THE INSIDER TRADER’S GLOBAL GUIDE
The United States is no longer a cosy place for insider dealers — those who trade illegally in stock on the basis of non-public information. The $12.6 million case brought by the Securities and Exchange Commission (SEC) against Dennis Levine has made that clear. But more worrying for the prospective US insider is the ambiguity of the law.
Prohibition against insider trading takes two forms: the disclose-or-abstain rule; and the misappropriation theory.
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