Insider Trading

News & Analysis as of

SEC Prevails In Jury Trial Against Former CEO of Drug Firm

The SEC prevailed at trial against the former CEO of a biopharmaceutical company on claims that he made false and misleading statements regarding the regulatory approval status of the firm’s only drug. Following a two week...more

SEC Settles Insider Trading Action With Corporate Executive

Insider trading has long been a staple of SEC enforcement. The agency has brought a number of actions against corporate executives who have abused their position by using inside information entrusted to them for personal gain...more

Hong Kong Market Misconduct: SFC Extends Enforcement Power to Insider Dealing in Overseas Listed Securities – Part 2

Section 300 of the Securities and Futures Ordinance (the “SFO”) prohibits the use of fraudulent or deceptive schemes or engagement in any practice which is fraudulent or deceptive “in a transaction involving securities,...more

This Week In Securities Litigation

Budget hearings were a focus this week as the Chair of the SEC and Chairman of the CFTC visited Capitol Hill. Both sought substantial increases, requesting more money for technology, inspections and enforcement. While the...more

Quid Pro Quo: When a “Gift” is not a Gift

When it comes to properly documenting property and cash donations, most charities are well-versed with the IRS’ substantiation rules. But equally as important to those rules are the disclosure requirements regarding quid pro...more

ESMA Consults on Guidelines on Disclosure of Information on Commodity Derivatives Markets or Related Spot Markets under MAR

On March 30, the European Securities and Markets Authority (“ESMA”) opened a public consultation on draft guidelines under the Market Abuse Regulation (“MAR”). ESMA is consulting on its proposed non-exhaustive indicative list...more

BigLaw firms hit with cyber intrusions

Just a week after we reported that the FBI warned international law firms that they are targets for cyber hackings, multiple (reportedly up to 50) BigLaw firms have confirmed that they have been victims of hackings and...more

Former Hedge Fund Manager’s Civil Rights Suit Against New York U.S. Attorney Permitted to Proceed into Discovery

Shortly into his tenure as United States Attorney for the Southern District of New York, Preet Bharara announced a crackdown on insider trading, indicating that it would be his office’s “top criminal priority” and that...more

Employer Stock Roundtable

We had a great client Dorsey Roundtable on March 24, 2016 to discuss employer stock in retirement plans. It’s been a few years now since the 2013 blockbuster opinion from the Supreme Court (back when they had 9 justices) in...more

Financial Regulatory Developments Focus - March 2016 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

FBI issues warning to law firms

The FBI has issued a Private Industry Notification to law firms indicating that a cyber crime insider trading ring is targeting “international law firm information used to facilitate business ventures.” According to the FBI...more

All Bets are Off When It Comes to the Future of Daily Fantasy Sports

Illinois is among the states embroiled in the widening dispute over the legality of daily fantasy sports. It’s also one of the states where competing interests are vying to control the future of the online daily fantasy...more

Former Equities Trader Pleads Guilty to Insider Dealing

Damien Clarke pleaded guilty to two counts of insider trading at Southwark Crown Court, having previously pleaded guilty to seven counts of insider trading on July 24, 2015. Mr. Clarke is a former equities trader who, through...more

EU Commission Adopts Delegated Regulation on Abusive Practices and Suspicious Orders and Transactions Under MAR

On March 9, the European Commission adopted a delegated Regulation (and an accompanying Annex) in relation to the EU Market Abuse Regulation (MAR). The delegated Regulation sets out arrangements, systems and procedures and...more

An Important Check On The Abuse Of Government Authority

As citizens of a nation founded on the rule of law, we depend upon law enforcement and prosecutors to protect us from harm and from those who infringe our liberty. In exchange for this protection, we permit these public...more

UK Financial Regulatory Developments - March 2016 #12

PRA publishes modification by consent for dormant insolvent insurers - PRA has published a modification by consent for non-Solvency 2 firms relating to the senior insurance managers regime (SIMR) rules in the Senior...more

This Week In Securities Litigation

The SEC filed its first action against a municipal adviser for breach of fiduciary duty based on a provision amended by Dodd-Frank. The agency also continued to file insider trading actions in an administrative forum....more

SEC Files Another Insider Trading Administrative Proceeding

The SEC filed another settled insider trading action as an administrative proceeding. The Commission has increasingly been filing insider trading cases in an administrative forum this year. In the Matter of Eric J. Wolff,...more

Hong Kong Regulatory Update - March 2015

This Hong Kong regulatory update provides a brief overview of the principal Hong Kong regulatory developments in the preceding three months relevant to companies listed or proposed to be listed on The Stock Exchange of Hong...more

This Week In Securities Litigation

This week the SEC brought six actions tied to the failure of a rapidly growing enterprise to maintain the proper internal controls. The agency also brought two proceedings tied to municipal bond offerings and one insider...more

2015 Year-End Cross-Border Government Investigations and Regulatory Enforcement Review

Globalization has connected people, companies, and products across national borders more than ever. Goods and services developed in one part of the world are readily available in other parts of the world and technology is...more

Tippee of Broker Resolves Insider Trading Charges with SEC

The SEC filed its second action tied to illegal tipping by brokerage firm registered representative Kevin Dowd. The first was SEC v. Dowd, Civil Action No. 3:13-cv-00494 (D. N.J. ) filed in January 2013. The second is SEC v....more

Insider Trading: Dirks, Newman, Salman and Payton – Part II

This is the second of two posts on the personal benefit test for tipping and insider trading. The first appeared yesterday. ...more

Insider Trading: Dirks, Newman, Salman and Payton – Part I

This is the first of two posts on the personal benefit test for tipping and insider trading. The second will appear tomorrow. A critical question in assessing tippee liability for insider trading is the personal benefit...more

This Week In Securities Litigation

The SEC had a significant courtroom victory this week, prevailing in the Payton insider trading trial. A jury returned a verdict in favor of the agency. ...more

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