Definition
Insider trading (Ro.: tranzactii pe baza informatiilor privilegiate, De.: ~r Insiderhandel, Fr.: délit d'initié, n.m., Gr.: συναλλαγές προσώπων με εμπιστευτική (εσωτερική) πληροφόρηση, Cz.: zneužití důvěrných informací zaměstnanci v rámci obchodování) (See also: abuse of information, market abuse, securities fraud, white collar crime) = the illegal trading of a public company's stock by individuals, to their advantage, with access to material nonpublic company information that would affect the price of stocks being bought or sold.
Useful links
Legislation
http://www.esma.europa.eu/ro/system/files/Dir_03_6.pdf - Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) [English]
http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32008L0026&from=EN - Directive 2008/26/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2003/6/EC on insider dealing and market manipulation (market abuse), as regards the implementing powers conferred on the Commission [English]
http://www.legislation.gov.uk/ukpga/2000/8/contents - Financial Services and Markets Act 2000 s.118 UK [English]
http://www.ecfr.gov/cgi-bin/retrieveECFR?gp=1&SID=3a9cce8d9b89ef32cd9ed9779da6db9f&ty=HTML&h=L&r=SECTION&n=17y4.0.1.1.1.1.65.100 - General Rules and Regulations, Securities Exchange Act of 1934, §240.10b5-1 Trading “on the basis of” material nonpublic information in insider trading cases US [English]
http://www.cnvmr.ro/pdf/legi/ro/Legea-297-2004.htm - Romanian Law 297/2004, Art. 245 [Romanian]
Organisations and associations
http://www.sec.gov/answers/insider.htm - Insider Trading, U.S. Securities and Exchange Commission (USA)
http://www.fca.org.uk/ - Financial Conduct Authority (UK)
http://fshandbook.info/FS/html/FCA/MAR/1/3 - Market abuse (insider dealing) (UK)
http://ec.europa.eu/internal_market/securities/abuse/index_en.htm - Market Abuse (EU)
Case law
http://www.law.cornell.edu/supct/html/06-43.ZS.html - Stoneridge v. Scientific-Atlanta, 443 F. 3d 987, 2008
http://www.law.cornell.edu/supct/html/06-484.ZS.html - Tellabs, Inc. v. Makor Issues & Rights, LTD, 437 F. 3d 588, 2007
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:62011CJ0019:EN:HTML - Markus Geltl v. Daimler AG [C-19/11]
Online Publications
http://lawyr.it/index.php/articles/domestic-focus/item/101-company-law-harmonization-in-the-uk - Șomlea, Radu, 2014, Company Law Harmonization in the UK, Lawyr.it
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=132529 - Bainbridge, Stephen M., 1998, Insider Trading: An Overview
http://faculty.fuqua.duke.edu/~charvey/Teaching/BA453_2005/BD_The_world.pdf - Bhattacharya, Utpal, Daouk, Hazem, 2002, The World Price of Insider Trading in the Journal of Finance, Vol. LVII, No. 1
Publications
Sealy, L., Worthington, S., 2013, Sealy and Worthington's Cases and Materials in Company Law, Oxford University Press
Kelly, D., Hammer, R., Hendy, J., 2014, Business Law, 2nd Edition, Routledge
Clarke, S., 2013, Insider Dealing: Law and Practice, Oxford University Press
By Radu Șomlea