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alex80 {\field{\*\fldinst {HYPERLINK http://works.bepress.com/pankaj_singh }}{\f
ldrslt {\ul0\nosupersub\cf1\f2\fs36 From the SelectedWorks of Pankaj Singh}}} \p

ar\pard\ql \li1620\sb0\sl-276\slmult0 \par\pard\ql\li1620\sb0\sl-276\slmult0 \pa
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b\cf2\f3\fs24 April 2004 \par\pard\ql \li1620\sb118\sl-598\slmult0 \up0 \expndtw
0\charscalex74 \ul0\nosupersub\cf3\f4\fs52 Insider Trading In India \par\pard\li
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xpndtw0\charscalex95 \ul0\nosupersub\cf5\f6\fs32 PREVENTING INSIDER TRADING \par
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pard\ql\li1800\sb146\sl-230\slmult0 \up0 \expndtw-4\charscalex100 \ul0\nosupersu
b\cf6\f7\fs20 INTRODUCTION \par\pard\qj \li1800\sb0\sl-413\slmult0 \par\pard\qj\
li1800\ri1605\sb6\sl-413\slmult0 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf
7\f8\fs24 It was only about three decades back that insider trading was recogniz
ed in many \line \up0 \expndtw-4\charscalex100 developed countries as what it wa
s - an injustice; in fact, a crime against shareholders and \line \up0 \expndtw1\charscalex100 markets in general. At one time, not so far in the past, inside
information and its use for \line \up0 \expndtw-1\charscalex100 personal profits
was regarded as a perk of office and a benefit of having reached a high \line \
up0 \expndtw0\charscalex102 stage in life. It was the Sunday Times of UK that co
ined the classic phrase in 1973 to \line \up0 \expndtw-2\charscalex100 describe
this sentiment - "the crime of being something in the city", meaning that inside
r \line \up0 \expndtw-3\charscalex100 trading was believed as legitimate at one
time and a law against insider trading was like a \line \up0 \expndtw-3\charscal
ex100 law against high achievement. "Insider trading" is a term subject to many
definitions and \line \up0 \expndtw-2\charscalex100 connotations and it encompas
ses both legal and prohibited activity. Insider trading takes \line \up0 \expndt
w-2\charscalex100 place legally every day, when corporate insiders - officers, d
irectors or employees - buy \line \up0 \expndtw0\charscalex104 or sell stock in

their own companies within the confines of company policy and the \line \up0 \ex
pndtw-3\charscalex100 regulations governing this trading. It is the trading that
takes place when those privileged \line \up0 \expndtw0\charscalex100 with confi
dential information about important events use the special advantage of that \li
ne \up0 \expndtw0\charscalex102 knowledge to reap profits or avoid losses on the
stock market, to the detriment of the \line \up0 \expndtw-2\charscalex100 sourc
e of the information and to the typical investors who buy or sell their stock wi
thout \line \up0 \expndtw0\charscalex100 the advantage of "inside" information.
Almost eight years ago, India's capital markets \line \up0 \expndtw0\charscalex1
04 watchdog - the Securities and Exchange Board of India organised an internat
ional \line \up0 \expndtw-4\charscalex100 seminar on capital market regulations.
Among others issues, it had invited senior officials \line \up0 \expndtw0\chars
calex105 of the Securities and Exchange Commission to tell us how it tackled the
menace of \line \up0 \expndtw-3\charscalex100 insider trading. \par\pard\ql \li
1800\sb0\sl-276\slmult0 \par\pard\ql\li1800\sb265\sl-276\slmult0 \up0 \expndtw-5
\charscalex100 \ul0\nosupersub\cf8\f9\fs24 Insider & Insider Trading Defined \pa
r\pard\ql \li1800\sb0\sl-420\slmult0 \par\pard\ql\li1800\ri1610\sb6\sl-420\slmul
t0\tx2160 \up0 \expndtw0\charscalex103 \ul0\nosupersub\cf7\f8\fs24 Securities an
d Exchange Board of India (Prohibition of Insider Trading) Regulations, \up0 \ex
pndtw-2\charscalex100 1992, does not directly define the term "insider trading".
But it defines the terms-\line \tab \up0 \expndtw-3\charscalex100 \ul0\nosupers
ub\cf9\f10\fs24 \u-3913?\ul0\nosupersub\cf7\f8\fs24
"insider" or who is an "i
nsider; \par\pard\ql \li2160\sb119\sl-276\slmult0 \up0 \expndtw-1\charscalex100
\ul0\nosupersub\cf9\f10\fs24 \u-3913?\ul0\nosupersub\cf7\f8\fs24
who is a "co
nnected person";
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{\sp{\sn pSegmentInfo}{\sv 2;10;16384;45824;1;45824;1;45824;1;45824;24577;32768}
}
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}}\par\pard\sect\sectd\fs24\paperw12240\paperh15840\pard\sb0\sl-240{\bkmkstart P
g3}{\bkmkend Pg3}\par\pard\ql \li2160\sb0\sl-276\slmult0 \par\pard\ql\li2160\sb0
\sl-276\slmult0 \par\pard\ql\li2160\sb0\sl-276\slmult0 \par\pard\ql\li2160\sb0\s
l-276\slmult0 \par\pard\ql\li2160\sb108\sl-276\slmult0 \up0 \expndtw-3\charscale
x100 \ul0\nosupersub\cf9\f10\fs24 \u-3913?\ul0\nosupersub\cf7\f8\fs24
What ar
e "price sensitive information". \par\pard\qj \li1800\ri1605\sb30\sl-415\slmult0
\up0 \expndtw0\charscalex102 Obviously an insider, who has deep insight into th
e affairs of the corporate body and \line \up0 \expndtw-3\charscalex100 holding
knowledge about "price sensitive information" relating to the performance of the
\line \up0 \expndtw0\charscalex103 corporate body that could have a decided imp
act on the movement of the price of its \line \up0 \expndtw-1\charscalex100 equi
ty, is at a vantage position with regards to a prospective trading in the shares
of the \line \up0 \expndtw0\charscalex102 company to the detriment of the commo
n investors. Taking this fact into account the \line \up0 \expndtw-2\charscalex1
00 Regulation prescribes several "do-s" and "don'ts" with reference to these "in
siders". The \line \up0 \expndtw0\charscalex104 effect of the regulatory measure
is to prevent the insider trading in the shares of the \line \up0 \expndtw0\cha
rscalex100 company to earn an unjustified benefit for him and to the disadvantag
e of the bonafide \line \up0 \expndtw-3\charscalex100 common shareholders. \par\
pard\qj \li1800\ri1606\sb405\sl-415\slmult0 \up0 \expndtw-3\charscalex100 Accord
ing to the Regulations "\ul0\nosupersub\cf8\f9\fs24 insider"\ul0\nosupersub\cf7\
f8\fs24 means any person who, is or was connected with \up0 \expndtw0\charscale
x107 the company or is deemed to have been connected with the company, and who i
s \up0 \expndtw0\charscalex103 reasonably expected to have access, connecti
on, to unpublished price sensitive \up0 \expndtw-2\charscalex100 information
in respect of securities of a company, or who has received or has had access \u
p0 \expndtw-3\charscalex100 to such unpublished price sensitive information; \pa
r\pard\qj \li1800\ri1609\sb0\sl-420\slmult0 \up0 \expndtw-3\charscalex100 The ab
ove definition in turn introduces a new term "\ul0\nosupersub\cf8\f9\fs24 connec
ted person\ul0\nosupersub\cf7\f8\fs24 ". The Regulation \up0 \expndtw-4\charscal
ex100 defines that a "connected person" means any person who-\par\pard\ql \li216
0\ri1607\sb0\sl-410\slmult0\tx2520\tx2520\tx2520 \up0 \expndtw-3\charscalex100 1
. \tab \up0 \expndtw-3\charscalex100 (i) is a director, as defined in clause (13
) of section 2 of the Companies Act, 1956 \line\tab \up0 \expndtw-3\charscalex10
0 (1 of 1956) of a company, or is deemed to be a director of that company by vir
tue \line \tab \up0 \expndtw-4\charscalex100 of sub-clause (10) of section 307 o
f that Act or \par\pard\ql \li2160\ri1605\sb0\sl-415\slmult0\tx2520\tx2520\tx252
0\tx2520\tx2520 \up0 \expndtw-3\charscalex100 2. \tab \up0 \expndtw-1\charscalex
100 (ii) occupies the position as an officer or an employee of the company or ho
lds a \line\tab \up0 \expndtw-3\charscalex100 position involving a professional
or business relationship between himself and the \line \tab \up0 \expndtw-2\char
scalex100 company whether temporary or permanent and who may reasonably be expec
ted \line \tab \up0 \expndtw0\charscalex102 to have an access to unpublished pri
ce sensitive information in relation to that \line \tab \up0 \expndtw-3\charscal
ex100 company; \par\pard\qj \li1800\ri1607\sb397\sl-420\slmult0 \up0 \expndtw0\c
harscalex100 \ul0\nosupersub\cf8\f9\fs24 'Price Sensitive Information'\ul0\nos
upersub\cf7\f8\fs24 means any information, which relates directly or \up
0 \expndtw-2\charscalex100 indirectly to a company and which if published, is li
kely to materially affect the price of \up0 \expndtw-3\charscalex100 securities
of company.
}

