
Insider Trading
Description
Alles über E-Books | Antworten auf Fragen rund um E-Books, Kopierschutz und Dateiformate finden Sie in unserem Info- & Hilfebereich.
The United States continues to refine its insider trading regulations, and Japan has recently enacted legislation in this field. As a result of the increasingly international nature of insider trading, supervisory authorities throughout the world now closely coordinate their efforts.
Drawing from the experience of law professors, governmental officials and practising lawyers, this book explores the regulations of eighteen countries in Europe, the United States and Japan, as well as the EC Directive Coordinating Regulations on Insider Dealing, and the Council of Europe's Convention on Insider Trading.
This book is an indispensable tool for practising lawyers, legislators, academics, and international business and finance professionals. Combining legal doctrine and practical information, it analyzes, for each legal system, how insider trading is defined and controlled. Further, it addresses other stock-related infractions and international law issues such as jurisdiction and international cooperation.
More details
Other editions
Additional editions

Content
- Cover
- Half Title Page
- Title Page
- Copyright Page
- Introduction
- Table of Contents
- Part I EUROPE
- International Sources
- Chapter 1 The EC Directive of 1989
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- A. The Nature of Inside Information
- B. The Purpose of the Information
- 2. Categories of Insiders
- A. Primary Insiders
- B. Secondary Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- A. Prohibited Activities for Both Primary and Secondary Insiders
- B. Prohibited Activities for Primary Insiders Only
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. Applicable Law
- 3. International Cooperation
- Chapter 2 The Council of Europe's Convention of 1989
- I. OVERVIEW
- II. THE DEFINITION OF INSIDER TRADING
- III. CONTROL OF INSIDER TRADING
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- VI. THE EC DIRECTIVE
- VII. CONCLUSIONS
- National Legislation EC Member States
- Chapter 3 Belgium
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 4 DENMARK
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- v. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 5 France
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- A. Nature of Inside Information
- B. Subject Matter of Inside Information
- 2. Categories of Insiders
- A. Primary Insiders
- B. Secondary Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- A. The Use of Inside Infonnation
- B. The Disclosure of Inside Information
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- A. Criminal Penalties
- B. Administrative Sanctions
- IV. OTHER STOCK RELATED INFRACTIONS
- v. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 6 Germany
- I. OVERVIEW
- II. APPLICABILITY OF THE GUIDELINES
- III. THE PROVISIONS OF THE GUIDELINES
- A. The Prohibition Against Insider Trading
- B. Categories of Insiders
- C. Insider Paper
- D. Inside Information
- E. Investigation of Possible Violations of the Guidelines
- F. Sanctions
- IV. THE CODE OF PROCEDURE
- A. Composition of the Review Panel
- B. Jurisdiction of the Review Panel
- C. Initiation of Proceedings
- D. Procedures for Investigations
- E. Determinations by the Review Panel
- V. REVIEW PANEL DECISIONS
- VI. ACCEPTANCE AND CRITICISM
- VII. STATUTORY APPROACHES TO INSIDER TRADING
- A. Actions Under the Stock Corporation Law (AktG)
- B. Actions Under the Law against Unfair Competition
- C. Other Possible Actions
- VIII. THE EC DIRECTIVE ON INSIDER DEALING
- Chapter 7 GREECE
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- A. Primary Insiders
- B. Secondary Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- v. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 8 IRELAND
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Insider Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 9 Italy
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- A. General
- B. Definition of Inside Information
- 2. Categories ofInsider
- A. General
- B. The Extension of the Prohibitions to Tippees
- C. Prohibition regarding Ministers and Under-Secretaries of State
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- v. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 10 Luxembourg
- I. OVERVIEW
- II. DEFINITION OF INSIDE INFORMATION
- 1. Inside Information
- 2. Categories of Insiders
- A. Primary Insiders
- B. Secondary Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 11 The Netherlands
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- v. THE EC DIRECTIVE 66
- VI. CONCLUSION
- Chapter 12 Portugal
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 13 Spain
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- VB. CONCLUSION
- Chapter 14 United Kingdom
- I. OVERVIEW1
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- A. The Basic Definition
- B. Non-Statutory Definitions of Inside Information
- C. Breach of Confidence
- 2. Categories of Insiders
- A. Primary Insiders
- B. Secondary Insiders ('Tippees')
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- A. IDA 1985: Criminal Offenses
- B. Dealing in Securities55
- C. Counselling and Procuring63
- D. Communicating Information66
- E. Defenses
- F. The Companies Act 1985
- G. Extra Statutory Restrictions
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- A. Powers o/the Regulators
- B. Prosecutions Under the IDA 1985
- C. Investigation and Surveillance
- 2. Preventative Measures
- A. The City Code
- B. The Stock Exchange
- C. Statutory Reporting and Disclosure Requirements
- D. 'Chinese Walls'182
- 3. Sanctions
- A. The IDA 1985
- B. Financial Services Act 1986
