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NCJRS Abstract

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NCJ Number: 148082 Find in a Library
Journal: Law and Contemporary Problems  Volume:55  Issue:4  Dated:(Autumn 1992)  Pages:199-229
Author(s): H L Pitt; D B Hardison
Date Published: 1992
Page Count: 31
Type: Legislation/Policy Analysis
Format: Article
Language: English
Country: United States of America
Annotation: This paper examines current trends in the global regulation of insider trading in securities and concludes that multinational corporations and service firms should evaluate the need for companywide policies relating to securities trading by employees.
Abstract: The regulation and prosecution of insider trading in the Untied States has been by far the most vigorous in the world and occurs under a general antifraud provision. Many countries have no regulation or little enforcement of regulations. The three main factors that appear to motivate most countries to address insider trading are competitive pressures, international law enforcement efforts, and technological developments. The approaches used in Australia, France, Germany, Japan, and Mexico reveal that other countries usually enact specific rather than general prohibitions on insider dealing. The developments in other countries reflect the increasing international consensus that insider trading is inconsistent with basic principles of fair dealing and should be punished rather than only discouraged. A company's program to address this issue might include restrictions on access to inside information within the company, restrictions on securities transactions, the preclearance of trades by the employer, restrictions on short-term trading, affirmations of employee compliance with company policies, and training sessions. Footnotes
Main Term(s): Crime prevention planning
Index Term(s): Corporate criminal liability; Employer-employee relations; Insider trading; International law; Multinational corporations; US/foreign comparisons
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