman. Their rights and tasks crossover and balance their totality because their roles are harmonizing and shared, although their duties might clash in certain areas of life in accordance with their basic physical and psychological disparity, where each is equally liable for their actual tasks (Jumuah 63), according to culture. Not one sex is either better or lesser than the other in any way, depending upon the Muslim culture where one belongs. There are however those who practice primarily according to their culture, which is not definitely a teaching of Islam according to its advocates, because culture does not crossover nor influence the Islamic code which is likewise the Qur’an, since the Qur’an is all embracing and above anyone’s culture. They oppress women which is simply a reflection of local customs that are definitely inconsistent and contrary to the teachings of Islam (Jumuah 62). Not only material and physical rights are given to women. They have also the right to be treated with kindness and consideration because it is provided for in the Qur’an. Under Islamic law the following provisions are given to women: when a Muslim woman marries she does not lose her maiden name in place of her husband (Jumuah 63). She has the right to keep her identity. She is given a gift by her husband to be, prior to their marriage which is also called a dowry (Ali 759). It is a personal gift that is at her disposal or which she can spend to buy properties, invest on whatever she feels she must without the influence of anyone from her family (Ali 759). The man must provide for the needs of his wife and the family even if she has the money of her own (Ali 759). She is not in any way obligated to spend anything for the family, which relieves the woman from the burden of earning a living. She however has the option to work if she finds it necessary. As the family is similar to any systematic organization, leadership is bestowed upon men. The Qur’an Clearly states that the husband is to some degree higher than the wife being the leader and guardian of the family. This does not in any way presume a right nor a license to be the tyrant of the household. It is rather the complete responsibility of the husband to care for the family (Jumuah 63). Karen Armstrong in a biography said, the emancipation of women was dear to the Prophets heart, describing: women were treated inferiorly with no rights like slaves in pre-Islamic time, but Muhammad allowed them to stand as witnesses and gave them the right to inheritance (Armstrong 191). The concept of women’s dress is of Islamic moral, social and legal values. By their observance of proper dress code, men and women alike protect their honor and reputation in a society contributing to it largely along peace and order. It is also A Qur’anic revelation While Jesus did not marry, Muhammad had several wives after Khadija his first wife, for different reasons such as: widows who needs provisions (Ali 53), widows with orphans who needs a fatherly attention (Ali 129), literacy of a woman, wealth of a woman, the widow being the wife of the enemy (Ali 129), political alliances and as a virgin wife like Aisha (Mishkat 3:13). A woman has four reasons to marry: wealth, family status, beauty and religion (Al-Bukhari 16, 32). Divorces were allowed even before pre-Isalmic times (Smith 52), while it was only a male prerogative in the Jewish law (Deuteronomy 176). But, Jesus made it irrevocable (Mark 56). Jesus helped women, honored them like the hunchback, one he called daughter of Abraham after she was healed from illness (Luke 93), and praised another for anointing him with oil (Mark 62). Jesus parables showed his compassion for women (Matthew 34).