g4}{\bkmkend Pg4}\par\pard\ql \li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb0
\sl-230\slmult0 \par\pard\ql\li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb0\s
l-230\slmult0 \par\pard\ql\li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb0\sl230\slmult0 \par\pard\ql\li1800\sb230\sl-230\slmult0 \up0 \expndtw-4\charscalex1
00 \ul0\nosupersub\cf6\f7\fs20 INSIDER TRADING AS A CRIME \par\pard\qj \li1800\r
i1608\sb358\sl-414\slmult0 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf7\f8\
fs24 Insider trading is an extraordinarily difficult crime to prove. The underly
ing act of buying \line \up0 \expndtw-2\charscalex100 or selling securities is,
of course, perfectly legal activity. It is only what is in the mind of \line \up
0 \expndtw0\charscalex104 the trader that can make this legal activity a prohibi
ted act of insider trading. Direct \line \up0 \expndtw0\charscalex100 evidence o
f insider trading is rare. There is no smoking guns or physical evidence that \l
ine \up0 \expndtw0\charscalex106 can be scientifically linked to a perpetrator.
Unless the insider trader confesses his \line \up0 \expndtw0\charscalex103 knowl
edge in some admissible form, evidence is almost entirely circumstantial. The \l
ine \up0 \expndtw-1\charscalex100 investigation of the case and the proof presen
ted to the fact-finder is a matter of putting \line \up0 \expndtw0\charscalex100
together pieces of a puzzle.\ul0\nosupersub\cf10\f11\fs20 \ul0\nosupersub\cf7\
f8\fs24 This is why providing civil, as well as criminal, liability is \line \up
0 \expndtw0\charscalex100 vital to an effective insider-trading program.\ul0\nos
upersub\cf10\f11\fs20 \ul0\nosupersub\cf7\f8\fs24 The importance of making insi
der trading \line \up0 \expndtw0\charscalex102 both a criminal and civil offense
is illustrated by two recent decisions by U.S. federal \line \up0 \expndtw-3\ch
arscalex100 courts. \par\pard\ql \li1800\sb0\sl-276\slmult0 \par\pard\ql\li1800\
sb244\sl-276\slmult0 \up0 \expndtw-2\charscalex100 In September 1998, the Ninth
Circuit Court of Appeals held in the case of \ul0\nosupersub\cf11\f12\fs24 Unite
d States \par\pard\qj \li1800\ri1608\sb42\sl-400\slmult0 \up0 \expndtw-1\charsca
lex100 v. Smith. \ul0\nosupersub\cf7\f8\fs24 That in a criminal insider trading
case, the government must prove that even a \line \up0 \expndtw-2\charscalex100
defendant who is a traditional insider \up0 \expndtw-2\charscalex100 (rather t
han a misappropriator) actually used \par\pard\qj \li1800\ri1608\sb9\sl-414\slmu
lt0 \up0 \expndtw0\charscalex104 material nonpublic information in making the de
cision to trade, rejecting the SEC's \line \up0 \expndtw-3\charscalex100 positio
n and the position of the Second Circuit expressed in an earlier decision\ul0\su
per\cf12\f13\fs24 1\ul0\nosupersub\cf7\f8\fs24 that it is \line \up0 \expndtw1\charscalex100 enough for the government to show that the defendant wa
s in possession of the \line \up0 \expndtw0\charscalex103 information at the
time he traded. Several months ago, the Eleventh Circuit Court of \line \up0 \e
xpndtw0\charscalex104 Appeals reached the same decision in \ul0\nosupersub\cf11\
f12\fs24 SEC v. Adler\ul0\nosupersub\cf7\f8\fs24 , a civil case, but to alleviat
e the \line \up0 \expndtw-4\charscalex100 difficulties of proof raised by the st
andard, adopted a rule providing that although "use" is \line \up0 \expndtw0\cha
rscalex100 a required element of a Rule 10b-5 insider trading violation, when an
insider trades in \line \up0 \expndtw0\charscalex100 possession of material
nonpublic information, a strong inference arises that such \line \up0 \ex
pndtw0\charscalex100 information was used by the insider in trading.\ul0\super\c
f12\f13\fs24 2\ul0\nosupersub\cf7\f8\fs24 The burden then shifts to the trader
to \line \up0 \expndtw-4\charscalex100 rebut the inference by adducing evidence
that there was no causal connection between the \line \up0 \expndtw-4\charscale
x100 knowledge and the trade. Such an inference is unavailable in the criminal c
ontext, where \par\pard\ql \li1800\sb0\sl-207\slmult0 \par\pard\ql\li1800\sb0\sl
-207\slmult0 \par\pard\ql\li1800\sb183\sl-207\slmult0 \up0 \expndtw-2\charscalex
100 \ul0\super\cf13\f14\fs19\ul0\super\cf13\f14\fs18 1\ul0\nosupersub\cf14\f15\f
s18 1998 U.S. App. LEXIS 20750. \par\pard\ql \li1800\sb1\sl-198\slmult0 \up0 \ex
pndtw-3\charscalex100 \ul0\super\cf13\f14\fs18 2\ul0\nosupersub\cf14\f15\fs18 S
ee United States v. Teicher, 987 F.2d 112, 119 (2d Cir. 1992), cert. denied, 114
S. Ct. 467 (1998).
}
}}
}
g5}{\bkmkend Pg5}\par\pard\qj \li1800\sb0\sl-420\slmult0 \par\pard\qj\li1800\sb0
\sl-420\slmult0 \par\pard\qj\li1800\ri1607\sb234\sl-420\slmult0 \up0 \expndtw0\c
harscalex104 \ul0\nosupersub\cf7\f8\fs24 the burden remains on the government to
prove each element of an offense beyond a \up0 \expndtw0\charscalex100 reasonab
le doubt. These two cases demonstrate the importance of having both civil and \u
p0 \expndtw-3\charscalex100 criminal prosecution available to the regulator. \ul
0\super\cf12\f13\fs24 3 \par\pard\ql \li1800\sb0\sl-276\slmult0 \par\pard\ql\li1
800\sb243\sl-276\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf8\f9\fs
24 Insider Trading Law in the United States \par\pard\ql \li1800\ri1737\sb32\sl412\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf7\f8\fs24 Rooted in
the common law tradition of England, on which our legal system is based, we \lin
e \up0 \expndtw-2\charscalex100 have relied largely on our courts to develop the
law-prohibiting insider trading. While \line \up0 \expndtw-2\charscalex100 Cong
ress gave us the mandate to protect investors and keep our markets free from fra
ud, \line \up0 \expndtw-4\charscalex100 it has been our jurists, albeit at the u
rging of the Commission and the United States \line \up0 \expndtw-2\charscalex10
0 Department of Justice, who have played the largest role in defining the law of
insider \line \up0 \expndtw-3\charscalex100 trading. \par\pard\qj \li1800\sb0\s
l-413\slmult0 \par\pard\qj\li1800\ri1607\sb15\sl-413\slmult0 \up0 \expndtw-2\cha
rscalex100 After the United States stock market crash of 1929, Congress enacted
the Securities Act \up0 \expndtw0\charscalex105 of 1933 and the Securities Exch
ange Act of 1934, aimed at controlling the abuses \up0 \expndtw-3\charscalex100
believed to have contributed to the crash. The 1934 Act addressed insider tradi
ng directly \up0 \expndtw-4\charscalex100 through Section 16(b) and indirectly t
hrough Section 10(b). Section 16(b) prohibits short\up0 \expndtw-3\charscalex100
swing profits (profits realized in any period less than six months) by corporat
e insiders in \up0 \expndtw0\charscalex103 their own corporation's stock, except
in very limited circumstance. It applies only to \up0 \expndtw0\charscalex100 d
irectors or officers of the corporation and those holding greater than 10% of th
e stock \up0 \expndtw0\charscalex100 and is designed to prevent insider trading
by those most likely to be privy to important \up0 \expndtw-4\charscalex100 corp
orate information. Section 10(b) of the Securities and Exchange Act of 1934 make
s it \up0 \expndtw-3\charscalex100 unlawful for any person "to use or employ, in
connection with the purchase or sale of any \up0 \expndtw-3\charscalex100 secur
ity registered on a national securities exchange or any security not so register
ed, any \up0 \expndtw0\charscalex105 manipulative or deceptive device or contriv
ance in contravention of such rules and \up0 \expndtw-1\charscalex100 regulation

s as the [SEC] may prescribe." To implement Section 10(b), the SEC adopted \up0
\expndtw-2\charscalex100 Rule 10b-5, which provides, in relevant part: \par\pard
\ql \li1800\sb0\sl-276\slmult0 \par\pard\ql\li1800\sb245\sl-276\slmult0 \up0 \ex
pndtw-3\charscalex100 It shall be unlawful for any person, directly or indirectl
y, \par\pard\ql \li1800\sb0\sl-276\slmult0 \par\pard\ql\li1800\sb0\sl-276\slmult
0 \par\pard\ql\li1800\sb12\sl-276\slmult0 \up0 \expndtw-3\charscalex100 (a) To e
mploy any device, scheme, or artifice to defraud, \par\pard\ql \li1800\sb0\sl-20
7\slmult0 \par\pard\ql\li1800\sb154\sl-207\slmult0 \up0 \expndtw-1\charscalex100
\ul0\super\cf13\f14\fs19\ul0\super\cf13\f14\fs18 3\ul0\nosupersub\cf14\f15\fs18
137 F.2d 1325 (1998).
}
}}
}
\sl-415\slmult0 \par\pard\qj\li1800\sb0\sl-415\slmult0 \par\pard\qj\li1800\ri160
7\sb253\sl-415\slmult0 \up0 \expndtw0\charscalex108 \ul0\nosupersub\cf7\f8\fs24
(b) To make any untrue statement of a material fact or omit to state a material
fact \up0 \expndtw0\charscalex106 necessary in order to make the statements made
, in light of the circumstances under \up0 \expndtw0\charscalex100 which they we
re made, not misleading, or (c) to engage in any act, practice, or course of \up
0 \expndtw0\charscalex108 business which operates or would operate as a fraud or
deceit upon any person, in \up0 \expndtw-3\charscalex100 connection with the pu
rchase or sale of a security\ul0\super\cf12\f13\fs24 4\ul0\nosupersub\cf7\f8\fs2
4 . \par\pard\qj \li1800\ri1608\sb405\sl-415\slmult0 \up0 \expndtw0\charscalex11
0 These broad anti-fraud provisions, make it unlawful to engage in fra
ud or \up0 \expndtw0\charscalex102 misrepresentation in connection with the pur
chase or sale of a security\ul0\super\cf12\f13\fs24 5\ul0\nosupersub\cf7\f8\fs24
. While they do \up0 \expndtw0\charscalex109 not speak expressly to insider tra
ding, here is where the courts have exercised the \up0 \expndtw0\charscalex103 a
uthority that has led to the most important developments in insider trading law
in the \up0 \expndtw-3\charscalex100 United States. \par\pard\qj \li1800\ri1607\
sb405\sl-415\slmult0 \up0 \expndtw0\charscalex103 The breadth of the anti-fraud
provisions leaves much room for interpretation and the \line \up0 \expndtw-4\cha
rscalex100 flexibility to meet new schemes and contrivances head on. Moral imper
atives have driven \line \up0 \expndtw0\charscalex103 the development of insider
trading law in the United States. And the development of \line \up0 \expndtw-4\
charscalex100 insider trading law has not progressed with logical precision as t
he reach of the anti-fraud \line \up0 \expndtw-3\charscalex100 provisions to cov
er insider trading has expanded and contracted over time. The anti-fraud \line \
up0 \expndtw-4\charscalex100 provisions were relatively easy to apply to the cor
porate insider who secretly traded in his \line \up0 \expndtw-3\charscalex100 ow
n company's stock while in possession of inside information because such behavio
r fit \line \up0 \expndtw0\charscalex102 within traditional notions of fraud. Fa
r less clear was whether Section 10(b) and Rule \line \up0 \expndtw0\charscalex1
00 10b-5 prohibited insider trading by a corporate "outsider." In 1961, in the c
ase of In re \line \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf11\f12\fs24 C
ady Roberts & Co\ul0\nosupersub\cf7\f8\fs24 .\ul0\super\cf12\f13\fs24 6\ul0\no
supersub\cf7\f8\fs24
the Securities and Exchange Commission, applying a
broad \line \up0 \expndtw0\charscalex100 construction of the provisions, held
that they do. The Commission held that the duty or \line \up0 \expndtw0\charscal
ex100 obligations of the corporate insider could attach to those outside the ins
iders' realm in \line \up0 \expndtw-2\charscalex100 certain circumstances. The C
ommission reasoned in language worth quoting: \par\pard\ql \li1800\sb0\sl-230\sl
mult0 \par\pard\ql\li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb98\sl-230\slm
ult0 \up0 \expndtw-4\charscalex100 \ul0\super\cf15\f16\fs20\ul0\super\cf15\f16\f
s19 4\ul0\nosupersub\cf10\f11\fs20 17 C.F.R. 240.10b-5. \par\pard\qj \li1800\sb
0\sl-220\slmult0 \par\pard\qj\li1800\sb0\sl-220\slmult0 \par\pard\qj\li1800\ri23
68\sb19\sl-220\slmult0 \up0 \expndtw-3\charscalex100 \ul0\super\cf15\f16\fs19 5\
ul0\nosupersub\cf10\f11\fs20 Section 17(a) of the Securities Act of 1933 reache
s similar fraud in the initial offering or sale of a \up0 \expndtw-4\charscalex1
00 security.
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}
\sl-413\slmult0 \par\pard\qj\li1800\sb0\sl-413\slmult0 \par\pard\qj\li1800\ri160
8\sb260\sl-413\slmult0 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf7\f8\fs24
Analytically, the obligation [not to engage in insider trading] rests on two pr
incipal \line \up0 \expndtw0\charscalex105 elements: first, the existence of a r
elationship giving access, directly or indirectly, to \line \up0 \expndtw-2\char
scalex100 information intended to be available only for a corporate purpose and
not for the personal \line \up0 \expndtw0\charscalex106 benefit of anyone, and s
econd, the inherent unfairness involved where a party takes \line \up0 \expndtw0
\charscalex108 advantage of such information knowing it is unavailable to those
with whom he is \line \up0 \expndtw0\charscalex100 dealing. In considering th
ese elements under the broad language of the anti-fraud \line \up0 \expn
dtw0\charscalex102 provisions we are not to be circumscribed by fine distinction
s and rigid classifications. \line \up0 \expndtw0\charscalex100 Thus, it is our
task here to identify those persons who are in a special relationship with a \li
ne \up0 \expndtw0\charscalex100 company and privy to its internal affairs, and t
hereby suffer correlative duties in trading \line \up0 \expndtw-2\charscalex100
in its securities. Intimacy demands restraint lest the uninformed be exploited\u
l0\super\cf12\f13\fs24 7\ul0\nosupersub\cf7\f8\fs24 . \par\pard\qj \li1800\sb0\s
l-412\slmult0 \par\pard\qj\li1800\ri1607\sb16\sl-412\slmult0 \up0 \expndtw0\char
scalex100 Based on this reasoning, the Commission held that a broker w
ho traded while in \up0 \expndtw0\charscalex100 possession of nonpublic infor
mation he received from a company director violated Rule \up0 \expndtw0\charscal
ex102 10b-5. The Commission adopted the "disclose or abstain rule": insiders, an
d those who \up0 \expndtw-1\charscalex100 would come to be known as "temporary"
or "constructive" insiders, who possess material \up0 \expndtw0\charscalex102 no

