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Insider trading is the trading of a corporation's stock or other securities (e. The term criminal law, sometimes called penal law, refers to any of various bodies of rules in different Jurisdictions whose common characteristic is the potential Common law refers to law and the corresponding legal system developed through decisions of courts and similar tribunals rather than through legislative statutes or executive Actus reus, sometimes called the external element or the objective element of a crime is the Latin term for the "guilty act" which when proved Causation is the "causal relationship between conduct and result In Western Jurisprudence, concurrence, (or contemporaneity or simultaneity) is the apparent need to prove the simultaneous occurrence In Criminal law, mens rea the Latin term for "guilty mind" is usually one of the necessary elements of a Crime. In the Criminal law, intention is one of the three general classes of Mens rea necessary to constitute a conventional as opposed to In the Criminal law, recklessness (also called unchariness) is one of the four possible classes of mental state constituting Mens rea (the In the Criminal law, criminal negligence is one of the three general classes of Mens rea ( Latin for "guilty mind" element required Ignorantia juris non excusat or Ignorantia legis neminem excusat ( Latin for " Ignorance of the Law does not excuse" In Criminal law, strict liability is liability for which Mens rea ( Latin for "guilty mind" does not have to be proven in relation In the Criminal law, corporate liability determines the extent to which a Corporation as a fictitious person can be liable for the acts and omissions The legal principle of vicarious liability applies to hold one person liable for the actions of another when engaged in some form of joint or collective activity In Criminal law, an offence against the person usually refers to a crime which is committed by direct physical harm or force being applied to another person Assault is a Crime of Violence against another person. In some Jurisdictions including Australia and New Zealand, Battery is a term used by the Common law jurisdictions which involves an Injury or other Contact upon the Person of another in a manner likely Robbery is the Crime of seizing Property through Violence or Intimidation. A pimp (also called fleshmonger) finds and manages clients for Prostitutes and engages them in Prostitution (in Brothels in most cases and Rape, also referred to as Sexual assault, is an Assault by a person involving Sexual intercourse with or Sexual penetration of another person In Criminal law, kidnapping is the taking away or Asportation of a person against the person's will usually to hold the person in False imprisonment Manslaughter is a legal term for the killing of a human being in a manner considered by law as less culpable than Murder. Murder is the unlawful killing of another human person with Malice aforethought, as defined in Common Law countries Property damage (or in the United Kingdom, criminal damage) is damage to or the destruction of public or private Property, caused either by a In Criminal law, theft (also known as stealing or filching) is the illegal taking of another person's Property without that person's freely-given In English law, the main deception offences are defined in the Theft Act 1968 (TA68 the Theft Act 1978 and the Theft (Amendment Act 1996 The crime of obstruction of justice includes crimes committed by Judges Prosecutors attorneys general, and elected officials in general Bribery, a form of pecuniary corruption is an act usually implying money or gift given that alters the behaviour of the recipient in ways not consistent with the duties of that person Perjury, also known as forswearing, is the act of lying or making verifiably false statements on a material matter under Oath or Affirmation in a Malfeasance in office, or official misconduct, is the commission of an Unlawful act done in an official capacity which affects the performance of official duties Attempt crimes are crimes where the defendant's actions have the form of the actual enaction of the crime itself the actions must go beyond mere preparation In the Criminal law, a conspiracy is an agreement between Natural persons to break the law at some time in the future and in some cases with at least one overt act An accessory is a person who assists in the commission of a Crime, but who does not actually participate in the commission of the crime as a joint principal For a more detailed discussion of individual topics see Automatism (case law In the Criminal Law, automatism is a defense to liability Intoxication is the state of being affected by one or more psychoactive drugs. A mistake of fact may sometimes offer exculpation (as in Excuse) by allowing a criminal Defendant some relief from liability for having broken the In Criminal trials the insanity defenses are possible defenses by Excuse, an Affirmative defense by which Defendants argue that In Criminal law, diminished responsibility (or diminished capacity) is a potential defense by Excuse by which Defendants argue that For English law on the criminal defence see Duress in English law. In Criminal law, necessity may be either a possible justification or an exculpation for breaking the Law. Also see Provocation in English law. In Criminal law, provocation is a possible defense by excuse or exculpation The right of self-defense (also called alter ego defense, defense of others, defense of a third person) is the right for civilians acting on their A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law Tort law is the name given to a body of law that creates and provides remedies for civil wrongs that do not arise out of Contractual duties Property law is the area of Law that governs the various forms of Ownership in Real property (land as distinct from personal or movable possessions In Common law, a will or testament is a document by which a person (the Testator) regulates the rights of others over his or her Property The law of trusts and estates is generally considered the body of Law which governs the management of personal affairs and the Disposition of Property of The Law of evidence governs the use of Testimony (eg oral or written statements such as an Affidavit) and exhibits (e A corporation is a separate legal entity usually used to conduct business Software for Fixed assets management and Stock control developed in 2004. A security is a Fungible, Negotiable instrument representing financial value g. bonds or stock options) by individuals with potential access to non-public information about the company. In Finance, a bond is a Debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and Interest Options are financial instruments that convey the right but not the obligation to engage in a future transaction on some Underlying security, or in a Futures In most countries, trading by corporate insiders such as officers, key employees, directors, and large shareholders may be legal, if this trading is done in a way that does not take advantage of non-public information. However, the term is frequently used to refer to a practice in which an insider or a related party trades based on material non-public information obtained during the performance of the insider's duties at the corporation, or otherwise in breach of a fiduciary duty or other relationship of trust and confidence or where the non-public information was misappropriated from the company. [1]