Cultural practices Essay

Culture, ethnocentrism and cultural relativity are the three terms which form the basis of this essay. There is an effort to define each of these terms in as precise manner as possible. Moreover some discussion on human attitudes and characteristics precedes the final answer to the question : can we judge a cultural practice as ‘right’ or ‘wrong’ ? The answer is affirmative : Yes, all cultural practices cannot be considered equal and beyond reproach, judging them as ‘ right’ or ‘wrong’ is surely acceptable. Definitions Culture is defined as, â€Å" the totality of mental and physical reactions and activities that characterize the behavior of individuals composing of a social group collectively and individually in relation to their natural environment, to other groups, to members of the group itself, and of each individual to himself. ( Heuristic device) Ethnocentrism is defined as tendency to look at the world, primarily from the perspective of one’s own culture. It often entails the belief that one’s own race or ethnic group is the most important and/or that some or all aspects of its culture are superior to those of other groups. ( Ethnocentrism). Cultural relativity is the principle that an individual’s beliefs and activities should be interpreted in terms of his own culture. ( Cultural relativism). It is important to note over here that the five civilizations of human history is the mother of all cultural practices. Each civilization devised a behavioral pattern which suited the local geographic, economic and political conditions. The roots of all ethnic groups claiming to have their ‘own’ and ‘independent’ culture can be traced back to these five civilizations. They are essentially offshoots of the basic civilization. Discussion It has been proved beyond doubt that the major negative characteristics of human race are his greed and his ego. He always wants to dominate over his fellow humans and other living species. On the other hand, one of the best qualities of human beings is to make our globe a ‘worth living’ place. Those who devised the cultural practices were also human beings and hence all cultures have something that can be called ‘good’ and something that can be called ‘bad’ or ‘not acceptable’. A few examples will prove this point. The Indus valley civilization, firmly advocates the theory of ‘ live and let live’. Hinduism, a faith originating in the Indian sub-continent advocates only vegetarian food. The argument is, ‘ why kill a fish, chicken or an animal when your stomach can be filled with vegetables and cereals, without making any compromise on the nutritive values? ’ So far so good. The same culture has a ‘caste’ system. The status of a human being is decided by the virtue of his birth. If he is born in a ‘higher’ caste, he has the world at his feet, and if he is born in a ‘lower’ caste family, then he is treated as an untouchable, who will never get any opportunity in life to improve his position. The European culture. While European intelligence has been instrumental in framing the highly developed technical world of today, full of comforts, the same Europeans have sucked the blood of the third world population by establishing colonies, for centuries together. A very truthful fact, right from the civilization days to today, is that all human efforts in devising cultural practices have been concentrated at ‘local’ level only. No culture has a global approach. The Indus valley civilization is perhaps an exception to this. The practices are laid down for a particular group of people residing in that particular geographic area. In the entire history of human evolution, man has never lived like a single species. Needless to say, ‘betterment of life’ and ‘peaceful co-existence’ were the aims of any cultural practices. Hence, evaluation of any culture should be done on a very basic question, ‘ does it allow others to exist peacefully? ’ The two systems of cultural perceptions, namely ethnocentrism and cultural relativism have very less significance. While ethnocentrism places one’s own culture as the ‘only best ‘ cultural relativism closes the doors for judgments about other cultures. Ethnocentrism does not put Americans or Europeans as the best cultural groups and cultural relativism cannot ignore the fact that slavery system in America is a ‘wrong practice’. These perceptions are irrelevant because no culture is supreme or the best, and no culture is so complete in itself . Summary No theory can prevent judgment of the ‘wrong’ and the ‘ right’ of any cultural practice. Simply because no culture is flawless, when assessed on humanitarian and global grounds. Any practice which preserves the peaceful co-existence and helps in betterment of life will always be applauded and any practice which promotes injustice, cruelty and domination over others, will always be turned down. If Americans think in an ethnocentric way that they are the indirect dominators of the world affairs, they are mistaken. It was Europe yesterday, America today and tomorrow may belong to some other culture. Similarly if Asians think that there is no need to pass judgment on any other culture because every culture is complete on its own, they are also wrong. They ought to pass a judgment and raise a voice against the ‘wrong’ colonization and slavery of Europeans and Americans respectively. No theory can stop passing judgments over any cultural practice. Judgments are necessary. They always help in improving upon the negative aspects of any culture. Works – cited page 1) ‘Heuristic device’ and ‘cultural relativism’, wikipedia the free encyclopedia, 12 – 02-07, Retrieved on 14-02-07. < http://en. wikipedia. org/wiki/cultural_relativism > 2. ‘Ethnocentrism’, wikipedia the free encyclopedia, 10-02-07, Retrieved on 14-02-07, < http://en. wikipedia. org/wiki/etnocentrism >

Letters from Earth Analysis Essay

In Mark Twain’s Letters from Earth after a brief introduction by Twain, the story shifts to the letters written by Satan to his friends in heaven. In the first letter, Satan—who has been banished to Earth for one thousand â€Å"Earth days†Ã¢â‚¬â€ goes on to say that the people, the other animals, the earth itself are all insane. Nature itself is insane. This first letter is a very blunt statement on human arrogance and hypocrisy. He says goes on to explain his declaration over the course of the next ten letters. The second letter explains the curiosity that is heaven as it is perceived on the earth. First and foremost, Satan points out that sexual intercourse is absent in this version of heaven. This is a peculiarity, due to the amount of emphasis placed on it during human life. He wonders why they would leave it out if they enjoy it so much on earth. In fact, people have created a heaven full of things they don’t value. On earth, most men do not sing and/or cannot stand singing, very few people play instruments, people don’t like to pray, people are bored in church, everyone looks down upon everyone else, all â€Å"sane† people detest noise. Keeping that in mind, Satan wonders why then that â€Å"heaven† is full of endless church services where everyone loves everyone else while they all sing and play a musical instrument. In letter three, Christianity is discussed. Satan claims that humans desire to be like (their) God, yet God is nobody to emulate. God punished Adam and Eve when he really had no reason to tempt them in the first place. He also continued to punish the next generations for a crime they did not commit (in regards to the forbidden fruit). People don’t treat their children that way, yet they claim to live in the image of God. He has set rules, yet he himself does not follow them.

