News & Analysis as of

Illegal Tipping

MMT finds against SFC in insider dealing case

by Hogan Lovells on

In another decision against the SFC, the Market Misconduct Tribunal ("MMT") has found Mr Cheng Chak Ngok ("Mr Cheng"), former executive director, chief financial officer and company secretary of ENN Energy Holdings Limited,...more

Will 2017 Be the Year of Insider Trading Reform?

by McGuireWoods LLP on

For several years running, insider trading has been among the most high-profile enforcement priorities for both DOJ and the SEC. Unlike most federal criminal law, insider trading remains undefined by statute, having instead...more

The Call for a Statutory Insider Trading Law

Judge Jed S. Rakoff (S.D.N.Y.) recently made headlines after urging lawyers to draft and advocate for a more straightforward insider trading statute to replace judicially-created insider trading law. During his keynote speech...more

Watch the Napkin: First Circuit Affirms Insider-Trading Conviction

In what appears to be the first appellate decision since the Supreme Court’s December 2016 ruling in Salman v. United States, the U.S. Court of Appeals for the First Circuit affirmed an insider-trading conviction based on a...more

SEC Secures Split Decision in Insider Trading Trial

by Dorsey & Whitney LLP on

The SEC received a split decision from a jury in an insider trading case that spawned three separate enforcement actions and ten different traders. The jury found in favor of the Commission and against one first tier tippee –...more

The Insider Trading Cartoon Series, Vol. 15 -- United States v. Newman (Part 2) [Video]

by Brooks Pierce on

Welcome to the exciting conclusion to the United States v. Newman mini-series. Today we discuss Newman's doomed personal benefit test. It would eventually be undone by Salman v. United States, but it's still helpful in...more

Securities Group News: New Guidance on “Personal Benefit” Test of Insider Trading Law

by Murtha Cullina on

For the first time in nearly two decades, the United States Supreme Court has directly addressed the scope of insider trading liability under the federal securities laws. The Court in Salman v. United States considered...more

The Insider Trading Cartoon Series, Vol. 14 -- United States v. Newman (Part 1) [Video]

by Brooks Pierce on

The U.S. Court of Appeals for the Second Circuit shook the insider trading world in 2014 when it issued United States v. Newman, 773 F.3d 438 (2d Cir. 2014). The court addressed the knowledge required for liability of remote...more

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

Trading and Markets Enforcement Report - January 2017

by Morgan Lewis on

January 2017 - The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and...more

Corporate Investigations and White Collar Defense - December 2016

Insider Trading: Supreme Court Affirms Salman - Why it matters: On December 6, 2016 the Supreme Court decided Salman v. U.S., in which it upheld the petitioner’s insider trading conviction. The Court found its 1983...more

Salman v. U.S.: More Questions than Answers?

by Baker Donelson on

The United States Supreme Court recently rendered a decision in Salman1 resolving a circuit split over whether the government prosecuting an insider trading case must show that the person giving an insider tip received...more

Timely Reminders to Avoid Inadvertent Tipping Liability

by King & Spalding on

Just in time for the annual season of work holiday parties and family gatherings, the United States Supreme Court unanimously confirmed that leaking material non-public information to a close relative who then trades in...more

7 Things You Should Consider To Avoid Criminal Prosecution

In its first insider trading ruling in almost 20 years, the U.S. Supreme Court upheld a ruling by the 9th Circuit Court of Appeals that a person can be held criminally liable for passing inside information to a friend or...more

Is That What Friends (and Family) Are For? Supreme Court Resolves Circuit Split in Insider Trading Case But Questions Remain

by Polsinelli on

A recent Supreme Court decision provides new guidance in the area of insider trading liability without personal benefit, and resolves an existing split between the Ninth Circuit and Second Circuit Court of Appeals. In Salman...more

Salman v. U.S.: Supreme Court Resolves Insider Trading Split

On December 6, 2016, the United States Supreme Court affirmed an insider trading conviction in a case where the “insider” obtained no direct pecuniary benefit from the disclosure. Justice Samuel Alito, writing for a...more

First Supreme Court Insider Trading Decision in Almost Two Decades Resolves Split Between Circuits

by Clark Hill PLC on

Last week, the United States Supreme Court issued its first decision in an insider trading case in nearly two decades to resolve a split between the Second and Ninth Circuit Courts of Appeal. In its unanimous decision in...more

U.S. Supreme Court Affirms Broader View of “Personal Benefits” That Can Trigger Insider-Trading Liability

by Miller Canfield on

To be liable for insider trading in violation of the federal securities laws, the insider “tipper” who discloses the inside information must personally benefit, directly or indirectly, from his disclosure to a “tippee” who...more

Bridging the Week - December 2016 #2

by Katten Muchin Rosenman LLP on

Last week, the Commodity Futures Trading Commission proposed revised position limit rules and finalized requirements related to the aggregation of positions and accounts to assess compliance with speculative position limits...more

The Supreme Court's Limited Insider Trading Ruling: Salman Decision Narrowly Affirms Dirks and Leaves Portions of Newman Intact

by BakerHostetler on

On December 6, 2016, the United States Supreme Court issued a unanimous decision in Salman v. United States, affirming what it had set out in dicta in its 1983 decision in Dirks v. SEC by finding that a factfinder may infer...more

Supreme Court Revisits Insider-Trading Liability

by Latham & Watkins LLP on

Salman reaffirms Dirks and holds that a “gift” of inside information to a trading relative or friend continues to meet the personal-benefit requirement. The Salman Prosecution - In 2011, Bassam Yacoub Salman was...more

United States v. Salman: Supreme Court Reaffirms “Friends With Benefits” Test In Insider Trading Cases

On December 6, 2016, in an opinion written by Justice Alito, the Supreme Court unanimously affirmed the Ninth Circuit’s decision in Salman v. United States, a closely-watched insider trading tipping case. Salman builds upon...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court handed down its much anticipated decision in Salman this week, essentially reaffirming its seminal decision on illegal tipping in Dirks. In affirming the Petitioner’s conviction the Court rejected his...more

Supreme Court Lowers Burden in Insider Trading Prosecutions

by Pierce Atwood LLP on

On December 6, 2016, the U.S. Supreme Court issued its first insider trading decision in nearly two decades unanimously affirming the Ninth Circuit and holding that an insider’s “gift” of confidential information to a...more

The Supreme Court Restores Implied Benefit Theory in Insider Trading Prosecutions of Downstream Tippees

Friends and relatives of corporate insiders who knowingly receive and trade on inside information now confront greater exposure for federal securities laws violations. On December 6, 2016, the Supreme Court held in United...more

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