In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders (in the U. S. , defined as holders of more than ten percent of the firm's shares) must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. Many investors follow the summaries of these insider trades in the hope that mimicking these trades will be profitable. While "legal" insider trading cannot be based on material non-public information, some investors believe corporate insiders nonetheless may have better insights into the health of a corporation (broadly speaking) and that their trades otherwise convey important information (e. g. , about the pending retirement of an important officer selling shares, greater commitment to the corporation by officers purchasing shares, etc. )

Illegal insider trading is believed to raise the cost of capital for securities issuers, thus decreasing overall economic growth. [2]

Contents

Illegal insider trading

Rules against insider trading on material non-public information exist in most jurisdictions around the world, though the details and the efforts to enforce them vary considerably. The United States is generally viewed as having the strictest laws against illegal insider trading, and makes the most serious efforts to enforce them. [3]

Definition of "insider"

In the United States, for mandatory reporting purposes, corporate insiders are defined as a company's officers, directors and any beneficial owners of more than ten percent of a class of the company's equity securities. Trades made by these types of insiders in the company's own stock, based on material non-public information, are considered to be fraudulent since the insiders are violating the trust or the fiduciary duty that they owe to the shareholders. The corporate insider, simply by accepting employment, has made a contract with the shareholders to put the shareholders' interests before their own, in matters related to the corporation. When the insider buys or sells based upon company owned information, he is violating his contract with the shareholders.

For example, illegal insider trading would occur if the chief executive officer of Company A learned (prior to a public announcement) that Company A will be taken over, and bought shares in Company A knowing that the share price would likely rise. A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator

In the United States and many other jurisdictions, however, "insiders" are not just limited to corporate officials and major shareholders where illegal insider trading is concerned, but can include any individual who trades shares based on material non-public information in violation of some duty of trust. This duty may be imputed; for example, in many jurisdictions, in cases of where the a corporate insider "tips" a friend about non-public information likely to have an effect on the company's share price, the duty the corporate insider owes the company is now imputed to the friend and the friend violates a duty to the company if he or she trades on the basis of this information.

Liability for insider trading

Liability for insider trading violations cannot be avoided by passing on the information in an "I scratch your back, you scratch mine" or quid pro quo arrangement, as long as the person receiving the information knew or should have known that the information was company property. Quid pro quo ( Latin for "something for something") indicates a more-or-less equal exchange or substitution of goods or services

For example, if Company A's CEO did not trade on the undisclosed takeover news, but instead passed the information on to his brother-in-law who traded on it, illegal insider trading would still have occurred. [4]

Misappropriation theory

A newer view of insider trading, the "misappropriation theory" is now part of US law. It states that anyone who misappropriates (steals) information from their employer and trades on that information in any stock (not just the employer's stock) is guilty of insider trading.