Briefly describe the laws of the UK and the ethical rules of the CFA and their effectiveness in ‘keeping the markets clean’.

Profits are cause of violated rule of investment, so the markets have many problems which lead to the market abuse. This essay is about the significant problem that is insider dealing, lead to unfair trading. This problem spreads to the worldwide. Moreover, this essay focus in why insider dealing is wrong, history of insider dealing, CFA standard, process and development for solving the insider dealing in UK, mosaic theory and defense of legitimate research. To begin with definition of insider dealing, following from FSA Handbook 2006, is behaviors of someone who attempts to trade in related investment base on inside information or nonpublic information. The reasons of why insider dealing is wrong, firstly, insider dealing can prejudice the efficiency of the markets, for example it reduces liquidity of the markets and Raise cost of capital. The stock prices should reflect from all available information and hence provide trustworthy signals on based of investment decisions, if a stock market is efficiency. Moreover, the insider dealing endangers the fair market development and organized markets, so it demoralize confidence of investors. It can menace to damage confidence by decline investors’ beliefs for the fairing market, affect them to take out their money from investment. Furthermore, the insider dealing is immoral because unfair dealing base on unequal in information access. Lastly, it is conflict to business ethics, for example, it destroys companies and their shareholders and recently, many cases in US have significantly broken the fiduciary duty by employees using inside information which belongs to a company. Move to the historical of insider dealing, at the end of World War II, stocks buying and selling in a firm base on information only known in the firm or its directors. This behavior is widespread and legitimate. It was considered wrong for individual benefits for the expense of the main shareholders in a firm between the end of World War II and late decade1950. Although, between the decade 1960 and early decade 1979, the exercise became widespread and often using knowledge for take over. In 1973, the Sunday Times was describing the insider dealing as the â€Å"crime of being something in the City†. A joint statement for criminal sanctions was released by the Takeover Panel and the Stock Exchange in 1973. After that, a number of legislation was passed through Parliament, but it was aborted. The sections 69-73, Part V of the Companies Act 1980 was released for force insider dealing as a criminal offence on 23 June 1980.So the historical of insider dealing shown the insider deali ng was concerned long time ago but it quit difficult and take a long time to release the regulations or laws for force and punishment, because the insider dealing is difficult to define. This behavior should concern by ethic of investor (Cole, 2007). The most important institute of investment which is Chartered Financial Analyst Institute (CFA) also concern about the insider dealing. CFA was issuing Standards of Professional Conduct. The insider dealing was mention in term of material nonpublic information in Standard II (Integrity of Capital Market). In the standard II A. said â€Å"Members and candidate who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information†. CFA present reason of acting on nonpublic information wrong because capital markets, institutions and investment professionals was eroded confident because the idea from special access and inside information able to get unfair advantage from investors or organizations who use public information for investment. In UK, the financial regulatory system is self regulation. The self-regulatory arrangements have not been adequate. It was pressured from global factors more than domestic factors. The global factors are significantly changing company law and financial regulations (Gilligan, 1999). The problem of punishable lead to poor market, because the regulations was issued by only authorized persons and key employees in some cases. Hence, the Finance Services and Market Act 2000 (FSMA) presented the chance to create a single regulator, renovate and consolidate the law of UK financial services and right of enhanced regulatory powers for the regulator. So, FSMA provide the FSA to make rule with wide range. Moreover, the FSA also has ability for investigatory and enforcement powers, including the capability to act for avoid market abuse and accuse offenders who are dealing with insider materials. In July 2005, the Market Abuse Directive (MAD) came into largely force. The MAD provisions and the market abuse regime were similar. Nearly five years ago, the Market Conduct in Code of FSA was published in original. In detail, the standards should be examined by everyone who involves in the significant part of UK’s financial markets such as someone who are trading in The UK, including from overseas. The standards are clear in particular, so it is expected to see through descriptions for defining and definition for example, what is and what is not market abuse. The Code gives obviousness for