npublic information, must disclose it before trading or abstain from trading unt
il the \up0 \expndtw-3\charscalex100 information is publicly disseminated. \par\
pard\qj \li1800\sb0\sl-414\slmult0 \par\pard\qj\li1800\ri1608\sb13\sl-414\slmult
0 \up0 \expndtw0\charscalex100 Several years later in the case of \ul0\nosupersu
b\cf11\f12\fs24 SEC v. Texas Gulf Sulphur Co\ul0\nosupersub\cf7\f8\fs24 . a fede
ral circuit court \line \up0 \expndtw0\charscalex100 supported the Commission's
ruling in Cady, stating that anyone in possession of inside \line \up0 \expndtw2\charscalex100 information is required either to disclose the informatio
n publicly or refrain from \line \up0 \expndtw0\charscalex100 trading\ul0\su
per\cf12\f13\fs24 8\ul0\nosupersub\cf7\f8\fs24 . The court expressed the view th
at no one should be allowed to trade with the \line \up0 \expndtw-2\charscalex10
0 benefit of inside information because it operates as a fraud all other buyers
and sellers in \line \up0 \expndtw-1\charscalex100 the market\ul0\super\cf12\f13
\fs24 9\ul0\nosupersub\cf7\f8\fs24 . This was the broadest formulation of prohib
ited insider trading. The 1980s \line \up0 \expndtw0\charscalex102 were an extra
ordinary time in this country's economic history, marked by a frenzy of \line \u
p0 \expndtw-1\charscalex100 corporate takeovers and mergers involving what then
were dazzling amounts of money. \par\pard\ql \li1800\sb0\sl-230\slmult0 \par\par
d\ql\li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb0\sl-230\slmult0 \par\pard\
ql\li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb58\sl-230\slmult0 \up0 \expnd
tw-3\charscalex100 \ul0\super\cf15\f16\fs20\ul0\super\cf15\f16\fs19 6\ul0\nosupe
rsub\cf10\f11\fs20 40 SEC 907 (1961). \par\pard\ql \li1800\sb1\sl-217\slmult0 \
up0 \expndtw-3\charscalex100 \ul0\super\cf15\f16\fs19 7\ul0\nosupersub\cf10\f11\
fs20 Id. \par\pard\qj \li1800\ri5092\sb0\sl-240\slmult0 \up0 \expndtw-4\charsca
lex100 \ul0\super\cf15\f16\fs19 8\ul0\nosupersub\cf10\f11\fs20 401 F.2d 833 (2d
Cir. 1968), cert. denied, 394 U.S. 976 (1969). \up0 \expndtw-4\charscalex100 \u
l0\super\cf15\f16\fs19 9\ul0\nosupersub\cf10\f11\fs20 Id. at 851-52.
}
harscalex100 \ul0\nosupersub\cf7\f8\fs24 Insider trading reached new heights
. Ironically, it is during this period that courts \up0 \expndtw-2\chars
calex100 narrowed the scope of Section 10(b) and Rule 10b-5 in the insider tradi
ng context. \par\pard\qj \li1800\ri1605\sb405\sl-414\slmult0 \up0 \expndtw-1\cha
rscalex100 In the 1980 case of \ul0\nosupersub\cf11\f12\fs24 Chiarella v. United
States\ul0\nosupersub\cf7\f8\fs24 , the United States Supreme Court reversed \l
ine \up0 \expndtw0\charscalex102 the criminal conviction of a financial pr
inter who gleaned nonpublic information \line \up0 \expndtw0\charscalex102 r
egarding tender offers and a merger from documents he was hired to print and bou
ght \line \up0 \expndtw-2\charscalex100 stock in the target of the companies tha
t hired him\ul0\super\cf12\f13\fs24 10\ul0\nosupersub\cf7\f8\fs24 . The case was
tried on the theory that \line \up0 \expndtw0\charscalex104 the printer defraud
ed the persons who sold stock in the target to him. In reversing the \line \up0
\expndtw0\charscalex104 conviction, the Supreme Court held that trading on mater
ial nonpublic information in \line \up0 \expndtw0\charscalex100 itself was not e
nough to trigger liability under the anti-fraud provisions and because the \line
\up0 \expndtw0\charscalex100 printer owed target shareholders no duty, he did n
ot defraud them. In what would prove \line \up0 \expndtw0\charscalex105 to be a
prophetic dissent, Chief Justice Burger opined that he would have upheld the \li
ne \up0 \expndtw0\charscalex103 conviction on the grounds that the defenda
nt had "misappropriated" confidential \line \up0 \expndtw-2\charscalex100 inf
ormation obtained from his employer and wrongfully used it for personal gain. \p
ar\pard\qj \li1800\sb0\sl-412\slmult0 \par\pard\qj\li1800\ri1606\sb16\sl-412\slm
ult0 \up0 \expndtw0\charscalex103 In response to the Chiarella decision, t
he Securities and Exchange Commission \up0 \expndtw-1\charscalex100 promulga
ted Rule 14e-3 under Section 14(e) of the Exchange Act, and made it illegal for
\up0 \expndtw0\charscalex100 anyone to trade on the basis of material nonpublic
information regarding tender offers if \up0 \expndtw0\charscalex103 they knew th
e information emanated from an insider\ul0\super\cf12\f13\fs24 11\ul0\nosupersub
\cf7\f8\fs24 . The purpose of the rule was to \up0 \expndtw0\charscalex100 remov
e the Chiarella duty requirement in the tender offer context - where insider tra
ding \up0 \expndtw-3\charscalex100 was most attractive and especially disruptive
. \par\pard\qj \li1800\sb0\sl-413\slmult0 \par\pard\qj\li1800\ri1608\sb15\sl-413
\slmult0 \up0 \expndtw-3\charscalex100 In 1981, the Second Circuit adopted the "
misappropriation" theory, holding in the case of \line \up0 \expndtw0\charscalex
105 \ul0\nosupersub\cf11\f12\fs24 United States v. Newman\ul0\super\cf16\f17\fs2
4 12\ul0\nosupersub\cf7\f8\fs24 that a person with no fiduciary relationship to
an issuer \line \up0 \expndtw-4\charscalex100 nonetheless may be liable under R
ule 10b-5 for trading in the securities of an issuer while \line \up0 \expndtw-4
\charscalex100 in possession of information obtained in violation of a
relationship of trust and \par\pard\ql \li1800\sb0\sl-230\slmult0 \par\pard\q
l\li1800\sb109\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\super\cf15\f16\
fs20\ul0\super\cf15\f16\fs19 10\ul0\nosupersub\cf10\f11\fs20 445 U.S. 222 (1980
). \par\pard\ql \li1799\ri1739\sb10\sl-230\slmult0\fi0 \up0 \expndtw-3\charscale
x100 \ul0\super\cf15\f16\fs19 11\ul0\nosupersub\cf10\f11\fs20 The Commission's
authority to promulgate rules under Section 14(e) of the Exchange Act is confin
ed to \up0 \expndtw-3\charscalex100 the tender offer context. It reads, in relev
ant part: "It shall be unlawful for any person . . . to engage in any \up0 \expn
dtw-3\charscalex100 fraudulent, deceptive or manipulative acts or practices, in
connection with any tender offer .The [SEC] \up0 \expndtw-3\charscalex100 shall
. . . by rule or regulations define, and prescribe means reasonably designed to
prevent, such acts and \up0 \expndtw-3\charscalex100 practices as are fraudulent
, deceptive or manipulative." 15 U.S.C. 78n(e).
}
\sl-420\slmult0 \par\pard\qj\li1800\ri1605\sb234\sl-420\slmult0 \up0 \expndtw-1\
charscalex100 \ul0\nosupersub\cf7\f8\fs24 confidence. Newman, a securities trade
r, traded based on material nonpublic information \up0 \expndtw0\charscalex100 a
bout corporate takeovers that he obtained from two investment bankers, w
ho had \up0 \expndtw-3\charscalex100 misappropriated the information from their
employers. \par\pard\qj \li1800\ri1608\sb405\sl-415\slmult0 \up0 \expndtw0\char
scalex100 Three years later in \ul0\nosupersub\cf11\f12\fs24 Dirks v. SEC\ul0\su
per\cf16\f17\fs24 13\ul0\nosupersub\cf7\f8\fs24 , the Supreme Court reversed the
SEC's censure of a \up0 \expndtw-2\charscalex100 securities analyst who told hi
s clients about the alleged fraud of an issuer he had learned \up0 \expndtw0\cha
rscalex107 from the inside before he made the facts public. Dirks were significa
nt because it \up0 \expndtw-1\charscalex100 addressed the issue of trading liabi
lity of "tippers": those who receive information from \up0 \expndtw-2\charscalex

100 the insider tipper. Dirks held that tippers are liable if they knew or had r
eason to believe \up0 \expndtw0\charscalex100 that the tipper had breached a fid
uciary duty in disclosing the confidential information \up0 \expndtw-2\charscale
x100 and the tipper received a direct or indirect personal benefit from the disc
losure. Because \up0 \expndtw-2\charscalex100 the original tipper in Dirks discl
osed the information for the purpose of exposing a fraud \up0 \expndtw-3\charsca
lex100 and not for personal gain, his tipper escaped liability. \par\pard\qj \li
1800\ri1608\sb407\sl-413\slmult0 \up0 \expndtw-3\charscalex100 A significant asp
ect of the decision was contained in a footnote to the opinion, which has \up0 \
expndtw-2\charscalex100 come to be known as "Dirks footnote 14." There, Justice
Powell formulated the concept \up0 \expndtw-3\charscalex100 of the "constructive
insiders" - outside lawyers, consultants, investment bankers or others \up0 \ex
pndtw0\charscalex100 - who legitimately receive confidential information from a
corporation in the course of \up0 \expndtw0\charscalex100 providing services to
the corporation. These constructive insiders acquire the fiduciary \up0 \expndtw
0\charscalex100 duties of the true insider, provided the corporation expected th
e constructive insider to \up0 \expndtw-5\charscalex100 keep the information con
fidential. \par\pard\qj \li1800\sb0\sl-415\slmult0 \par\pard\qj\li1800\ri1608\sb
11\sl-415\slmult0 \up0 \expndtw0\charscalex103 The Second Circuit again addresse
d the misappropriation theory in the 1986 case of \line \up0 \expndtw0\charscal
ex106 \ul0\nosupersub\cf11\f12\fs24 United States v. Carpenter\ul0\super\cf16\f1
7\fs24 14\ul0\nosupersub\cf7\f8\fs24 . The case centered on a columnist for the
Wall Street \line \up0 \expndtw0\charscalex100 Journal, whose influential column
s often affected the stock prices of companies about \line \up0 \expndtw0\charsc
alex103 which he wrote. The columnist tipped information about his upcoming colu
mns to a \line \up0 \expndtw-3\charscalex100 broker (among others) and shared in
the profits the broker made by trading in advance of \par\pard\ql \li1800\sb0\s
l-230\slmult0 \par\pard\ql\li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb58\sl
-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\super\cf15\f16\fs20\ul0\super\cf
15\f16\fs19 12\ul0\nosupersub\cf10\f11\fs20 463 U.S. 646 (1983). \par\pard\ql \
li1800\sb1\sl-217\slmult0 \up0 \expndtw-4\charscalex100 \ul0\super\cf15\f16\fs19
13\ul0\nosupersub\cf10\f11\fs20 31 791 F.2d 1024 (2d Cir. 1986), aff'd 484 U.S
. 19 (1987). \par\pard\ql \li1800\sb13\sl-230\slmult0 \up0 \expndtw-3\charscalex
100 \ul0\super\cf15\f16\fs19 14\ul0\nosupersub\cf10\f11\fs20 Echoing the Carpen
ter case, German prosecutors reportedly are considering bringing insider trading
\par\pard\qj \li1800\ri1679\sb0\sl-230\slmult0 \up0 \expndtw-3\charscalex100 ch
arges against a German television journalist, known as "Germany's first internat
ional stock market guru," \up0 \expndtw-3\charscalex100 for allegedly telling hi
s friends which stock he was going to recommend on his weekly program. German \u
p0 \expndtw-3\charscalex100 TV Journalist is Accused of Insider Trading, AP Worl
dstream, August 17, 1998, financial pages
}
g10}{\bkmkend Pg10}\par\pard\qj \li1800\sb0\sl-420\slmult0 \par\pard\qj\li1800\s
b0\sl-420\slmult0 \par\pard\qj\li1800\ri1610\sb234\sl-420\slmult0 \up0 \expndtw0
\charscalex100 \ul0\nosupersub\cf7\f8\fs24 publication\ul0\super\cf12\f13\fs24 1
5\ul0\nosupersub\cf7\f8\fs24 In upholding the convictions of the columnist and
the broker for securities \line \up0 \expndtw0\charscalex100 fraud under Rule
\up0 \expndtw0\charscalex100 10b-5 and mail and wire fraud, the Second C
ircuit rejected the \par\pard\qj \li1800\ri1605\sb6\sl-413\slmult0 \up0 \expnd