For example, if a journalist who worked for Company B learned about the takeover of Company A while performing his work duties, and bought stock in Company A, illegal insider trading might still have occurred. Even though the journalist did not violate a fiduciary duty to Company A's shareholders, he might have violated a fiduciary duty to Company B's shareholders (assuming the newspaper had a policy of not allowing reporters to trade on stories they were covering). fiduciary duty is a legal relationship of confidence or trust between two or more parties most commonly a fiduciary or Trustee and a principal [5]

Proof of responsibility

Proving that someone has been responsible for a trade can be difficult, because traders may try to hide behind nominees, offshore companies, and other proxies. Nevertheless, the U.S. Securities and Exchange Commission prosecutes over 50 cases each year, with many being settled administratively out of court. The US Securities and Exchange Commission (commonly known as the SEC) is an independent agency of the United States government which holds primary responsibility The SEC and several stock exchanges actively monitor trading, looking for suspicious activity. A stock exchange, share market or bourse is a Corporation or Mutual organization which provides "trading" facilities for Stock

Trading on information in general

Not all trading on information is illegal inside trading, however. For example, while dining at a restaurant, you hear the CEO of Company A at the next table telling the CFO that the company will be taken over, and then you buy the stock, you might not be guilty of insider trading unless there was some closer connection between you, the company, or the company officers.

Tracking insider trades

Since insiders are required to report their trades, others often track these traders, and there is a school of investing which follows the lead of insiders. This is of course subject to the risk that an insider is making a buy specifically to increase investor confidence, or making a sell for reasons unrelated to the health of the company (e. g. a desire to diversify or buy a house).

As of December 2005 companies are required to announce times to their employees as to when they can safely trade without being accused of trading on inside information.

American insider trading law

The United States has been the leading country in prohibiting insider trading made on the basis of material non-public information. Thomas Newkirk and Melissa Robertson of the SEC, summarize the development of U. The US Securities and Exchange Commission (commonly known as the SEC) is an independent agency of the United States government which holds primary responsibility S. insider trading laws. [6]

Common law

U. S. insider trading prohibitions are based on English and American common law prohibitions against fraud. In 1909, well before the Securities Exchange Act was passed, the United States Supreme Court ruled that a corporate director who bought that company’s stock when he knew it was about to jump up in price committed fraud by buying while not disclosing his inside information.

Section 17 of the Securities Act of 1933[7] contained prohibitions of fraud in the sale of securities which were greatly strengthened by the Securities Exchange Act of 1934. Congress enacted the Securities Act of 1933 (the "1933 Act" the "Truth in Securities Act" or the "Federal Securities Act", enacted 1933-05-27 The Securities Exchange Act of 1934 is a law governing the secondary trading of securities ( Stocks bonds, and Debentures. [8]

Section 16(b) of the Securities Exchange Act of 1934 prohibits short-swing profits (from any purchases and sales within any six month period) made by corporate directors, officers, or stockholders owning more than 10% of a firm’s shares. The Securities Exchange Act of 1934 is a law governing the secondary trading of securities ( Stocks bonds, and Debentures. Under Section 10(b) of the 1934 Act, SEC Rule 10b-5, prohibits fraud related to securities trading. SEC Rule 10b-5 is one of the most important rules promulgated by the U

The Insider Trading Sanctions Act of 1984 and the Insider Trading and Securities Fraud Enforcement Act of 1988 provide for penalties for illegal insider trading to be as high as three times the profit gained or the loss avoided from the illegal trading. [9]

SEC regulations

S. E. C. regulation FD ("Full Disclosure") requires that if a company intentionally discloses material non-public information to one person, it must simultaneously disclose that information to the public at large. In the case of an unintentional disclosure of material non-public information to one person, the company must make a public disclosure "promptly. "[10]

Insider trading, or similar practices, are also regulated by the SEC under its rules on takeovers and tender offers under the Williams Act. In business a takeover is the purchase of one company (the target) by another (the acquirer, or bidder) Tender offer is a Corporate finance term denoting a type of takeover bid The Williams Act (USA refers to amendments to the Securities Exchange Act of 1934 enacted in 1968 regarding Tender offers The legislation was proposed by Senator

Court decisions

Much of the development of insider trading law has resulted from court decisions.