users who involve in financial markets. Furthermore, it brings everyone know about between trading on UK markets, what standards able to be expected. The FSA is not a regulator for enforcement. Otherwise, its purposes to retain clean the markets and discourage abuse through combine enforcement action and prevent measurements. Therefore, improvement of the FSA’s securities transactions checking system lead to heavy investment. The FSA will improve their ability to detect track market abuse (Cole, 2007). The major difficult for enforcing insider dealing regulation in UK are detection, jurisdiction, difficulty of proof, limited enforcement resources such as high cost of prosecution, and ambivalence about censure and general issues of legitimacy. Sometime, insider dealing can be comparatively easy to identify in financial market in some cases. Especially, if there are radical an abnormal fluctuations in the stock value, which are pursued shortly later by publication of take-over or similar scheme. On the other hand, the identification for defining someone who use inside information, is the most difficult for practical enforcement. These problems are aggravated in the market which functions due to increasingly unidentified, global and complicated markets and so precise measurement of the situation of insider dealing is almost impossible. The distorted nature of information from inside and widespread use of useful possession of securities compound these finding problems. The finding pro blems in UK are perhaps greater than in other countries as a result of the greater amount of secondary trading that mirrors UK market. In all possibility there is a potentially massive dirty amount of insider dealing since new technologies and global markets enlarge the insider dealing abuse scope (Gilligan, 1999). The CFA institute promotes the method for solving of using non-public materials in legitimate way, which is mosaic theory. Definition of the mosaic theory, which was mention in the standard II A., is an analyst method to assemble and interpret information about a corporation from many sources. Mosaic theory may was regarded for analytical significant conclusions from public material and non-public material information. For example, a firm so as to determine the underlying firm’s securities value and provides recommendations to customers or investors on the basis of that information. In CFA magazine March-April 2011, Kurt Schacht, CFA, who is managing director of Standards and Financial Market Integrity Division of CFA Institute, was mention about Defense of Legitimate Research, which is about research method, using expert networks and respected in mosaic theory were attacked by insider dealing. In US, federal agents have started charging players in financial market, who are firm insiders, investment fund managers and executive directors, for research firms, which were called â€Å"expert networks†. The expert networks available investors to enter in inside information in exchange for a charge. Some case of research firms were charged for obtain benefit and other non-public materials straight from publicly traded firm employees. Allegation of the cases was approached by federal government, the firm employees, who create the specialists network, were more ways for sample of insider information. From all indications, the wave of insider dealing cases is the starting of more expanding round of insider dealing probes. Media reporting has watched to overstate the circumstance to the detection of casting doubt on the model of expert network and anyone who exercise the service. Furthermore, many still have question, if the U.S. Securities and Exchange Commission (SEC) or other regulators define insider trading again, possibly to comprise a number of legitimate and research methods employed by firm analysts. The allegation has argued that someone who was basically employing standard primary research methods and approaching the mosaic theory in at least one of the cases. The effect has been analysis of this well-established exercise. The reporting has confused the businesses, prompting many lawful analysts and investors to query the exercise of research networks and other completely exercises for horror of reaching caught up in the detection. Regarded from CFA’s analysis, some cases did not about legitimate the mosaic approach using and occur to be clear insider dealing examples. CFA has supported the techniques of thorough, hard working, and honest research. The most great analysts can show their distinction in many ways, including the talent to transcend the significant point and search for disappear fact and situation the boost the investment. Ethical analysts have adequate opportunities to discriminate themselves exclude intentionally getting nonpublic information from someone who should not share this information. For analysts, hedge fund managers and network experts who violate the rule, will attempt to defend their behavior. They might try to justify their violation of using inside materials by regarding the mosaic theory, however illegitimate effort should not reduce appropriateness of the mosaic theory when practical correctly. Significantly, as an institute committed to