tw-3\charscalex100 defendants' argument that the misappropriation theory only ap
plies when the information \up0 \expndtw-1\charscalex100 is misappropriated by c
orporate or constructive insiders, holding \u8220?the misappropriation \up0 \exp
ndtw0\charscalex102 theory more broadly proscribes the conversion by insiders' o
r others of material non\up0 \expndtw-2\charscalex100 public information in conn
ection with the purchase or sale of securities\ul0\super\cf12\f13\fs24 16\ul0\no
supersub\cf7\f8\fs24 ." \par\pard\qj \li1800\ri1606\sb407\sl-414\slmult0 \up0 \e
xpndtw0\charscalex100 The case was appealed to the Supreme Court. The Supreme Co
urt unanimously agreed \line \up0 \expndtw-2\charscalex100 that Carpenter engage
d in fraud, but divided evenly on whether he engaged in securities \line \up0 \e
xpndtw0\charscalex102 fraud\ul0\super\cf12\f13\fs24 17\ul0\nosupersub\cf7\f8\fs2
4 . But in unanimously affirming the mail and wire fraud convictions, the Court
\line \up0 \expndtw0\charscalex105 quoted an earlier New York decision that rule
d: "It is well established, as a general \line \up0 \expndtw-1\charscalex100 pro
position, that a person who acquires special knowledge or information by virtue
of a \line \up0 \expndtw-3\charscalex100 confidential or fiduciary relationship
with another is not free to exploit that knowledge or \line \up0 \expndtw-3\char
scalex100 information for his own personal benefit but must account to his princ
iple for any profits \line \up0 \expndtw-4\charscalex100 derived therefrom\ul0\s
uper\cf12\f13\fs24 18\ul0\nosupersub\cf7\f8\fs24 ." \par\pard\qj \li1800\sb0\sl410\slmult0 \par\pard\qj\li1800\ri1606\sb20\sl-410\slmult0 \up0 \expndtw0\charsc
alex105 Over the next nine years, the misappropriation theory gained acceptance
in federal \line \up0 \expndtw-2\charscalex100 courts\ul0\super\cf12\f13\fs24 19
\ul0\nosupersub\cf7\f8\fs24 . Then in 1995 and 1996, two federal circuit courts
rejected the misappropriation \line \up0 \expndtw0\charscalex103 theory\ul0\supe
r\cf12\f13\fs24 20\ul0\nosupersub\cf7\f8\fs24 on the grounds that the the
ory "requires neither misrepresentation nor \line \up0 \expndtw0\charscalex1
00 nondisclosure" and that "the misappropriation theory is not moored in [sectio
n] 10(b)'s \line \up0 \expndtw-2\charscalex100 requirement that the fraud be "in
connection with the purchase or sale of any security\ul0\super\cf12\f13\fs24 21
\ul0\nosupersub\cf7\f8\fs24 ." \par\pard\qj \li1800\sb0\sl-400\slmult0 \par\pard
\qj\li1800\ri1608\sb39\sl-400\slmult0 \up0 \expndtw0\charscalex100 Last year, in
a landmark victory for the SEC, the Supreme Court reversed one of these \line \
up0 \expndtw-4\charscalex100 decisions and explicitly adopted the misappropriati
on theory of insider trading in the case \par\pard\ql \li1800\sb0\sl-230\slmult0
\par\pard\ql\li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb161\sl-230\slmult0
\up0 \expndtw-3\charscalex100 \ul0\super\cf15\f16\fs20\ul0\super\cf15\f16\fs19
15\ul0\nosupersub\cf10\f11\fs20 791 F.2d at 1029 \par\pard\ql \li1800\sb10\sl-2
30\slmult0 \up0 \expndtw-3\charscalex100 \ul0\super\cf15\f16\fs19 16\ul0\nosuper
sub\cf10\f11\fs20 484 U.S. 19, 24 (1987). \par\pard\ql \li1800\sb1\sl-217\slmul
t0 \up0 \expndtw-4\charscalex100 \ul0\super\cf15\f16\fs19 17\ul0\nosupersub\cf10
\f11\fs20 Diamond v. Oreamuno, 248 N.E. 2d 910, 912 (N.Y. 1969). \par\pard\ql \
li1800\ri1665\sb0\sl-233\slmult0 \up0 \expndtw-3\charscalex100 \ul0\super\cf15\f
16\fs19 18\ul0\nosupersub\cf10\f11\fs20 See, e.g., SEC v. Materia, 745 F.2d 197
, 201 (2d Cir. 1984); Rothberg v. Rosenbloom, 771 F.2d 818 (3d \line \up0 \expnd
tw-3\charscalex100 Cir. 1985); SEC v. Cherif, 933 F.2d 403 (7th Cir. 1990); SEC
v. Clark, 915 F.2d 439 (9th Cir. 1990). \line \up0 \expndtw-3\charscalex100 \ul0
\super\cf15\f16\fs19 19\ul0\nosupersub\cf10\f11\fs20 United States v. Bryan, 58
F.3d 933, 944 (4th Cir. 1995); United States v. O'Hagan, 92 F.3d 612 (8th Cir.
\line \up0 \expndtw-4\charscalex100 1996). \par\pard\qj \li1800\sb0\sl-220\slmul
t0 \par\pard\qj\li1800\ri1701\sb8\sl-220\slmult0 \up0 \expndtw-3\charscalex100 \
ul0\super\cf15\f16\fs19 20\ul0\nosupersub\cf10\f11\fs20 United States v. O'Haga
n, 117 S.Ct. 2199, 2211 (1997) (quoting the Eighth Circuit's opinion in O'Hagan,
\up0 \expndtw-4\charscalex100 92 F.3d at 618). \par\pard\ql \li1800\sb12\sl-230
\slmult0 \up0 \expndtw-3\charscalex100 \ul0\super\cf15\f16\fs19 21\ul0\nosupersu
b\cf10\f11\fs20 117 S. Ct. 2199 (1997)

}
b0\sl-416\slmult0 \par\pard\qj\li1800\ri1608\sb245\sl-416\slmult0 \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf7\f8\fs24 of \ul0\nosupersub\cf11\f12\fs24 Uni
ted States v. O'Hagan\ul0\super\cf12\f13\fs24 22\ul0\nosupersub\cf7\f8\fs24 . O'
Hagan was a partner in a law firm retained to represent \up0 \expndtw0\charscale
x107 a corporation, Grand Met, in a potential tender offer for the common stock
of the \up0 \expndtw0\charscalex102 Pillsbury Company. When O'Hagan learned of t
he potential deal, he began acquiring \up0 \expndtw0\charscalex103 options in Pi
llsbury stock, which he sold after the tender offer for a profit of over $4 \up0
\expndtw0\charscalex104 million. O'Hagan argued, essentially, that because neit
her he nor his firm owed any \up0 \expndtw-3\charscalex100 fiduciary duty to Pil
lsbury, he did not commit fraud by purchasing Pillsbury stock on the \up0 \expnd
tw-5\charscalex100 basis of material, nonpublic information. \par\pard\qj \li180
0\ri1607\sb407\sl-413\slmult0 \up0 \expndtw0\charscalex103 The Court rejected O'
Hagan's arguments and upheld his conviction. The Court held, \line \up0 \expndtw
-3\charscalex100 significantly, that O'Hagan committed fraud in connection with
his purchase of Pillsbury \line \up0 \expndtw-2\charscalex100 options, thus viol
ating Rule10b-5, based on the misappropriation theory\ul0\super\cf12\f13\fs24 23
\ul0\nosupersub\cf7\f8\fs24 . In the Court's \line \up0 \expndtw-3\charscalex100
words: \par\pard\qj \li1800\ri1610\sb402\sl-420\slmult0 \up0 \expndtw-2\charsca
lex100 The "misappropriation theory" holds that a person commits fraud "in conne
ction with" a \line \up0 \expndtw-3\charscalex100 securities transaction, and
thereby violates \up0 \expndtw-3\charscalex100 10(b) and Rule \up0 \expndtw3\charscalex100 10b-5, when he \par\pard\qj \li1800\ri1608\sb5\sl-414\slmult0
\up0 \expndtw0\charscalex100 misappropriates confidential information for securi
ties trading purposes, in breach of a \up0 \expndtw-2\charscalex100 duty owed to
the source of the information. Under this theory, a fiduciary's undisclosed, \u
p0 \expndtw-1\charscalex100 self-serving use of a principal's information to pur
chase or sell securities, in breach of a \up0 \expndtw0\charscalex103 duty of lo
yalty and confidentiality, defrauds the principal of the exclusive use of the \u
p0 \expndtw0\charscalex100 information. In lieu of premising liability on a fidu
ciary relationship between company \up0 \expndtw0\charscalex105 insider and purc
haser or seller of the company's stock, the misappropriation theory \up0 \expndt
w0\charscalex102 premises liability on a fiduciary-turned-trader's deception of
those who entrusted him \up0 \expndtw-3\charscalex100 with access to confidentia
l information\ul0\super\cf12\f13\fs24 24 \par\pard\qj \li1800\ri1608\sb402\sl-42
0\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf7\f8\fs24 In the course
of its opinion, the Court identified two discrete arguments for prohibiting \li
ne \up0 \expndtw-4\charscalex100 insider trading. First, the Court stressed that
prohibiting insider trading is well tuned to an \line \up0 \expndtw-4\charscale
x100 animating purpose of the Exchange Act: to insure honest securities markets
and thereby \par\pard\ql \li1800\sb0\sl-226\slmult0 \par\pard\ql\li1800\sb0\sl-2
26\slmult0 \par\pard\ql\li1800\ri1840\sb69\sl-226\slmult0 \up0 \expndtw-3\charsc
alex100 \ul0\super\cf15\f16\fs20\ul0\super\cf15\f16\fs19 22\ul0\nosupersub\cf10\
f11\fs20 The Court also rejected O'Hagan's argument that the Commission's Rule
14e-3, which prohibits trading \up0 \expndtw-3\charscalex100 in securities based
on nonpublic information about a tender offer (see supra note 28 and accompanyi
ng \line \up0 \expndtw-3\charscalex100 text), is invalid because the Commission
exceeded its statutory authority in promulgating it. \line \up0 \expndtw-4\chars
calex100 \ul0\super\cf15\f16\fs19 23\ul0\nosupersub\cf10\f11\fs20 117 S. Ct. at
2207 \par\pard\ql \li1800\sb0\sl-219\slmult0 \up0 \expndtw-3\charscalex100 \ul0
\super\cf15\f16\fs19 24\ul0\nosupersub\cf10\f11\fs20 117 S. Ct. at 2207

}
b0\sl-416\slmult0 \par\pard\qj\li1800\ri1608\sb245\sl-416\slmult0 \up0 \expndtw1\charscalex100 \ul0\nosupersub\cf7\f8\fs24 promote investor confidence. Alth
ough informational disparity is inevitable in the \up0 \expndtw0\charscale
x102 securities markets, investors likely would hesitate to venture their capita
l in a market \up0 \expndtw-2\charscalex100 where trading based on misappropriat
ed nonpublic information is unchecked by law. An \up0 \expndtw0\charscalex103 in
vestor's informational disadvantage vis--vis a misappropriator with materi
al, \up0 \expndtw-2\charscalex100 nonpublic information stems from contrivance,
not luck; it is a disadvantage that cannot \up0 \expndtw-5\charscalex100 be over
come with research or skill\ul0\super\cf12\f13\fs24 25\ul0\nosupersub\cf7\f8\fs2
4 . \par\pard\qj \li1800\ri1608\sb401\sl-420\slmult0 \up0 \expndtw-3\charscalex1
00 Second, the Court acknowledged the "information as property" rational
e-underlying \up0 \expndtw-5\charscalex100 insider trading prohibitions: \par\pa
rd\qj \li1800\ri1605\sb406\sl-413\slmult0 \up0 \expndtw-1\charscalex100 A compan
y's confidential information qualifies as property to which the company has a \u
p0 \expndtw-3\charscalex100 right of exclusive use. The undisclosed misappropria
tion of such information in violation \up0 \expndtw-2\charscalex100 of a fiducia
ry duty constitutes fraud akin to embezzlement - the fraudulent appropriation \u
p0 \expndtw-2\charscalex100 to one's own use of the money or goods entrusted to
one's care by another\ul0\super\cf12\f13\fs24 26\ul0\nosupersub\cf7\f8\fs24 .' \
par\pard\qj \li1800\sb0\sl-410\slmult0 \par\pard\qj\li1800\ri1608\sb20\sl-410\sl
mult0 \up0 \expndtw0\charscalex104 Although the law of insider trading in the Un
ited States is continuing to evolve, the \up0 \expndtw-3\charscalex100 decision
in O'Hagan is a significant milestone in defining the scope of Rule 10b-5 inside
r \up0 \expndtw-4\charscalex100 trading prohibitions. \par\pard\ql \li1800\sb0\s
l-276\slmult0 \par\pard\ql\li1800\sb265\sl-276\slmult0 \up0 \expndtw-5\charscale
x100 \ul0\nosupersub\cf8\f9\fs24 The European Community Directive on Insider Tra
ding \par\pard\qj \li1800\sb0\sl-416\slmult0 \par\pard\qj\li1800\ri1608\sb13\sl416\slmult0 \up0 \expndtw0\charscalex102 \ul0\nosupersub\cf7\f8\fs24 As United S
tates lawmakers, courts and regulators struggled to refine prohibitions on \line
\up0 \expndtw-4\charscalex100 insider trading, insider trading in the rest of t
he world markets, with few exceptions, went \line \up0 \expndtw-2\charscalex100
virtually unregulated prior to the 1980s. The first wide-ranging development out
side the \line \up0 \expndtw0\charscalex100 United States in efforts to ban insi
der trading was the European Community Directive \line \up0 \expndtw-1\charscale
x100 Coordinating Regulations on Insider Trading, adopted on November 13, 1989 (
the "EC \line \up0 \expndtw-1\charscalex100 Directive")\ul0\super\cf12\f13\fs24
27\ul0\nosupersub\cf7\f8\fs24 . The EC Directive arose out of the 1957 Treaty of
Rome Establishing the \par\pard\qj \li1800\sb0\sl-220\slmult0 \par\pard\qj\li18
00\sb0\sl-220\slmult0 \par\pard\qj\li1800\ri1833\sb86\sl-220\slmult0 \up0 \expnd
tw-3\charscalex100 \ul0\super\cf15\f16\fs20\ul0\super\cf15\f16\fs19 25\ul0\nosup
ersub\cf10\f11\fs20 Council Directive 89/592 Coordinating Regulations on Inside
r Trading, 1 Common Mkt. Rep. (CCH) \up0 \expndtw-4\charscalex100 1761 ("EC Dire
ctive"). \par\pard\qj \li1800\ri1946\sb20\sl-220\slmult0 \up0 \expndtw-3\charsca
lex100 \ul0\super\cf15\f16\fs19 26\ul0\nosupersub\cf10\f11\fs20 See Warren, The
Regulation of Insider Trading in the European Community, 48 Wash. & Lee L. Rev.
\up0 \expndtw-4\charscalex100 1037 (1991). \par\pard\qj \li1800\ri1833\sb0\sl-2

