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insider trading |
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insider tradingIllegal use of privileged information in dealing on a stock exchange, for example, when a company takeover bid is imminent. Insider trading is in theory detected by the Securities and Exchange Commission (SEC) in the USA, and by the Securities and Investment Board (SIB) in the UK. Neither agency, however, has any legal powers other than public disclosure and they do not bring prosecutions themselves. Although some economists argue that insider dealing may actually be beneficial, not harmful, to markets, most academics agree that the damage it does to market confidence, by shattering the impression of a level playing field, is justification for its criminalization. |
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| Moreover, some companies went so far as to skirt insider trading rules and other ethical constricts by timing stock prices at dates either before or after significant corporate events, either increasing or decreasing the share price--practices known as "spring loading" and "bullet dodging" The West Coast SEC enforcement and white-collar defense unit of Skadden Arps Meagher & Flom LLP has won an insider trading case with boardroom ramifications. 2005-48 (IRB 2005-32, 8/8/05) holds that an employee (E) who exercises a nonstatutory option before the end of a six-month "lock-up period" must recognize income from that exercise even if E's sale of the stock is restricted under the insider trading rules. |
insider trading
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