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