40\slmult0 \up0 \expndtw-3\charscalex100 \ul0\super\cf15\f16\fs19 27\ul0\nosuper
sub\cf10\f11\fs20 Council Directive 89/592 Coordinating Regulations on Insider
Trading, 1 Common Mkt. Rep. (CCH) \up0 \expndtw-4\charscalex100 1761 ("EC Direct
ive").
}
}}
}
\charscalex103 \ul0\nosupersub\cf7\f8\fs24 European Economic Community, which ma
ndated creating a single internal European \up0 \expndtw-3\charscalex100 financi
al market\ul0\super\cf12\f13\fs24 28\ul0\nosupersub\cf7\f8\fs24 . \par\pard\qj \
li1800\ri1608\sb5\sl-415\slmult0 \up0 \expndtw0\charscalex102 The EC Directive w
as thirteen years in the making; the first deliberations beginning in \line \up0
\expndtw0\charscalex100 1976\ul0\super\cf12\f13\fs24 29\ul0\nosupersub\cf7\f8\f
s24 . In the 1980s, highly publicized insider trading scandals in New York invol
ving \line \up0 \expndtw0\charscalex100 Ivan Boesky and Michael Milken, among ot
hers, and in Europe involving the Guinness \line \up0 \expndtw0\charscalex107 br
ewing group, gave a new urgency to developing a European-wide ban on insider \li
ne \up0 \expndtw-3\charscalex100 trading\ul0\super\cf12\f13\fs24 30\ul0\nosupers
ub\cf7\f8\fs24 . \par\pard\ql \li1800\ri1605\sb406\sl-414\slmult0 \up0 \expndtw0
\charscalex104 The Directive was modeled after French and English insider tradin
g prohibitions and \line \up0 \expndtw0\charscalex100 went through a number of i
ncarnations. In its final form, the Directive has an appealing \line \up0 \expnd
tw0\charscalex100 structural simplicity. In sum, It defines "inside information"
as information of a "precise \line \up0 \expndtw0\charscalex100 nature" about s
ecurity or issuer which has not been made public which, if it were made \line \u
p0 \expndtw-2\charscalex100 public, "would likely have a significant effect on t
he price" of the security (Article 1); \line \up0 \expndtw-2\charscalex100 It pr
ohibits insiders from taking advantage of inside information (Article 2); \line
\up0 \expndtw0\charscalex100 It prohibits insiders from tipping or using others
to take advantage of inside information \line \up0 \expndtw-3\charscalex100 (Art
icle 3); \par\pard\ql \li1800\sb120\sl-276\slmult0 \up0 \expndtw-2\charscalex100
It applies its prohibitions to tippers with "full knowledge of the facts" (Arti
cle 4); \par\pard\qj \li1800\ri1607\sb6\sl-420\slmult0 \up0 \expndtw-2\charscale
x100 It requires each member to apply the prohibitions to actions taken within i
ts territory with \up0 \expndtw-3\charscalex100 regard to securities traded on a
ny members' market (Article 5); \par\pard\qj \li1800\ri1606\sb17\sl-400\slmult0
\up0 \expndtw0\charscalex105 It provides that members may enact laws more string
ent than set out in the Directive \up0 \expndtw-3\charscalex100 (Article 6); \pa
r\pard\qj \li1800\ri1610\sb4\sl-420\slmult0 \up0 \expndtw-2\charscalex100 It req
uires issuers to inform the public as soon as possible of major events that may
affect \up0 \expndtw-3\charscalex100 the price of the issuer's securities (Artic
le 7); \par\pard\qj \li1800\ri1611\sb0\sl-420\slmult0 \up0 \expndtw0\charscalex1
00 It requires members to designate an enforcement authority, to give it appropr
iate powers \up0 \expndtw-2\charscalex100 and to bind it to professional standar
ds of confidentiality (Articles 8 and 9); \par\pard\qj \li1799\sb0\sl-240\slmult
0 \par\pard\qj\li1799\sb0\sl-240\slmult0 \par\pard\qj\li1799\sb0\sl-240\slmult0
\par\pard\qj\li1799\sb0\sl-240\slmult0 \par\pard\qj\li1799\ri1896\sb130\sl-240\s
lmult0\fi0 \up0 \expndtw-1\charscalex100 \ul0\super\cf15\f16\fs20\ul0\super\cf15
\f16\fs19 28\ul0\nosupersub\cf10\f11\fs20 See Warren, The Regulation of Inside
r Trading in the European Community, 48 Wash. & Lee L. Rev. \up0 \expndtw-2\char
scalex100 1037 (1991). \par\pard\ql \li1800\sb1\sl-215\slmult0 \up0 \expndtw-2\c
harscalex100 \ul0\super\cf15\f16\fs19 29\ul0\nosupersub\cf10\f11\fs20 Id. at 10
43-44 \par\pard\qj \li1800\ri2231\sb21\sl-220\slmult0 \up0 \expndtw-1\charscalex
100 \ul0\super\cf15\f16\fs19 30\ul0\nosupersub\cf10\f11\fs20 William Dawkins an
d Hugo Dixon, EEC Proposes Action on Insider Trading, The Financial times \up0 \
expndtw-2\charscalex100 (London), April 29, 1987, at I, 48.
}
\charscalex100 \ul0\nosupersub\cf7\f8\fs24 It requires members to cooperate with
each other in investigation efforts by exchanging \up0 \expndtw-3\charscalex100
information (Article 10); \par\pard\qj \li1800\ri1609\sb17\sl-400\slmult0 \up0
\expndtw0\charscalex103 It leaves it up to individual members to decide on penal
ties for insider trading (Article \up0 \expndtw-3\charscalex100 13); and finally
, \par\pard\qj \li1800\ri1610\sb4\sl-420\slmult0 \up0 \expndtw0\charscalex103 It
required all members to enacted legislation complying with the Directive by Jun
e 1, \up0 \expndtw-3\charscalex100 1992 (Article 14)\ul0\super\cf12\f13\fs24 31\
ul0\nosupersub\cf7\f8\fs24 . \par\pard\qj \li1800\ri1607\sb7\sl-412\slmult0 \up0
\expndtw0\charscalex100 Much has and can be said about how the Directive compar
es to the United States law on \up0 \expndtw0\charscalex106 insider trading. A f
undamental difference between the EC Directive and the United \up0 \expndtw-1\ch
arscalex100 States' prohibition against insider trading under Section 10b and Ru
le 10b-5 as developed \up0 \expndtw0\charscalex108 by the courts, is that the Di
rective does not require that the insider trader breach a \up0 \expndtw0\charsca
lex103 fiduciary duty to the source of the information for liability to attach.
In this respect, it \up0 \expndtw0\charscalex104 mirrors the United States'
prohibition against trading on the basis of nonpublic \up0 \expndtw0\char
scalex102 information about a tender offer under Section 14(e) of the Securities
Exchange Act of \up0 \expndtw-2\charscalex100 1934 and the Commission's Rule 14
e-3. As noted, the Supreme Court recently upheld this \up0 \expndtw-3\charscalex
100 rule in the O'Hagan case. \par\pard\qj \li1800\ri1608\sb9\sl-412\slmult0 \up
0 \expndtw0\charscalex102 It is too soon to make any intelligent generalizations
about how legislation modeled on \line \up0 \expndtw0\charscalex103 the Directi
ve has fared jurisprudentially. In the scheme of things, insider-trading laws \l
ine \up0 \expndtw0\charscalex100 fashioned under the Directive are in their infa
ncy. At the time the Directive was passed, \line \up0 \expndtw0\charscalex100 fo
ur of the 12 members of the EC - West Germany, Belgium, Italy and Ireland - had
no \line \up0 \expndtw0\charscalex106 insider trading legislation on the books a
nd the remaining eight members - France, \line \up0 \expndtw0\charscalex104 Eng
land, Luxembourg, the Netherlands, Denmark, Greece, Portugal and Spain - had \l
ine \up0 \expndtw0\charscalex107 widely varying statutes\ul0\super\cf12\f13\fs24
32\ul0\nosupersub\cf7\f8\fs24 . Several of the members took time well beyond th
e 1992 \line \up0 \expndtw0\charscalex100 deadline to get legislation in place.
Luxembourg, for example, enacted its version of the \line \up0 \expndtw0\charsc
alex100 Directive just last year\ul0\super\cf12\f13\fs24 33\ul0\nosupersub\cf7\f
8\fs24 . And, obviously, the statutes are not self-enforcing - getting \par\pard
\ql \li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb169\sl-230\slmult0 \up0 \ex
pndtw-1\charscalex100 \ul0\super\cf15\f16\fs20\ul0\super\cf15\f16\fs19 31\ul0\no
supersub\cf10\f11\fs20 EC Directive, supra note 44. Article 11 provides that th
e EC may enter into agreements with non-\par\pard\qj \li1800\ri1895\sb0\sl-240\s
lmult0 \up0 \expndtw-1\charscalex100 member countries on insider trading issues
and Article 12 provides for a Contact Committee to deal with \up0 \expndtw-2\cha
rscalex100 problems that may arise under the Directive. \par\pard\qj \li1800\sb0
\sl-240\slmult0 \par\pard\qj\li1800\ri2034\sb182\sl-240\slmult0 \up0 \expndtw-1\
charscalex100 \ul0\super\cf15\f16\fs19 32\ul0\nosupersub\cf10\f11\fs20 Tim Dick
son, Ensuring the 1992 Programme Isn't A Spivs' Charter; The European Market, Fi
nancial \up0 \expndtw-2\charscalex100 Times, June 19, 1989, I, at 2. \par\pard\q
j \li1800\sb0\sl-220\slmult0 \par\pard\qj\li1800\ri1711\sb17\sl-220\slmult0 \up0
\expndtw-1\charscalex100 \ul0\super\cf15\f16\fs19 33\ul0\nosupersub\cf10\f11\fs
20 Insider Trading Accord Creates Dual Definitions for Insider, Eurowatch, Fin
ancial Services, Vol. 9, No. \up0 \expndtw-2\charscalex100 16, October 17, 1997.
}
\charscalex102 \ul0\nosupersub\cf7\f8\fs24 them on the books is only the first s
tep to effecting a change in practice. Germany and \line \up0 \expndtw0\charscal
ex103 Italy, in particular, have had trouble surmounting cultures, which traditi
onally viewed \line \up0 \expndtw0\charscalex100 insider trading as an acceptabl
e practice. One commentator recently observed as to Italy \line \up0 \expndtw0\c
harscalex102 "In spite of the passage of laws on takeovers and insider trading s
ince 1992, the bourse \line \up0 \expndtw-1\charscalex100 has not shaken its rep
utation as a fiefdom of an inward-looking financial community that \line \up0 \e
xpndtw0\charscalex100 treats small shareholders shabbily\ul0\super\cf12\f13\fs24
34\ul0\nosupersub\cf7\f8\fs24 ." By contrast, Chairman Levitt recently observed
as \line \up0 \expndtw0\charscalex104 to the U.S. markets: "Individual investor
s think - and I passionately believe - that the \line \up0 \expndtw-2\charscalex
100 proverbial little guy' on Main Street should have the same fair chance as th
e big guys\ul0\super\cf12\f13\fs24 35\ul0\nosupersub\cf7\f8\fs24 .'" \par\pard\q
l \li1800\sb0\sl-276\slmult0 \par\pard\ql\li1800\sb264\sl-276\slmult0 \up0 \expn
dtw-5\charscalex100 \ul0\nosupersub\cf8\f9\fs24 Insider trading relatively high
in India \par\pard\qj \li1800\sb0\sl-414\slmult0 \par\pard\qj\li1800\ri1608\sb16
\sl-414\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf7\f8\fs24 Insider
trading a punishable offence in the United States, which increases stock market
\line \up0 \expndtw-2\charscalex100 volatility, is relatively high in India, Ch

