insider trading regulations in us and a proposal for turkey - wharton 内幕交易规则在美国和土耳其的建议-沃顿

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1、INSIDERTRADINGREGULATIONSINU.S.ANDAPROPOSALFORTURKEY1WHATISINSIDERTRADING?ThereisnostatutorydefinitionEncompassesbothlegalandillegalactivityOurdiscussion:illegaloneWhenthosewithconfidentialinformationusethatspecialadvantagetogainprofitoravoidlossesonthestockmarketDam

2、agesthesourceofinformationandothertypicalinvestors2WHOAREINSIDERS?Notjustcorporatedirectors,officersormajorshareholdersAbroaderrangeofindividuals;Apartnerinalawfirmrepresentingtheacquiringcompanyinahostiletakeoverbidwhotradedintargetcompanystock.AWallStreetJournalcolu

3、mnistwhotradedpriortopublicationofhiscolumninthestockofcompanieshewroteabout.Apsychiatristwhotradedonthebasisofinformationlearnedfromapatient.Afinancialprinterwhotradedinthestockofcompaniesaboutwhichhewaspreparingdisclosuredocuments.3WHYUSREGULATIONS?Insidertradinghas

4、startedtocrossbordersECDirectiveprovidesthatmembersmayenactlawsmorestringentthansetoutintheDirectiveU.S.hasthemostcomprehensiveanddetailedregulationsagainstinsidertrading4INSIDERTRADINGDEBATEOpposingViewsFormofcompensationforemployeesNostatutorydefinition,unfairlypena

5、lizetradersEnforcinginsidertradingnotcosteffectiveSmoothpricesandmoreefficientmarketCompaniesmayprohibititinthecontract5REASONSFORREGULATINGINSIDERTRADINGUnfairpracticetopublicinvestorsProhibitingitpromotesefficiencyofmarketsPropertyofmaterialinformationbelongstotheco

6、rporationforbusinesspurposes.6USREGULATIONOFINSIDERTRADINGSection16ofthe1934SecuritiesExchangeActSECRule10b-5ClassicalTheoryMisappropriationTheorySECRule14e-37Section16ofthe1934ActDesignedtowatchmorecloselythetradingofcorporateinsidersontheircorporation’sstock.Coverso

7、fficer,directors,and10%equityholders§16(a)->DisclosureProvision->Everycorporateinsidershouldreportholdingsandtransactions.Facilitates§16(b)§16(b)->RecoveryofShort-swingProfits->Theseinsidersmustdisgorgeprofitsfromsellingstockheldlessthansixmonths8Rule10b-5Promulgatedi

8、n1942under§10(b)oftheSecuritiesExchangeActof1934Coversmaterialcorporatemisstatementsornondiclosures,insidertrading,andcorpor