supporting the greatest ethical con duct standards, CFA strongly sustain the attempts of federal investors and SEC to control insider dealing. Since the investigation continues to improve, CFA will be closely detecting any activities attack on legitimate research. Moreover, CFA have extended to SEC for further explanation and guarantee that the process of legitimate research is not threaten. Furthermore, CFA has developed a task force, including other business experts and CFA charter holders to evaluate any activities resulting from regulatory probe. Overall, the insider dealing seem to the serious problem which was concerned and attempt to solve long time ago, but this problem still appear now, because the problem is difficult to detect the behavior. Both in UK and CFA have considered the problem and try to develop their regulations and standards, including forcing someone who is violate the regulations and standards. The major factors of difficulty enforcement are detection, jurisdiction, difficulty of proof, limited enforcement resources and ambivalence about censure and general issues of legitimacy. The method for solving of using non-public materials in legitimate way, which is mosaic theory, was promoted by CFA Institute. This theory also has threat from someone, who use insider information, try to justify their behavior. However, Illegitimate effort should not reduce appropriateness of the mosaic theory when practical correctly. In addition, CFA has developed a task force, including other business. Bibliography CFA Institute. (2010) Material Nonpublic Information. In: Standard II Integrity of Capital Markets. Ethical and Professional Standards and Quantitative Methods, Person, pp.36-45 Cole, M. (2007) Insider Dealing in the City. Available: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2007/0317_mc.shtml [Accessed 9 April 2011] Ferguson, R. B. and Page, A. C. (1992) Enforcement. Investor Protection London, Weidenfeld and Nicolson, pp. 106-120 FSA (2011) Market Abuse. In: The Code of Market Conduct. FSA Hand Book. Available: http://www.fsa.gov.uk/pubs/hb-releases/rel111/rel111mar.pdf [Accessed 5 April 2011] Gilligan, G. P. (1999) The Enforcement of UK Insider Dealing Regulation. In: Regulating Insider Dealing. Regulating the Financial Services Sector, pp.183-191 Gilligan, G. P. (1999) The Need for Continuing Review of Financial Services Regulation. In: White Collar Crime and Financial Services Regulation. Regulating the Financial Services Sector, pp.21-36 Schacht, K. (2011) In Defense of Legitimate Research. CFA Magazine, March-April, pp.21 Briefly describe the laws of the UK and the ethical rules of the CFA and their effectiveness in ‘keeping the markets clean’. Profits are cause of violated rule of investment, so the markets have many problems which lead to the market abuse. This essay is about the significant problem that is insider dealing, lead to unfair trading. This problem spreads to the worldwide. Moreover, this essay focus in why insider dealing is wrong, history of insider dealing, CFA standard, process and development for solving the insider dealing in UK, mosaic theory and defense of legitimate research. To begin with definition of insider dealing, following from FSA Handbook 2006, is behaviors of someone who attempts to trade in related investment base on inside information or nonpublic information. The reasons of why insider dealing is wrong, firstly, insider dealing can prejudice the efficiency of the markets, for example it reduces liquidity of the markets and Raise cost of capital. The stock prices should reflect from all available information and hence provide trustworthy signals on based of investment decisions, if a stock market is efficiency. Moreover, the insider dealing endangers the fair market development and organized markets, so it demoralize confidence of investors. It can menace to damage confidence by decline investors’ beliefs for the fairing market, affect them to take out their money from investment. Furthermore, the insider dealing is immoral because unfair dealing base on unequal in information access. Lastly, it is conflict to business ethics, for example, it destroys companies and their shareholders and recently, many cases in US have significantly broken the fiduciary duty by employees using inside information which belongs to a company. Move to the historical of insider dealing, at the end of World War II, stocks buying and selling in a firm base on information only known in the firm or its directors. This behavior is widespread and legitimate. It was considered wrong for individual benefits for the expense of the main shareholders in a firm between the end of World War II and late decade1950. Although, between the decade 1960 and early decade 1979, the exercise became widespread and often using knowledge for take over. In 1973, the Sunday Times was describing the insider dealing as the â€Å"crime of being something in the City†. A joint statement for criminal sanctions was released by the Takeover Panel and the Stock Exchange in 1973. After that, a number of legislation was passed through Parliament, but it was aborted. The sections 69-73, Part V of the Companies Act 1980 was released for force insider