In SEC v. Texas Gulf Sulphur Co. (1966), a federal circuit court stated that anyone in possession of inside information must either disclose the information or refrain from trading. [11]

In 1984, the Supreme Court of the United States ruled in the case of Dirks v. SEC that tippees (receivers of second-hand information) are liable if they had reason to believe that the tipper had breached a fiduciary duty in disclosing confidential information and the tipper received any personal benefit from the disclosure. The Supreme Court of the United States is the highest judicial body in the United States and leads the federal judiciary. (Since Dirks disclosed the information in order to expose a fraud, rather than for personal gain, nobody was liable for insider trading violations in his case. )

The Dirks case also defined the concept of "constructive insiders," who are lawyers, investment bankers and others who receive confidential information from a corporation while providing services to the corporation. Constructive insiders are also liable for insider trading violations if the corporation expects the information to remain confidential, since they acquire the fiduciary duties of the true insider.

In United States v. Carpenter (1986) the U. S. Supreme Court cited an earlier ruling while unanimously upholding mail and wire fraud convictions for a defendant who received his information from a journalist rather than from the company itself. The journalist R. Foster Winans was also convicted, on the grounds that he had misappropriated information belonging to his employer, the Wall Street Journal. R Foster Winans (born August 5, 1948) is a former columnist for The Wall Street Journal who co-wrote the "Heard on the Street Column" In that widely publicized case, Winans traded in advance of "Heard on the Street" columns appearing in the Journal. [12]

The court ruled in Carpenter: "It is well established, as a general proposition, that a person who acquires special knowledge or information by virtue of a confidential or fiduciary relationship with another is not free to exploit that knowledge or information for his own personal benefit but must account to his principle for any profits derived therefrom. "

However, in upholding the securities fraud (insider trading) convictions, the justices were evenly split.

In 1997 the U.S. Supreme Court adopted the misappropriation theory of insider trading in United States v. O'Hagan, 521 U.S. 642, 655 (1997). The Supreme Court of the United States is the highest judicial body in the United States and leads the federal judiciary. Case citation is the system used in many countries to identify the decisions in past Court cases either in special series of books called reporters O'Hagan was a partner in a law firm representing Grand Metropolitan, while it was considering a tender offer for Pillsbury Co. Diageo plc () is the largest multinational beer wine and spirits company in the world O'Hagan used this inside information by buying call options on Pillsbury stock, resulting in profits of over $4 million. O'Hagan claimed that neither he nor his firm owed a fiduciary duty to Pillsbury, so that he did not commit fraud by purchasing Pillsbury options. [13]

The Court rejected O'Hagan's arguments and upheld his conviction.

The "misappropriation theory" holds that a person commits fraud "in connection with" a securities transaction, and thereby violates 10(b) and Rule 10b-5, when he misappropriates confidential information for securities trading purposes, in breach of a duty owed to the source of the information. Under this theory, a fiduciary's undisclosed, self-serving use of a principal's information to purchase or sell securities, in breach of a duty of loyalty and confidentiality, defrauds the principal of the exclusive use of the information. In lieu of premising liability on a fiduciary relationship between company insider and purchaser or seller of the company's stock, the misappropriation theory premises liability on a fiduciary-turned-trader's deception of those who entrusted him with access to confidential information.

The Court specifically recognized that a corporation’s information is its property: "A company's confidential information. . . qualifies as property to which the company has a right of exclusive use. The undisclosed misappropriation of such information in violation of a fiduciary duty. . . constitutes fraud akin to embezzlement – the fraudulent appropriation to one's own use of the money or goods entrusted to one's care by another. "

In 2000, the SEC enacted Rule 10b5-1, which defined trading "on the basis of" inside information as any time a person trades while aware of material nonpublic information — so that it is no defense for one to say that she would have made the trade anyway. SEC Rule 10b5-1 is an Administrative rule enacted by the United States Securities and Exchange Commission (SEC in 2000 This rule also created an affirmative defense for pre-planned trades. An affirmative defense is a category of defense used in Litigation between private parties in Common law Jurisdictions, or more familiarly

Security analysis and insider trading

Security analysts gather and compile information, talk to corporate officers and other insiders, and issue recommendations to traders. Thus their activities may easily cross legal lines if they are not especially careful. The CFA Institute in its code of ethics states that analysts should make every effort to make all reports available to all the broker's clients on a timely basis. The CFA Institute is headquartered in the United States of America at Charlottesville, Virginia with offices in Hong Kong and London Analysts should never report material nonpublic information, except in an effort to make that information available to the general public. Nevertheless, analysts' reports may contain a variety of information that is "pieced together" without violating insider trading laws, under the mosaic theory. [14] This information may include non-material nonpublic information as well as material public information, which may increase in value when properly compiled and documented.