- C. Regulatory Sanctions
- D. Civil Litigation
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- A. General Mechanisms for the Gathering of Evidence
- B. Specific Mechanisms for Information Exchange Directly Concerned with InsiderTrading
- C. United Kingdom Domestic Legislation
- VI. THE EC DIRECTIVE280
- National Legislation Other European States
- Chapter 15 AUSTRIA
- I. OVERVIEW
- 1. Introduction
- 2. Background
- A. Capital Markets
- B. Internal Bank Organization
- C. Special Statutory Environment
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- A. Inside Information Under the Regulation
- B. Inside Information Pursuant to Section 82(5) of the Act
- 2. Categories of Insiders
- A. Primary Insiders
- B. Secondary Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- A. Prohibited Activities Under the Regulation
- B. Exceptions
- C. Prohibited Activities Pursuant to Section 82(5) o/the Act
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- A. Supervision of Insiders Under the Regulation
- B. Supervision of Insiders Pursuant to Section 82, Paragraphs 5 and 6 of the Act
- 2. Preventive Measures
- A. General
- B. Content o/the Chamber Guidelines
- 3. Sanctions
- A. Sanctions Under Criminal Law
- B. Sanctions Under the Act
- C. Money Damages as Civil Sanctions
- D. Civil Sanctions Under the Agreements
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- Chapter 16 FINLAND
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- A. Restrictions on Trade
- B. Persons whose Trade is Restricted
- C. Restrictions
- D. Disclosure Rules
- E. Persons to Whom the Disclosure Rules Apply
- F. Obligation to Disclose
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 17 Liechtenstein
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- III. CONTROL OF INSIDER TRADING
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- VI. THE EC DIRECTIVE
- Chapter 18 Norway
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. INTERNATIONAL LAW
- V. PROPOSED NEW LEGISLATION
- Chapter 19 Sweden
- I. OVERVIEW
- 1. Legislation in Force
- 2. Self-regulation
- 3. Case Law
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. THE EC DIRECTIVE
- Chapter 20 Switzerland
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. Applicable law
- 3. International Cooperation
- Part II THE UNITED STATES AND JAPAN
- Chapter 21 United States of America
- I. OVERVIEW
- II. DEFINITION OF INSIDER TRADING
- 1. Inside Information
- A. Confidentiality
- B. Materiality
- 2. Categories of Insiders
- A. Corporate Insiders
- B. Traders, Tippers and Tippees
- C. Corporate Entities
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- A. Section 10(b) and Rule 10b-5
- B. Section 14( e) and Rule 14e-3
- C. Section 17(a) of the Securities Act
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- A. Preventing Insider Trading
- B. Preventing Continued Violation
- 3. Sanctions
- A. Sanctions in Proceedings by the S.E.C.
- B. Criminal Liability
- C. The Interplay of Civil and Criminal Sanctions in Enforcement Proceedings
- D. Civil Remedies in Private Actions
- IV. OTHER STOCK-RELATED INFRACTIONS
- A. Fraudulent, Deceptive or Manipulative Transactions
- B. Prohibitions not Based on Fraud: Short-swing Profits
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. CONCLUSION
- Chapter 22 Japan
- I. OVERVIEW
- 1. Before the 1988 Amendment
- A. Article 58 (Unfair Securities Dealings)
- B. Article 189 (Disgorgement of Short-Swing Profits)
- C. Administrative Supervision of Securities Companies
- 2. The 1988 Amendment
- A. Clarification of the Criteria for Insider Trading
- B. Enhancement of Administrative Supervision
- C. Enhancement of the Provisions on Disgorgement of Short-Swing Profits
- II. THE DEFINITION OF INSIDER TRADING
- 1. Inside Information
- 2. Categories of Insiders
- 3. Presumption of Knowledge
- 4. Prohibited Activities
- III. CONTROL OF INSIDER TRADING
- 1. Supervisory Authorities
- 2. Preventive Measures
- 3. Sanctions
- A. Criminal Sanctions
- B. Administrative Sanctions
- C. Civil Sanctions
- IV. OTHER STOCK-RELATED INFRACTIONS
- V. INTERNATIONAL LAW
- 1. Jurisdiction
- 2. International Cooperation
- VI. CONCLUDING NOTE
- Part III ANNEXES
- ANNEX A - EC DIRECTIVE
- ANNEX B - COUNCIL OF EUROPE'S CONVENTION
- ANNEX C - BELGIUM
- ANNEX D - DENMARK
- ANNEX E - FRANCE
- ANNEX F - GREECE*
- ANNEX G - IRELAND
- ANNEXH-ITALY
- ANNEX I-LUXEMBOURG
- ANNEXJ-PORTUGAL
- ANNEX K - SPAIN
- ANNEX L - UNITED KINGDOM
- ANNEX M - AUSTRIA
- ANNEX N - FINLAND
- ANNEX O - NORWAY
- ANNEX P - SWITZERLAND
- ANNEX Q - UNITED STATES
- ANNEXR-JAPAN
- Back Cover
System requirements
File format: PDF
Copy-Protection: Adobe-DRM (Digital Rights Management)
System requirements:
- Computer (Windows; MacOS X; Linux): Install the free reader Adobe Digital Editions prior to download (see eBook Help).
- Tablet/smartphone (Android; iOS): Install the free app Adobe Digital Editions or the app PocketBook before downloading (see eBook Help).
- E-reader: Bookeen, Kobo, Pocketbook, Sony, Tolino and many more (only limited: Kindle).
The file format PDF always displays a book page identically on any hardware. This makes PDF suitable for complex layouts such as those used in textbooks and reference books (images, tables, columns, footnotes). Unfortunately, on the small screens of e-readers or smartphones, PDFs are rather annoying, requiring too much scrolling.
This eBook uses Adobe-DRM, a „hard” copy protection. If the necessary requirements are not met, unfortunately you will not be able to open the eBook. You will therefore need to prepare your reading hardware before downloading.
Please note: We strongly recommend that you authorise using your personal Adobe ID after installation of any reading software.
For more information, see our eBook Help page.