dealing as a criminal offence on 23 June 1980.So the historical of insider dealing shown the insider deali ng was concerned long time ago but it quit difficult and take a long time to release the regulations or laws for force and punishment, because the insider dealing is difficult to define. This behavior should concern by ethic of investor (Cole, 2007). The most important institute of investment which is Chartered Financial Analyst Institute (CFA) also concern about the insider dealing. CFA was issuing Standards of Professional Conduct. The insider dealing was mention in term of material nonpublic information in Standard II (Integrity of Capital Market). In the standard II A. said â€Å"Members and candidate who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information†. CFA present reason of acting on nonpublic information wrong because capital markets, institutions and investment professionals was eroded confident because the idea from special access and inside information able to get unfair advantage from investors or organizations who use public information for investment. In UK, the financial regulatory system is self regulation. The self-regulatory arrangements have not been adequate. It was pressured from global factors more than domestic factors. The global factors are significantly changing company law and financial regulations (Gilligan, 1999). The problem of punishable lead to poor market, because the regulations was issued by only authorized persons and key employees in some cases. Hence, the Finance Services and Market Act 2000 (FSMA) presented the chance to create a single regulator, renovate and consolidate the law of UK financial services and right of enhanced regulatory powers for the regulator. So, FSMA provide the FSA to make rule with wide range. Moreover, the FSA also has ability for investigatory and enforcement powers, including the capability to act for avoid market abuse and accuse offenders who are dealing with insider materials. In July 2005, the Market Abuse Directive (MAD) came into largely force. The MAD provisions and the market abuse regime were similar. Nearly five years ago, the Market Conduct in Code of FSA was published in original. In detail, the standards should be examined by everyone who involves in the significant part of UK’s financial markets such as someone who are trading in The UK, including from overseas. The standards are clear in particular, so it is expected to see through descriptions for defining and definition for example, what is and what is not market abuse. The Code gives obviousness for users who involve in financial markets. Furthermore, it brings everyone know about between trading on UK markets, what standards able to be expected. The FSA is not a regulator for enforcement. Otherwise, its purposes to retain clean the markets and discourage abuse through combine enforcement action and prevent measurements. Therefore, improvement of the FSA’s securities transactions checking system lead to heavy investment. The FSA will improve their ability to detect track market abuse (Cole, 2007). The major difficult for enforcing insider dealing regulation in UK are detection, jurisdiction, difficulty of proof, limited enforcement resources such as high cost of prosecution, and ambivalence about censure and general issues of legitimacy. Sometime, insider dealing can be comparatively easy to identify in financial market in some cases. Especially, if there are radical an abnormal fluctuations in the stock value, which are pursued shortly later by publication of take-over or similar scheme. On the other hand, the identification for defining someone who use inside information, is the most difficult for practical enforcement. These problems are aggravated in the market which functions due to increasingly unidentified, global and complicated markets and so precise measurement of the situation of insider dealing is almost impossible. The distorted nature of information from inside and widespread use of useful possession of securities compound these finding problems. The finding pro blems in UK are perhaps greater than in other countries as a result of the greater amount of secondary trading that mirrors UK market. In all possibility there is a potentially massive dirty amount of insider dealing since new technologies and global markets enlarge the insider dealing abuse scope (Gilligan, 1999). The CFA institute promotes the method for solving of using non-public materials in legitimate way, which is mosaic theory. Definition of the mosaic theory, which was mention in the standard II A., is an analyst method to assemble and interpret information about a corporation from many sources. Mosaic theory may was regarded for analytical significant conclusions from public material and non-public material information. For example, a firm so as to determine the underlying firm’s securities value and provides recommendations to customers or investors on the basis of that information. In CFA magazine March-April 2011, Kurt Schacht, CFA, who is managing director of Standards and Financial Market Integrity Division of CFA Institute, was mention about Defense of Legitimate Research, which is about research method, using expert