In May 2007, a bill entitled the "Stop Trading on Congressional Knowledge Act, or STOCK Act" was introduced that would hold congressional and federal employees liable for stock trades they made using information they gained through their jobs and also regulate analysts or "Political Intelligence" firms that research government activities. [15] The bill has not passed. [16]

Arguments for legalizing insider trading

Some economists and legal scholars (e. g. Henry Manne, Milton Friedman, Thomas Sowell, Daniel Fischel, Frank H. Easterbrook) argue that laws making insider trading illegal should be revoked. Henry Manne is an American writer and academic considered a founder of the Law and economics discipline Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. Thomas Sowell (born June 30, 1930) is an American Economist, social commentator and author of dozens of books Daniel R Fischel (1950 -) is the emeritus Lee and Brena Freeman Professor of Law and Business and former Dean of University of Chicago Law School, and a co-founder Frank Hoover Easterbrook (born 1948 is Chief Judge of the United States Court of Appeals for the Seventh Circuit. They claim that insider trading based on material nonpublic information benefits investors, in general, by more quickly introducing new information into the market.

Milton Friedman, laureate of the Nobel Memorial Prize in Economics, said: "You want more insider trading, not less. Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk You want to give the people most likely to have knowledge about deficiencies of the company an incentive to make the public aware of that. " Friedman did not believe that the trader should be required to make his trade known to the public, because the buying or selling pressure itself is information for the market. [17]

Other critics argue that insider trading is a victimless act: A willing buyer and a willing seller agree to trade property which the seller rightfully owns, with no prior contract (according to this view) having been made between the parties to refrain from trading if there is asymmetric information. In Economics and Contract theory, information asymmetry deals with the study of decisions in transactions where one party has more or better Information

Legalization advocates also question why activity that is similar to insider trading is legal in other markets, such as real estate, but not in the stock market. Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom For example, if a geologist knows there is a high likelihood of the discovery of petroleum under Farmer Smith's land, he may be entitled to make Smith an offer for the land, and buy it, without first telling Farmer Smith of the geological data. Geology (from Greek γη gê, "earth" and λόγος Logos, "speech" lit Petroleum ( L petroleum, from Greek πετρέλαιον, lit [11] Nevertheless, circumstances can occur when the geologist would be committing fraud if he did not disclose the information, e. In the broadest sense a fraud is a Deception made for personal gain or to damage another individual g. when he had been hired by Farmer Smith to assess the geology of the farm.

Advocates of legalization make free speech arguments. Punishment for communicating about a development pertinent to the next day's stock price might seem to be an act of censorship [1]. If the information being conveyed is proprietary information and the corporate insider has contracted to not expose it, he has no more right to communicate it than he would to tell others about the company's confidential new product designs, formulas, or bank account passwords,

There are very limited laws against "insider trading" in the commodities markets, if, for no other reason, than that the concept of an "insider" is not immediately analogous to commodities themselves (e. g. , corn, wheat, steel, etc. ). However, analogous activities such as front running are illegal under U. Front running is the illegal practice of a Stock broker executing orders on a security for their own account (and thus affecting prices before filling S. commodity and futures trading laws. For example, a commodity broker can be charged with fraud if he or she receives a large purchase order from a client (one likely to affect the price of that commodity) and then purchases that commodity before executing the client's order in order to benefit from the anticipated price increase.

Legal differences among jurisdictions

The US and the UK vary in the way the law is interpreted and applied with regard to insider trading.

In the UK, the relevant laws are the Financial Services Act 1986 and the Financial Services and Markets Act 2000, which defines an offence of Market Abuse. The Financial Services and Markets Act 2000 (FSMA 2000 is an act of the United Kingdom parliament which created the Financial Services Authority (FSA as a regulator [18] It is also illegal to fail to trade based on inside information (whereas without the inside information the trade would have taken place). It is often legal to deal ahead of a takeover bid, where a party deliberately buys shares in a company in the knowledge that it will be launching a takeover bid.

