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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
An International Comparison of Insider Trading Enforcement
[Photo: From Bloomberg.com, 'How the Feds Pulled Off the Biggest Insider-Trading Investigation in U.S. History' - 6/1/16]
Lev Bromberg, George Gilligan, and Ian Ramsay recently published an article, ‘The Extent and Intensity of Insider Trading Enforcement – an International Comparison’, which now appears on the web site of NYU Law’s Program on Corporate Compliance and Enforcement.
The article presents the results of a detailed comparative empirical study of sanctions imposed for insider trading in Australia, Canada, Hong Kong, Singapore, the U.K., and the U.S. over a 7-year period to 2015.
Among the findings:
- the most severe sanctions imposed for insider trading were in Australia, followed by Hong Kong, while the least severe sanctions were imposed in Singapore.
- the frequency of sanctions in the U.S. was substantially higher than in the other jurisdictions, yet, the severity of typical sanctions in the U.S. was relatively low.
- the U.S., which had the highest number of defendants, also had the widest range of sanctions imposed for insider trading.
- most U.S. insider trading cases usually feature a high proportion of monetary sanctions; this can often be attributed to the SEC’s practice of issuing a penalty that approximates the amount of illicit profit – i.e., disgorgement.
- Insider cases in the U.S. are much more complex than elsewhere because many defendants faced both criminal and civil actions - brought by the Justice Department and the SEC, respectively – for the same ‘offense’.