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Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
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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’.