Sanctions Imposed for Insider Trading in Australia, Canada (Ontario), Hong Kong, Singapore, New Zealand, the United Kingdom and the United States: An Empirical Study

51 Pages Posted: 2 Aug 2016 Last revised: 4 Aug 2016

See all articles by Lev Bromberg

Lev Bromberg

The University of Melbourne

George Gilligan

University of Melbourne - Centre for Corporate Law

Jasper Hedges

Australian National University, Research School of Social Sciences

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: June 30, 2016

Abstract

This working paper presents the results of a detailed comparative empirical study of sanctions imposed for insider trading in Australia, Canada (Ontario), Hong Kong, Singapore, New Zealand, the United Kingdom, and the United States. Insider trading is considered to be a serious form of misconduct and has in some cases resulted in defendants receiving lengthy custodial sentences and significant monetary sanctions. The comparative study is based on a dataset of a significant size, scope and comprehensiveness, encompassing nearly 700 individuals and companies, as well as approximately 1400 sanctions imposed for the contravention of insider trading provisions in the seven jurisdictions. The study provides a detailed analysis of the insider trading enforcement landscape across a range of common law jurisdictions over an extended period by examining custodial sentences, banning orders and various pecuniary sanctions imposed for insider trading during the seven year period from 1 January 2009 to 31 December 2015.

Keywords: Insider trading, insider dealing, sanctions, penalties

Suggested Citation

Bromberg, Lev and Gilligan, George and Hedges, Jasper and Ramsay, Ian, Sanctions Imposed for Insider Trading in Australia, Canada (Ontario), Hong Kong, Singapore, New Zealand, the United Kingdom and the United States: An Empirical Study (June 30, 2016). CIFR Paper No. 117/2016. Available at SSRN: https://ssrn.com/abstract=2817172 or http://dx.doi.org/10.2139/ssrn.2817172

Lev Bromberg

The University of Melbourne ( email )

185 Pelham Street
Carlton, Victoria 3053
Australia

George Gilligan

University of Melbourne - Centre for Corporate Law ( email )

185 Pelham Street, Carlton, Building 106
Victoria 3010
Australia
+61 3 8344 1079 (Phone)

HOME PAGE: http://www.law-cclsr@unimelb.edu.au

Jasper Hedges

Australian National University, Research School of Social Sciences ( email )

Canberra
Australia

HOME PAGE: http://www.anu.edu.au

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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