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Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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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’.