ina, Russia, Venezuela and Mexico, according to \line \up0 \expndtw0\charscalex1
00 a study done for the International Monetary Fund. The Global Competitiveness
Survey \line \up0 \expndtw-2\charscalex100 prepared by Julan Du, Professor at th
e Chinese University of Hong Kong, and Shang-Jin \line \up0 \expndtw0\charscalex
104 Wei, an Advisor in the IMF's Research Department, looked at 50 countries. I
nsider \line \up0 \expndtw0\charscalex100 trading involves the trading of stocks
by people who have access to information that is \line \up0 \expndtw-3\charscal
ex100 relevant to the value of the company and, hence, the price of the stock. T
he United States \line \up0 \expndtw-1\charscalex100 has arguably the most strin
gent regulations in regard to insider trading, the study notes. \line \up0 \expn
dtw-2\charscalex100 While the US has expanded its definition of 'insider
', in most other countries the \line \up0 \expndtw-3\charscalex100 definiti
on is less broad. Du and Wei say that because insider trading tends to be illega
l, it \line \up0 \expndtw0\charscalex104 is difficult to measure directly. "You
must use perceptions to estimate the degree of \line \up0 \expndtw0\charscalex10
0 insider trading; you cannot count the amount of money changing hands," says Du
. Wei \line \up0 \expndtw-3\charscalex100 said that the results of their study "
clearly show a positive association between the degree \line \up0 \expndtw-3\cha
rscalex100 of insider trading and the degree of market volatility." "Furthermore
, we find the effect to \line \up0 \expndtw-3\charscalex100 be quantitatively si
gnificant. For example, the Chinese stock market is much more \par\pard\qj \li18
00\sb0\sl-240\slmult0 \par\pard\qj\li1800\ri1651\sb210\sl-240\slmult0 \up0 \expn
dtw-3\charscalex100 \ul0\super\cf15\f16\fs20\ul0\super\cf15\f16\fs19 34\ul0\nosu
persub\cf10\f11\fs20 Robert Graham, New Broom for Bourse: The Head of Italy's S
tock Market Watchdog Outlines His Plans, \up0 \expndtw-4\charscalex100 Financial
Times (London Edition), March 24, 1997, at 22. \par\pard\qj \li1800\sb0\sl-220\
slmult0 \par\pard\qj\li1800\sb0\sl-220\slmult0 \par\pard\qj\li1800\ri2155\sb37\s
l-220\slmult0 \up0 \expndtw-3\charscalex100 \ul0\super\cf15\f16\fs19 35\ul0\nosu
persub\cf10\f11\fs20 Arthur Levitt, A Question of Investor Integrity: Promoting
Investor Confidence by Fighting Insider \up0 \expndtw-3\charscalex100 Trading,
Address Before the "SEC Speaks" Conference, February 27, 1998.
}
}}
}
\charscalex104 \ul0\nosupersub\cf7\f8\fs24 volatile than the US market. Our stud
y suggests that the greater prevalence of insider \up0 \expndtw0\charscalex102 t
rading in China has a lot more to do with this higher volatility than, say, more
volatile \up0 \expndtw-3\charscalex100 economic fundamentals or economic polici
es in China." \par\pard\ql \li1800\sb0\sl-276\slmult0 \par\pard\ql\li1800\sb243\
sl-276\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf8\f9\fs24 Coopera
tion Among International Enforcement Authorities \par\pard\qj \li1800\sb0\sl-411
\slmult0 \par\pard\qj\li1800\ri1608\sb42\sl-411\slmult0 \up0 \expndtw0\charscale
x100 \ul0\nosupersub\cf7\f8\fs24 Insider trading often crosses borders: a foreig
n national engages in insider trading in the \line \up0 \expndtw0\charscalex100
domestic market; nationals effect insider trading through foreign accounts or im
portant \line \up0 \expndtw0\charscalex106 evidence of domestic insider trad
ing lies outside domestic borders. Successful \line \up0 \expndtw0\charscal
ex100 investigations and prosecutions of these cases require international coope
ration. Perhaps \line \up0 \expndtw0\charscalex107 one the most progressive aspe
cts of the EC Directive is that it requires members to \line \up0 \expndtw0\char
scalex105 cooperate with each other "whenever necessary for the purpose of carry
ing out their \line \up0 \expndtw0\charscalex102 duties" in connection with the
EC Directive. The significant benefit of this provision is \line \up0 \expndtw-2
\charscalex100 that it requires no further agreements between or among states re
garding cooperation. \par\pard\qj \li1800\ri1608\sb8\sl-413\slmult0 \up0 \expndt
w0\charscalex106 The SEC has entered into\ul0\super\cf12\f13\fs24 36\ul0\nosuper
sub\cf7\f8\fs24 arrangements with foreign counterparts for information \line \u
p0 \expndtw0\charscalex100 sharing and cooperation in the investigation and pros
ecution of securities law violations. \line \up0 \expndtw0\charscalex100 These a
greements have taken primarily two forms: Mutual Legal Assistance Treaties in \l
ine \up0 \expndtw0\charscalex100 Criminal Matters and Memoranda of Understanding
. The United States has entered into \line \up0 \expndtw0\charscalex104 Mutual L
egal Assistance Treaties have been entered into with a number of countries, \lin
e \up0 \expndtw0\charscalex100 including Switzerland, the United Kingdom and Nor
thern Ireland, the Cayman Islands, \line \up0 \expndtw0\charscalex100 the Nether
lands, Turkey, Canada, the Bahamas and Italy. The treaties generally provide \li
ne \up0 \expndtw0\charscalex102 for assistance in criminal matters, including as
sistance in locating witnesses, obtaining \line \up0 \expndtw-1\charscalex100 st
atements and testimony of witnesses, production and authentication of business r
ecords \line \up0 \expndtw0\charscalex106 and service of judicial and administra
tive documents. The major advantage of these \line \up0 \expndtw0\charscalex100
treaties is that they are binding on the parties to the treaty. The other form o
f agreement \line \up0 \expndtw0\charscalex108 the United States has relied on i
n the international context is the Memorandum of \line \up0 \expndtw-1\charscale
x100 Understanding. MOUs are non-binding statements of intent between regulators
providing \line \up0 \expndtw-1\charscalex100 for the exchange of information a
nd mutual cooperation. The Commission has entered \par\pard\ql \li1800\sb0\sl-23
0\slmult0 \par\pard\ql\li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb119\sl-23
0\slmult0 \up0 \expndtw-1\charscalex100 \ul0\super\cf15\f16\fs20\ul0\super\cf15\
f16\fs19 36\ul0\nosupersub\cf10\f11\fs20 Echoing the Carpenter case, German pro
secutors reportedly are considering bringing insider trading \par\pard\qj \li180
0\ri1679\sb0\sl-230\slmult0 \up0 \expndtw-1\charscalex100 charges against a Germ
an television journalist, known as "Germany's first international stock market g
uru," \up0 \expndtw-1\charscalex100 for allegedly telling his friends which stoc
k he was going to recommend on his weekly program. German \up0 \expndtw-1\charsc
alex100 TV Journalist is Accused of Insider Trading, AP Worldstream, August 17,
1998, financial pages.
}

}}
}
b0\sl-415\slmult0 \par\pard\qj\li1800\ri1608\sb248\sl-415\slmult0 \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf7\f8\fs24 into MOUs or similar agreements with
Switzerland, Japan, the U.K., Brazil, the Canadian \up0 \expndtw0\charscalex106
Provinces of Ontario, Quebec and British Columbia, Italy, the Netherlands, Fran
ce, \up0 \expndtw0\charscalex100 Mexico, Portugal and Germany. Experience has sh
own that MOUs provide an effective \up0 \expndtw0\charscalex106 means of obtaini
ng information in securities enforcement and assist in developing a \up0 \expndt
w-3\charscalex100 framework for cooperation and improved communication. \par\par
d\qj \li1800\sb0\sl-400\slmult0 \par\pard\qj\li1800\ri1608\sb38\sl-400\slmult0 \
up0 \expndtw0\charscalex100 Domestically, the United States has passed laws to f
acilitate its cooperation with foreign \line \up0 \expndtw0\charscalex100 govern
ments. The Insider Trading and Securities Fraud Enforcement Act of \up0
\expndtw-3\charscalex100 1988 \par\pard\qj \li1800\ri1608\sb9\sl-414\slmult0 \u
p0 \expndtw-2\charscalex100 expanded the Commission's ability to provide assista
nce to foreign regulators by allowing \line \up0 \expndtw-1\charscalex100 it to
use its compulsory powers to compel testimony and production of documents obtain
\line \up0 \expndtw0\charscalex102 information at the request of a foreign secu
rities authority. The International Securities \line \up0 \expndtw0\charscalex10
5 Enforcement Cooperation Act of 1990 enlarged the Commission's ability to addr
ess \line \up0 \expndtw0\charscalex102 international securities issues in severa
l ways. It amended the securities laws to permit \line \up0 \expndtw0\charscalex
102 the Commission to institute an administrative proceeding barring, sa
nctioning, or \line \up0 \expndtw0\charscalex105 otherwise placing conditions
on a securities professional's ability to engage in \line \up0 \expndtw
0\charscalex100 Commission-regulated activities if a foreign court or securities
authority has found that \line \up0 \expndtw0\charscalex107 the professional en
gaged in illegal or improper conduct. The law also amended the \line \up0 \expnd
tw0\charscalex102 securities laws to provide confidential treatment for records
produced under reciprocal \line \up0 \expndtw0\charscalex104 arrangement with fo
reign securities authorities by exempting the documents from the \line \up0 \exp
ndtw0\charscalex100 disclosure obligation of the Freedom of Information Act if a
good faith representation is \line \up0 \expndtw0\charscalex102 made that dis
closure would violate that country's confidentiality requirements. In \li
ne \up0 \expndtw-2\charscalex100 addition, the law makes explicit the Commission
's rulemaking authority to provide access \line \up0 \expndtw0\charscalex100 to
nonpublic documents and other information to both foreign and domestic authoriti
es. \line \up0 \expndtw0\charscalex100 Finally, it authorizes the Commission to
accept reimbursement from a foreign securities \line \up0 \expndtw0\charscalex10
0 authority for expenses incurred by the Commission in providing assistance. In
1997, the \line \up0 \expndtw0\charscalex103 SEC made 240 requests to forei
gn governments for enforcement assistance and \line \up0 \expndtw-1\charsca
lex100 responded to 363 requests for enforcement assistance from foreign governm
ents\ul0\super\cf12\f13\fs24 37\ul0\nosupersub\cf7\f8\fs24 . In the \line \up0 \
expndtw0\charscalex106 summer of 1998, the SEC had a notable success in obtaini
ng information under the \line \up0 \expndtw0\charscalex100 Hague Convention, wh