networks and respected in mosaic theory were attacked by insider dealing. In US, federal agents have started charging players in financial market, who are firm insiders, investment fund managers and executive directors, for research firms, which were called â€Å"expert networks†. The expert networks available investors to enter in inside information in exchange for a charge. Some case of research firms were charged for obtain benefit and other non-public materials straight from publicly traded firm employees. Allegation of the cases was approached by federal government, the firm employees, who create the specialists network, were more ways for sample of insider information. From all indications, the wave of insider dealing cases is the starting of more expanding round of insider dealing probes. Media reporting has watched to overstate the circumstance to the detection of casting doubt on the model of expert network and anyone who exercise the service. Furthermore, many still have question, if the U.S. Securities and Exchange Commission (SEC) or other regulators define insider trading again, possibly to comprise a number of legitimate and research methods employed by firm analysts. The allegation has argued that someone who was basically employing standard primary research methods and approaching the mosaic theory in at least one of the cases. The effect has been analysis of this well-established exercise. The reporting has confused the businesses, prompting many lawful analysts and investors to query the exercise of research networks and other completely exercises for horror of reaching caught up in the detection. Regarded from CFA’s analysis, some cases did not about legitimate the mosaic approach using and occur to be clear insider dealing examples. CFA has supported the techniques of thorough, hard working, and honest research. The most great analysts can show their distinction in many ways, including the talent to transcend the significant point and search for disappear fact and situation the boost the investment. Ethical analysts have adequate opportunities to discriminate themselves exclude intentionally getting nonpublic information from someone who should not share this information. For analysts, hedge fund managers and network experts who violate the rule, will attempt to defend their behavior. They might try to justify their violation of using inside materials by regarding the mosaic theory, however illegitimate effort should not reduce appropriateness of the mosaic theory when practical correctly. Significantly, as an institute committed to supporting the greatest ethical con duct standards, CFA strongly sustain the attempts of federal investors and SEC to control insider dealing. Since the investigation continues to improve, CFA will be closely detecting any activities attack on legitimate research. Moreover, CFA have extended to SEC for further explanation and guarantee that the process of legitimate research is not threaten. Furthermore, CFA has developed a task force, including other business experts and CFA charter holders to evaluate any activities resulting from regulatory probe. Overall, the insider dealing seem to the serious problem which was concerned and attempt to solve long time ago, but this problem still appear now, because the problem is difficult to detect the behavior. Both in UK and CFA have considered the problem and try to develop their regulations and standards, including forcing someone who is violate the regulations and standards. The major factors of difficulty enforcement are detection, jurisdiction, difficulty of proof, limited enforcement resources and ambivalence about censure and general issues of legitimacy. The method for solving of using non-public materials in legitimate way, which is mosaic theory, was promoted by CFA Institute. This theory also has threat from someone, who use insider information, try to justify their behavior. However, Illegitimate effort should not reduce appropriateness of the mosaic theory when practical correctly. In addition, CFA has developed a task force, including other business. Bibliography CFA Institute. (2010) Material Nonpublic Information. In: Standard II Integrity of Capital Markets. Ethical and Professional Standards and Quantitative Methods, Person, pp.36-45 Cole, M. (2007) Insider Dealing in the City. Available: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2007/0317_mc.shtml [Accessed 9 April 2011] Ferguson, R. B. and Page, A. C. (1992) Enforcement. Investor Protection London, Weidenfeld and Nicolson, pp. 106-120 FSA (2011) Market Abuse. In: The Code of Market Conduct. FSA Hand Book. Available: http://www.fsa.gov.uk/pubs/hb-releases/rel111/rel111mar.pdf [Accessed 5 April 2011] Gilligan, G. P. (1999) The Enforcement of UK Insider Dealing Regulation. In: Regulating Insider Dealing. Regulating the Financial Services Sector, pp.183-191 Gilligan, G. P. (1999) The Need for Continuing Review of Financial Services Regulation. In: White Collar Crime and Financial Services Regulation. Regulating the Financial Services Sector, pp.21-36 Schacht, K. (2011) In Defense of Legitimate Research. CFA Magazine, March-April, pp.21

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