Japan enacted its first law against insider trading in 1988. Roderick Seeman says: "Even today many Japanese do not understand why this is illegal. Indeed, previously it was regarded as common sense to make a profit from your knowledge. "[19]

In accordance with EU Directives, Malta enacted the Financial Markets Abuse Act in 2002, which effectively replaced the Insider Dealing and Market Abuse Act of 1994. A directive is a legislative act of the European Union which requires member states to achieve a particular result without dictating the means of achieving

The "Objectives and Principles of Securities Regulation"[20] published by the International Organization of Securities Commissions (IOSCO) in 1998 and updated in 2003 states that the three objectives of good securities market regulation are (1) investor protection, (2) ensuring that markets are fair, efficient and transparent, and (3) reducing systemic risk. The International Organization of Securities Commissions (IOSCO is an international organization that brings together the regulators of the world’s securities and futures markets The discussion of these "Core Principles" state that "investor protection" in this context means "Investors should be protected from misleading, manipulative or fraudulent practices, including insider trading, front running or trading ahead of customers and the misuse of client assets. Front running is the illegal practice of a Stock broker executing orders on a security for their own account (and thus affecting prices before filling " More than 85 percent of the world's securities and commodities market regulators are members of IOSCO and have signed on to these Core Principles.

The World Bank and International Monetary Fund now use the IOSCO Core Principles in reviewing the financial health of different country's regulatory systems as part of these organization's financial sector assessment program, so laws against insider trading based on non-public information are now expected by the international community. The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic Enforcement of insider trading laws varies widely from country to country, but the vast majority of jurisdictions now outlaw the practice, at least in principle.

See also

References

  1. ^ Insider Trading U. The United States Private Securities Litigation Reform Act of 1995 (PSLRA implemented several substantive changes affecting certain cases brought under the federal securities laws Securities fraud, also known as stock fraud and investment fraud, is a practice in which investors make purchase or sale decisions on the basis of false information Securities regulation in the United States is the field of US S. Securities and Exchange Commission, accessed May 7, 2008
  2. ^ "The World Price of Insider Trading" by Utpal Bhattacharya and Hazem Daouk in the Journal of Finance, Vol. LVII, No. 1 (Feb. 2002)
  3. ^ "Law and the Market: The Impact of Enforcement" by John C. Coffee, University of Pennsylvania Law Review (December 2007)
  4. ^ Larry Harris, Trading & Exchanges, Oxford Press, Oxford, 2003. Chapter 29 "Insider Trading" p. 589
  5. ^ Larry Harris, Trading & Exchanges, Oxford Press, Oxford, 2003. Chapter 29 "Insider Trading" p. 586-587
  6. ^ Insider Trading – A U.S. Perspective
  7. ^ Laws, at sec.gov
  8. ^ Laws, at sec.gov
  9. ^ Testimony, at sec.gov
  10. ^ Larry Harris, Trading & Exchanges, Oxford Press, Oxford, 2003. Chapter 29 "Insider Trading" p. 586
  11. ^ a b Haddock, David D. . Insider Trading. The Concise Encyclopedia of Economics. The Library of Economics and Liberty. Retrieved on 2008-01-22. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 565 - Eutychius is deposed as Patriarch of Constantinople by John Scholasticus.
  12. ^ Christopher Cox, U. S. Securities and Exchange Commission Speech by SEC Chairman:Remarks at the Annual Meeting of the Society of American Business Editors and Writers
  13. ^ Law.com
  14. ^ Investopedia.com — Mosaic Theory
  15. ^ Gross, Daniel. Daniel Gross is an American journalist and writes for Slate 's "Moneybox" column for the New York Times 's "Economic View" "Insider Trading, Congressional-Style", Slate, The Washington Post Company, 2007-05-21. Slate is an English-language online current affairs and culture Magazine created in 1996 by former New Republic editor Michael The Washington Post Company ( NYSE: WPO is an American education and media company best known for owning the newspaper it is named after The Washington Post Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 878 - Syracuse Italy is captured by the Muslim sultan of Sicily. Retrieved on 2007-05-29. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 363 - Roman Emperor Julian defeats the Sassanid army in the Battle of Ctesiphon, under the walls of the  
  16. ^ H. R. 2341 GovTrack.us
  17. ^ Larry Harris, Trading & Exchanges, Oxford Press, Oxford, 2003. Chapter 29 "Insider Trading" p. 591-597
  18. ^ cato.org
  19. ^ Japanlaw.info
  20. ^ Objectives and Principles of Securities Regulation, IOSCO, May 2003

Sources

External links

General Information

Articles and Opinions

Data on Insider Trading

Dictionary

insider trading

-noun

  1. (finance) Buying or selling securities of a publicly-held company by a person who has privileged access to information concerning the company's financial condition or plans.
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