The Law on Insider Trading Lacks Needed Definition
13 Pages Posted: 20 May 2015
Date Written: May 18, 2015
Insider trading is not defined in the federal securities laws but is interpreted by the courts as a common law crime. This article argues that a statutory definition is needed, particularly in light of a recent Second Circuit case that narrows the breadth of cases recently prosecuted by the Securities and Exchange Commission and Department of Justice.
Keywords: insider trading, criminal prosecutions
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