The Extent and Intensity of Insider Trading Enforcement - An International Comparison

Journal of Corporate Law Studies, Vol. 17, No. 1, pp. 73-110, 2017

33 Pages Posted: 17 Feb 2017

See all articles by Lev Bromberg

Lev Bromberg

The University of Melbourne

George Gilligan

University of Melbourne - Centre for Corporate Law

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: February 16, 2017

Abstract

This article presents the results of a detailed comparative empirical study of sanctions imposed for insider trading in Australia, Canada (Ontario), Hong Kong, Singapore, the United Kingdom, and the United States. 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 during the seven year period from 1 January 2009 to 31 December 2015. The study compares the type, magnitude and frequency of sanctions imposed by statutory bodies and the courts for insider trading and provides important insights into the enforcement tools commonly used by securities regulators to enforce insider trading laws. One significant finding is that even in jurisdictions with similar insider trading laws, very different sanctions are used to enforce these laws. The article also sets out an empirical methodology for assessing the severity of sanctions imposed for insider trading in each of the jurisdictions, providing an example for future empirical analysis.

Keywords: Insider trading, insider dealing, securities, enforcement, penalties

Suggested Citation

Bromberg, Lev and Gilligan, George and Ramsay, Ian, The Extent and Intensity of Insider Trading Enforcement - An International Comparison (February 16, 2017). Journal of Corporate Law Studies, Vol. 17, No. 1, pp. 73-110, 2017. Available at SSRN: https://ssrn.com/abstract=2919153

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

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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