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 - 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] -  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] - Financial Services and Markets Act 2000 s.118 UK [English] - 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] - Romanian Law 297/2004, Art. 245 [Romanian]

Organisations and associations - Insider Trading, U.S. Securities and Exchange Commission (USA) - Financial Conduct Authority (UK) - Market abuse (insider dealing) (UK) - Market Abuse (EU)

Case law - Stoneridge v. Scientific-Atlanta, 443 F. 3d 987, 2008 - Tellabs, Inc. v. Makor Issues & Rights, LTD, 437 F. 3d 588, 2007 - Markus Geltl v. Daimler AG [C-19/11]

Online Publications - Șomlea, Radu, 2014, Company Law Harmonization in the UK, - Bainbridge, Stephen M., 1998, Insider Trading: An Overview - Bhattacharya, Utpal, Daouk, Hazem, 2002, The World Price of Insider Trading in the Journal of Finance, Vol. LVII, No. 1 


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