ich prescribes certain procedures by which a judicial authority in \par\pard\qj
\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\l
i1800\ri1665\sb110\sl-240\slmult0 \up0 \expndtw-1\charscalex100 \ul0\super\cf15\
f16\fs20\ul0\super\cf15\f16\fs19 37\ul0\nosupersub\cf10\f11\fs20 Annual Report
of the Securities and Exchange Commission to the United States Congress for Fisc
al Year \line \up0 \expndtw-2\charscalex100 1997
}
\charscalex102 \ul0\nosupersub\cf7\f8\fs24 one contracting state may request evi
dence located in another contracting state in civil \line \up0 \expndtw0\charsca
lex100 cases\ul0\super\cf12\f13\fs24 38\ul0\nosupersub\cf7\f8\fs24 . In an em
ergency action filed in the Southern District of New York, the \line \
up0 \expndtw0\charscalex102 Commission filed a complaint against two Singa
pore residents, alleging that the \line \up0 \expndtw-2\charscalex100 defend
ants engaged in insider trading prior to the public announcement that APL Limite
d \line \up0 \expndtw0\charscalex100 would be acquired by Singapore-based Neptun
e Orient Lines, Ltd. The court granted the \line \up0 \expndtw-1\charscalex100 C
ommission's request for a temporary asset freeze and orders requiring the defend
ants to \line \up0 \expndtw0\charscalex100 identify themselves, allowing expedit
ed discovery, and granting other ancillary relief\ul0\super\cf12\f13\fs24 39\ul0
\nosupersub\cf7\f8\fs24 . \line \up0 \expndtw-2\charscalex100 The Commission app
lied to the High Court of the Republic of Singapore under the Hague \line \up0 \
expndtw0\charscalex107 Convention for the appointment of an examiner to take evi
dence from witnesses in \line \up0 \expndtw0\charscalex108 Singapore to be used
in the proceeding in the Southern District of New York. The \line \up0 \expndtw2\charscalex100 Singaporean defendants opposed the appointment of an examiner, a
rguing that despite the \par\pard\qj \li1800\ri1607\sb7\sl-413\slmult0 \up0 \exp
ndtw0\charscalex102 U.S. classification of the action as civil, violations of Se
ction 10(b) and Rule 10b-5 are \line \up0 \expndtw-2\charscalex100 penal in natu
re and, therefore, the Hague Convention does not apply. The Singapore court \lin
e \up0 \expndtw0\charscalex102 held for the SEC, finding that an action for an i
njunction under Section 10(b) and Rule \line \up0 \expndtw0\charscalex107 10b-5
is a civil proceeding according to the law of the United States and the law of \
line \up0 \expndtw0\charscalex106 Singapore. This decision, if followed in other
Hague signatory countries, opens yet \line \up0 \expndtw0\charscalex100 another
mode of international information gathering available to the SEC's enforcement
\line \up0 \expndtw-3\charscalex100 program. \par\pard\ql \li1920\sb0\sl-276\slm
ult0 \par\pard\ql\li1920\sb265\sl-276\slmult0 \up0 \expndtw-5\charscalex100 \ul0
\nosupersub\cf8\f9\fs24 SEBI guidelines on insider trading are preventive in nat
ure \par\pard\qj \li1800\sb0\sl-416\slmult0 \par\pard\qj\li1800\ri1608\sb13\sl-4
16\slmult0 \up0 \expndtw0\charscalex104 \ul0\nosupersub\cf7\f8\fs24 The recent d
raft guidelines issued by Sebi for public discussion are the latest of the \line
\up0 \expndtw-3\charscalex100 developments in India in this direction. Earlier,
one would recollect the 1992 regulations, \line \up0 \expndtw-1\charscalex100 w
hich, at best, would be described as a sleeping beauty (or a sleeping giant?) si
nce they \line \up0 \expndtw-3\charscalex100 did not appear to be aggressively p
ursued or enforced. In this article, the latest guidelines \line \up0 \expndtw0\
charscalex100 as proposed have been discussed. The importance of these

guidelines cannot be \line \up0 \expndtw-1\charscalex100 understated. The insi
der trading regulations are basically punitive in nature in the sense \par\pard\
qj \li1800\sb0\sl-220\slmult0 \par\pard\qj\li1800\sb0\sl-220\slmult0 \par\pard\q
j\li1800\ri2056\sb86\sl-220\slmult0 \up0 \expndtw-3\charscalex100 \ul0\super\cf1
5\f16\fs20\ul0\super\cf15\f16\fs19 38\ul0\nosupersub\cf10\f11\fs20 The Hague Co
nvention on the Taking of Evidence Abroad in Civil or Commercial Matters, Mar. 1
8, \up0 \expndtw-4\charscalex100 1970, 23 U.S.T. 2555. \par\pard\qj \li1800\sb0\
sl-220\slmult0 \par\pard\qj\li1800\ri1824\sb20\sl-220\slmult0 \up0 \expndtw-3\ch
arscalex100 \ul0\super\cf15\f16\fs19 39\ul0\nosupersub\cf10\f11\fs20 SEC v. One
Unknown Purchaser of the Call Options of APL Limited and Ong Congqin Bobby, 97
Civ. \up0 \expndtw-4\charscalex100 2664 (S.D.N.Y. April 15, 1997), Litig. Rel. N
o. 15334.
}
}}
}
}}
}
g19}{\bkmkend Pg19}\par\pard\ql \li1800\sb0\sl-414\slmult0 \par\pard\ql\li1800\s
b0\sl-414\slmult0 \par\pard\ql\li1800\ri1608\sb250\sl-414\slmult0 \up0 \expndtw0
\charscalex105 \ul0\nosupersub\cf7\f8\fs24 that they describe what constitutes i
nsider trading and then seek to punish this act in \line \up0 \expndtw0\charscal
ex100 various ways. The new guidelines are basically preventive in nature. More
importantly, \line \up0 \expndtw0\charscalex104 they will have to be complied wi
th by all listed companies; all market intermediaries \line \up0 \expndtw-2\char
scalex100 (such as brokers) and all advisers (such as merchant bankers, professi
onal firms, etc.). \line \up0 \expndtw0\charscalex104 These guidelines require t
hat each of these entities should take steps in advance. The \line \up0 \expndtw
0\charscalex100 guidelines provide for very detailed procedures that each of suc
h entities would have to \line \up0 \expndtw-2\charscalex100 follow. In a sense,

this approach makes sense since such offenses are easier to prevent but \line \
up0 \expndtw0\charscalex102 far more difficult to prove and prosecute. Even the
classic cases in the west such as the \line \up0 \expndtw0\charscalex104 celebra
ted Dennis Levine case in the United States shows the vigorous and extensive \li
ne \up0 \expndtw0\charscalex103 efforts the authorities had to take including pr
essurizing so-called tax havens to reveal \line \up0 \expndtw0\charscalex100 inf
ormation when such havens are otherwise known for their strict confidentiality.
Such \line \up0 \expndtw0\charscalex105 cases do serve as an example for those w
ho may think of carrying out such acts. But \line \up0 \expndtw0\charscalex107 p
reventive measures are likely to substantially reduce such acts as also educate
the \line \up0 \expndtw0\charscalex100 innumerable insiders of the law relating
to insider trading. Interestingly, Sebi has sought \line \up0 \expndtw0\charscal
ex100 to delegate most of the procedures almost upto the last stage on the entit
y concerned and \line \up0 \expndtw0\charscalex100 usually it will be up to the
entity to carry out initial investigation for final submission to \line \up0 \ex
pndtw0\charscalex102 Sebi for taking punitive action. Further, such entities hav
e been required to provide for \line \up0 \expndtw0\charscalex102 internal puni
tive measures such as monetary penalties, forfeiting Esops, etc. The \l
ine \up0 \expndtw0\charscalex102 guidelines provide for a set of procedures and
code of conduct for those entities whose \line \up0 \expndtw0\charscalex100 empl
oyees; directors and owners are most likely to be in a position to take advantag
e of \line \up0 \expndtw-1\charscalex100 inside information for personal gain. T
hese guidelines are separately prescribed for listed \line \up0 \expndtw0\charsc
alex105 companies, market intermediaries and professional firms. Quite ex
pectedly, the \line \up0 \expndtw-2\charscalex100 guidelines for listed compani
es are given the most attention and place more responsibility \line \up0 \expndt
w0\charscalex105 on such companies. Before we go further, it is necessary to fir
st understand what the \line \up0 \expndtw-1\charscalex100 offense of insider tr
ading is. For this purpose, one has to understand two important terms. \line \up
0 \expndtw0\charscalex100 The first is the term "insider". This term is very bro
adly defined and all those who have \line \up0 \expndtw0\charscalex102 access to
unpublished price sensitive information in one way or the other are included. \
line \up0 \expndtw0\charscalex105 The other term is "unpublished price sensitive
information", that is, that information \line \up0 \expndtw-2\charscalex100 rel
ating to the company, which is unpublished, and with respect to which the market
price \line \up0 \expndtw0\charscalex100 of the share is very sensitive. To giv
e an example, if it is known that a company is being \line \up0 \expndtw0\charsc
alex100 merged with another company at very favorable terms, it is information t
hat the market \par\pard\sect\sectd\fs24\paperw12240\paperh15840\pard\sb0\sl-240
{\bkmkstart Pg20}{\bkmkend Pg20}\par\pard\qj \li1800\sb0\sl-414\slmult0 \par\par
d\qj\li1800\sb0\sl-414\slmult0 \par\pard\qj\li1800\ri1608\sb250\sl-414\slmult0 \
up0 \expndtw0\charscalex110 \ul0\nosupersub\cf7\f8\fs24 price of the company can
be quite sensitive about. If a person, who has access to \line \up0 \expndtw0\c
harscalex100 information that is not published, such as a director, trades in th
e shares of the company \line \up0 \expndtw0\charscalex100 on the basis of such
information, he would be deemed to have committed the offense of \line \up0 \exp
ndtw0\charscalex104 insider trading. Note that it is not necessary that the pers
on should have traded in the \line \up0 \expndtw-2\charscalex100 shares. He may
have communicated such information to another person so that such other \line \u
p0 \expndtw-1\charscalex100 person makes use of such information. This also cons
titutes insider trading. Other similar \line \up0 \expndtw0\charscalex103 acts a
re also covered. The insider trading regulations are the parent regulations in t
his \line \up0 \expndtw0\charscalex102 respect. The guidelines now proposed are
expected to serve the function of percolating \line \up0 \expndtw-2\charscalex10
0 down to the level of those entities where such acts actually occurred. The bro
ad pattern of \line \up0 \expndtw0\charscalex108 these guidelines and features c
ommon to all groups of entities covered can be first \line \up0 \expndtw0\charsc
alex102 reviewed. The first step that an entity needs to take is to lay down and
declare a policy \line \up0 \expndtw0\charscalex107 relating to insider trading
. It also involves the basic step of providing copies of the \line \up0 \expndtw
0\charscalex105 statutes to all concerned. The second step is to create a compli
ance department. This \line \up0 \expndtw0\charscalex108 department is to be hea
ded by a compliance officer who should report to the chief \line \up0 \expndtw0\
charscalex100 executive of the entity. The compliance department would have a gr
eat responsibility in \line \up0 \expndtw0\charscalex100 this matter and it is s
ubmitted that there is overkill in this regard. So much responsibility \line \up
0 \expndtw0\charscalex100 and requirements have been placed on the compli
ance department as well as the \line \up0 \expndtw0\charscalex100 complianc
e officer, apart from too many procedures, that it is likely that this departmen
t \line \up0 \expndtw0\charscalex105 and the compliance officer may be drowned i
n paperwork. The important concept of \line \up0 \expndtw0\charscalex100 materia
lity and exception reporting has not been applied. For example, every executive
\line \up0 \expndtw0\charscalex105 has been required to first clear and report h
is share transactions with the department. \line \up0 \expndtw-1\charscalex100 F
urther, they are also required to give monthly reports. Further, it would have b
een better \line \up0 \expndtw0\charscalex104 if a cutoff point in this regard c
ould have been laid down so that small transactions in \line \up0 \expndtw0\char
scalex100 shares need not be reported. Of course, this is not to encourage small
offenses but there \line \up0 \expndtw0\charscalex106 could be separate procedu
res for such acts. Similarly, a reporting should be only by \line \up0 \expndtw1\charscalex100 exception and thus only where a person actually trades in the sh
ares that he should report \line \up0 \expndtw0\charscalex108 or clear such tran
saction. Presently, it appears that all listed companies, all market \line \up0
\expndtw-2\charscalex100 intermediaries and all professional firms having some c
onnection to listed companies will \line \up0 \expndtw0\charscalex107 be require
d to follow the same procedures and guidelines. It may be worthwhile to \line \u
p0 \expndtw0\charscalex100 consider whether some cut off can be made so that com
panies and firms below a certain \line \up0 \expndtw0\charscalex100 size are e
ither exempted or can follow alternative summary procedures. Since the
\par\pard\sect\sectd\fs24\paperw12240\paperh15840\pard\sb0\sl-240{\bkmkstart Pg2
1}{\bkmkend Pg21}\par\pard\qj \li1800\sb0\sl-415\slmult0 \par\pard\qj\li1800\sb0
harscalex104 \ul0\nosupersub\cf7\f8\fs24 requirements are quite detailed (perhap
s the largest of companies and firms have also \line \up0 \expndtw0\charscalex10
0 been kept in mind), not all such entities can afford or even requir
e such detailed \line \up0 \expndtw0\charscalex103 procedure and infrastructur
e such as an elaborate compliance department headed by a \line \up0 \expndtw0\ch
arscalex102 compliance officer. Nor would it be possible for professional firms
in all cases to have \line \up0 \expndtw0\charscalex103 the so-called Chinese wa
lls. Incidentally, to explain the term Chinese Walls, it means \line \up0 \expnd
tw0\charscalex103 those physical and intangible barriers created between departm
ents of a firm whereby \line \up0 \expndtw0\charscalex100 those departments havi
ng access to such inside information of companies are separated \line \up0 \expn
dtw-2\charscalex100 with other departments which have no concern with such infor
mation or who may misuse \line \up0 \expndtw0\charscalex105 such information. It
may also be not out of place to mention here that the success of \line \up0 \ex
pndtw0\charscalex104 maintaining Chinese Walls in controlling insider trading is
at best mixed in the West. \line \up0 \expndtw-1\charscalex100 THE Securities a
nd Exchange Board of India's (SEBI) new regulations on insider trading \line \up
0 \expndtw0\charscalex100 has made it mandatory for investors to disclose their
holding in a company beyond five \line \up0 \expndtw0\charscalex105 per cent, fo
r every additional two per cent stake acquired. In addition, any fall in the \li
ne \up0 \expndtw0\charscalex102 holding below five per cent will also have to be
disclosed mandatory, according to the \line \up0 \expndtw0\charscalex103 new gu
idelines. Earlier regulations had provision for disclosure just after crossing t
he \line \up0 \expndtw0\charscalex103 five per cent for the first time and there
was no provision for disclosure if the holding \line \up0 \expndtw0\charscalex1
00 falls below the five-per cent limit. The new regulations come into effect fro
m February \par\pard\qj \li1800\ri1605\sb0\sl-415\slmult0 \up0 \expndtw0\charsca
lex100 20. The regulations follow the final recommendations of the SEBI Insider
Group headed \line \up0 \expndtw0\charscalex100 by Mr Kumarmangalam Birla on Mar
ch 31, 2001, that was approved by the SEBI Board \line \up0 \expndtw0\charscalex
102 on May 14, 2001. According to the Section 13 of the Insider Trading Regulati
ons, any \line \up0 \expndtw0\charscalex100 person who holds more than five cent
shares in any listed company shall disclose to the \line \up0 \expndtw0\charsca
lex103 company the number of shares held and change in shareholding, even if suc
h changes \line \up0 \expndtw0\charscalex100 result in shareholding falling belo
w five per cent. If the holding falls below five cent, it \line \up0 \expndtw0\c
harscalex104 has to be disclosed if there has been change in such holdings from
the last disclosure \line \up0 \expndtw0\charscalex100 made. Investors will have
to continuously disclose acquisition of additional shares every \line \up0 \exp
ndtw-2\charscalex100 time such acquisition rises by two per cent above the thres
hold limit of five per cent. \par\pard\sect\sectd\fs24\paperw12240\paperh15840\p
ard\sb0\sl-240{\bkmkstart Pg22}{\bkmkend Pg22}\par\pard\qj \li1348\sb0\sl-420\sl
mult0 \par\pard\qj\li1348\sb0\sl-420\slmult0 \par\pard\qj\li1348\sb0\sl-420\slmu
lt0 \par\pard\qj\li1348\ri1\sb234\sl-420\slmult0 \up0 \expndtw0\charscalex104 \u
l0\nosupersub\cf7\f8\fs24 In its bid to tighten insider-trading norms, the SEBI
group has prescribed a code of internal procedures and \up0 \expndtw-2\charscale
x100 conduct for listed companies and for entities associated with the capital m
arket. \par\pard\qj \li1348\ri0\sb0\sl-414\slmult0 \up0 \expndtw0\charscalex106
In an informal chat with the media, the Senior Executive Director of SEBI, Mr L.
K. Singhvi, said these \line \up0 \expndtw-2\charscalex100 guidelines are being
prescribed to create an internal framework of compliance at every level in order
to prevent \line \up0 \expndtw-2\charscalex100 or minimize insider trading. Onc
e approved by the board, the SEBI Insider Trading Regulations of 1992 would \lin
e \up0 \expndtw-3\charscalex100 be amended to incorporate these guidelines. ``In
ternal enforcement of this is mandatory'', Mr Singhvi added. He, \line \up0 \exp
ndtw-4\charscalex100 however, clarified that compliance with this prescribed cod
e does not mean that you cannot be proceeded against \line \up0 \expndtw0\charsc
alex105 under the main regulations. `These guidelines provide a supplementary f
ramework and are to serve as a \line \up0 \expndtw0\charscalex100 preventive mea
sure. This will also put the onus of responsibility on corporate and other entit
ies like broking \line \up0 \expndtw-3\charscalex100 firms, merchant bankers etc
., to create an atmosphere of compliance internally,'' Mr Singhvi said. The code
also \line \up0 \expndtw-3\charscalex100 stipulates mandatory disclosures on tw
o counts. One, with respect to disclosure of interest/holdings by directors \lin
e \up0 \expndtw0\charscalex100 and other officers who are insiders in the compan
y and thereafter accumulating continuously for every 5,000 \line \up0 \expndtw-1
\charscalex100 shares or shares worth Rs 5 lakh, whichever is higher. Two, share
holders or those holding at least five per cent \line \up0 \expndtw-3\charscalex
100 stake in a company and thereafter accumulating every additional two per cent
. These disclosures will initially be \line \up0 \expndtw0\charscalex102 made at
the company level, which would then inform the stock exchanges. The objective i
s to preserve the \line \up0 \expndtw-2\charscalex100 confidentiality of infor
mation, prevent its misuse and ensure commitment to transparency,'' Mr
Singhvi \line \up0 \expndtw-1\charscalex100 explained. The code of internal pro
cedure and conduct for listed companies will broadly detail what would be \line
\up0 \expndtw-4\charscalex100 violation of the insider trading code, what is pri
ce-sensitive information etc. It also stipulates that every company \line \up0 \
expndtw-3\charscalex100 must have a compliance department, which would serve as
a nodal agency to collate information, specify policy \line \up0 \expndtw-1\char
scalex100 requirements etc. It suggests following the principle of `need to know
' with regard to unpublished information. \line \up0 \expndtw0\charscalex102 Acc
ess should be limited to those who need it. To prevent misuse of information, it
has been suggested that \line \up0 \expndtw-2\charscalex100 companies provide a
trading window during special events, whereby trading in those shares would be
curtailed. \line \up0 \expndtw0\charscalex100 In this case, we are talking of ev
ents like declaration of dividend, company results etc.,'' he said. The trading
\line \up0 \expndtw0\charscalex100 window would thereafter be opened a day or tw
o after information is made public. The code also prescribes \line \up0 \expndtw
-3\charscalex100 mandatory pre-clearance of trades and reporting to compliance o
fficer. Further, it prescribes a minimum holding \line \up0 \expndtw-4\charscale
x100 period of one month for directors, officers and designated employees. Viola
tion or non-compliance of this would \line \up0 \expndtw0\charscalex103 attract
a penalty. The code of procedures and conduct for intermediaries or entities ass
ociated with capital \line \up0 \expndtw-2\charscalex100 markets includes stock
exchanges, legal firms, professional firms, depositories, and associations such
as AMFI, \line \up0 \expndtw-3\charscalex100 AMBI etc. \par\pard\sect\sectd\fs24
\paperw12240\paperh15840\pard\sb0\sl-240{\bkmkstart Pg23}{\bkmkend Pg23}\par\par
d\ql \li1348\sb0\sl-276\slmult0 \par\pard\ql\li1348\sb0\sl-276\slmult0 \par\pard
\ql\li1348\sb0\sl-276\slmult0 \par\pard\ql\li1348\sb0\sl-276\slmult0 \par\pard\q
l\li1348\sb0\sl-276\slmult0 \par\pard\ql\li1348\sb232\sl-276\slmult0 \up0 \expnd
tw-3\charscalex100 \ul0\nosupersub\cf8\f9\fs24 Conclusion \par\pard\qj \li1348\r
i0\sb110\sl-415\slmult0 \up0 \expndtw-1\charscalex100 \ul0\nosupersub\cf7\f8\fs2
4 The importance of policing insider trading has assumed international significa
nce as overseas regulators attempt \line \up0 \expndtw0\charscalex100 to boost t
he confidence of domestic investors and attract the international investment com
munity. Reports from \line \up0 \expndtw0\charscalex100 the international press
confirm a proliferation of law-making and regulatory actions within just the las
t several \line \up0 \expndtw0\charscalex100 months in countries across the glob
e aimed at curbing insider trading. For example, in 1998 alone: Hong Kong \line
\up0 \expndtw0\charscalex106 regulators unveiled new measures to combat insider
trading, including the introduction of new electronic \line \up0 \expndtw0\chars
calex102 surveillance capability\ul0\super\cf12\f13\fs24 40\ul0\nosupersub\cf7\f
8\fs24 . Malaysia amended to its securities laws, for the first time giving inve
stors a private \line \up0 \expndtw0\charscalex100 right of action against insid
er traders\ul0\super\cf12\f13\fs24 41\ul0\nosupersub\cf7\f8\fs24 . In its effort
s to curb insider trading, the Securities and Exchange Board \line \up0 \expndtw
0\charscalex100 of India enacted regulations requiring that corporate deals be r
eported to stock exchanges within 15 minutes of \line \up0 \expndtw0\charscalex1
00 finalizing\ul0\super\cf12\f13\fs24 42\ul0\nosupersub\cf7\f8\fs24 . Vietnam
announced a decree establishing its first public securities market, whi
ch includes \line \up0 \expndtw0\charscalex100 prohibitions on insider trading\
ul0\super\cf12\f13\fs24 43\ul0\nosupersub\cf7\f8\fs24 . \par\pard\qj \li1348\ri0
\sb0\sl-416\slmult0 \up0 \expndtw-1\charscalex100 The government of Egypt announ
ced that it is working on a comprehensive reform of its regulation of the Cairo
\line \up0 \expndtw-1\charscalex100 Stock Exchange, to bring it into line with w
orld standards\ul0\super\cf12\f13\fs24 44\ul0\nosupersub\cf7\f8\fs24 . The Nethe
rlands Securities Board announced that it \line \up0 \expndtw0\charscalex100 is
launching an investigation into whether the Amsterdam Exchanges have sufficient
systems in place to detect \line \up0 \expndtw0\charscalex104 and investigate in
sider trading\ul0\super\cf12\f13\fs24 45\ul0\nosupersub\cf7\f8\fs24 . These deve
lopments herald a new era of universal recognition that insider \line \up0 \expn
dtw0\charscalex107 trading, in the words of the SEC's Chairman Levitt, "has utte
rly no place in any fair-minded law-abiding \line \up0 \expndtw-3\charscalex100
economy\ul0\super\cf12\f13\fs24 46\ul0\nosupersub\cf7\f8\fs24 ."
}
b0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0

\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\s
l-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-24
0\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\
slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\sl
mult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmu
lt0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult
0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0
\par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \p
ar\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par
\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\p
ard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\par
d\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\
qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj
\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\l
i1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1
800\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li180
0\sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\
sb0\sl-240\slmult0 \par\pard\qj\li1800\sb0\sl-240\slmult0 \par\pard\qj\li1800\ri
1706\sb162\sl-240\slmult0 \up0 \expndtw-1\charscalex100 \ul0\super\cf15\f16\fs19
40\ul0\nosupersub\cf10\f11\fs20 Stewart Oldfield and Sauw Yim, Regulators Aim
to Hit Market Regulation, South China Morning Post, \up0 \expndtw-2\charscalex1
00 July 22, 1998, at 1. \par\pard\ql \li1800\sb1\sl-215\slmult0 \up0 \expndtw-1\
charscalex100 \ul0\super\cf15\f16\fs19 41\ul0\nosupersub\cf10\f11\fs20 Munir: A
mendments to Promote Transparency, New Straits Times-Management Times, June 17,
1998. \par\pard\ql \li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb0\sl-230\slm
ult0 \par\pard\ql\li1800\sb13\sl-230\slmult0 \up0 \expndtw-1\charscalex100 \ul0\
super\cf15\f16\fs19 42\ul0\nosupersub\cf10\f11\fs20 Indian Watchdog Makes Negot
iated Deals More Transparent, Asia Pulse, August 13, 1998. \par\pard\ql \li1800\
sb0\sl-230\slmult0 \par\pard\ql\li1800\sb220\sl-230\slmult0 \up0 \expndtw-1\char
scalex100 \ul0\super\cf15\f16\fs19 43\ul0\nosupersub\cf10\f11\fs20 Jonathan Bir
chall, Hanoi Decree on Exchange, Financial Times, July 15, 1998. \par\pard\ql \l
i1800\sb1\sl-217\slmult0 \up0 \expndtw-1\charscalex100 \ul0\super\cf15\f16\fs19
44\ul0\nosupersub\cf10\f11\fs20 Global Regulations: Financial Reforms in German
y, Egypt, Philippines, EIU ViewsWire, April 9, 1998. \par\pard\ql \li1800\sb0\sl
-230\slmult0 \par\pard\ql\li1800\sb0\sl-230\slmult0 \par\pard\ql\li1800\sb13\sl230\slmult0 \up0 \expndtw-1\charscalex100 \ul0\super\cf15\f16\fs19 45\ul0\nosupe
rsub\cf10\f11\fs20 Netherlands Securities Board to Investigate Amsterdam Bourse
Systems, AFX News, July 22, 1998. \par\pard\qj \li1800\sb0\sl-240\slmult0 \par\
pard\qj\li1800\ri2155\sb202\sl-240\slmult0 \up0 \expndtw-1\charscalex100 \ul0\su
per\cf15\f16\fs19 46\ul0\nosupersub\cf10\f11\fs20 Arthur Levitt, A Question of
Investor Integrity: Promoting Investor Confidence by Fighting Insider \up0 \expn
dtw-1\charscalex100 Trading, Address Before the "SEC Speaks" Conference, Februar
y 27, 1998.
}
g25}{\bkmkend Pg25}\pard\par\pard\sect\sectd\fs24}

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