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Insider Trading

Bass, Berry & Sims PLC

The Time is Here: Public Companies Should be Mindful of the Upcoming Insider Trading Policy Form 10-K Exhibit Filing Requirement

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In connection with the upcoming Form 10-K/proxy season, public companies with a fiscal year ending on December 31 will be required, for the first time, to publicly file their insider trading policies as exhibits to their...more

Proskauer - Corporate Defense and Disputes

Court Upholds SEC’s Victory in “Shadow Trading” Case

A federal court in California refused to grant a judgment or a new trial to a defendant who was found to have engaged in insider trading when he purchased securities of one company based on material nonpublic information...more

K&L Gates LLP

Shedding Light on "Shadow Trading" and What Companies Should Do Now

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The concept of insider trading under the federal securities laws has evolved over the years, at times in unexpected ways. Current insider trading standards have developed through case law and administrative actions applying...more

Benesch

White Collar Quarterly Report - August 2024

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In 2023, the number of federal corporate prosecutions remained far below the 25-year average after two consecutive years of increases. ..The DOJ’s Fraud Section secured just $690 million in penalties across eight...more

A&O Shearman

EU Report on Payment Fraud

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The European Central Bank and the European Banking Authority have published a joint report on payment fraud data. The report assesses payment fraud reported by the industry across the EEA and covers semi-annual data reported...more

A&O Shearman

Financial Conduct Authority Consults on Rules for Admission of Securities to UK Trading Platforms

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The Financial Conduct Authority has opened a consultation on proposed rules for companies seeking to admit securities to a U.K. regulated market or "primary" multilateral trading facility under the new Public Offers and...more

A&O Shearman

UK Financial Markets Standard Board Publishes Spotlight Review on Pre-Hedging Practices

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The Financial Markets Standard Board has published a spotlight review on pre-hedging practices. The FMSB is examining the practice as it considers, in principal markets, that there remains uncertainty as to how and when...more

Lowenstein Sandler LLP

United States Department of Justice Obtains First Insider Trading Conviction Based Exclusively on the Use of a Trading Plan and...

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A federal jury in Los Angeles recently convicted the former CEO of Ontrak Inc. (a publicly traded company), Terren Peizer, for engaging in an insider trading scheme using Rule 10b5-1 trading plans. The insider trading...more

Kaufman & Canoles

K&C Sports & Entertainment Law Weekly Roundup - July 2024 #3

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Dick’s Sporting Goods Inc. and a man who claims he suffered permanent eye damage because of a defective golf practice net bought from the company are asking a Georgia federal judge to keep his litigation on hold while they...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for June 2024

Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The Supreme Court’s Jarkesy decision and its impact on the...more

Oberheiden P.C.

Need a Wall Street Whistleblower Attorney? Your Questions, Answered

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People who work on Wall Street come into contact with important information all the time. Sometimes, though, that information indicates that a major corporation or company is breaking the law. If this happens to you, you have...more

BCLP

2024: Updates and Reminders for Upcoming Quarterly Filings

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Potential regulatory uncertainty in light of Supreme Court decisions. The recent Supreme Court term produced several landmark decisions affecting administrative agencies, including...more

A&O Shearman

European Banking Authority Announces Anti-Money Laundering Priorities for 2024/25

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The European Banking Authority has published a press release welcoming the entry into force of the new EU framework establishing the Anti-Money Laundering and Countering the Financing of Terrorism Authority. The EBA also...more

A&O Shearman

Directive on Cross-Border Law Enforcement Access to Bank Account Registries Published in Official Journal of the European Union

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Directive (EU) 2024/1654 has been published in the Official Journal of the European Union, amending Directive (EU) 2019/1153 regarding access by competent authorities to centralized bank account registries through the...more

White & Case LLP

DOJ’s Novel Application of Insider Trading to 10b5-1 Plans Leads to Conviction

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In April, we issued an alert discussing the U.S. Securities and Exchange Commission ("SEC") and Department of Justice’s ("DOJ") expansion of insider trading to 10b5-1 plans. On June 21, 2024, a federal jury in California...more

A&O Shearman

European Commission Report on Extension of Powers to Adopt Delegated Acts under MAR

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The European Commission has published a report, addressed to the European Parliament and the Council of the European Union, on the delegation of power to adopt delegated acts conferred on the Commission under the EU Market...more

BCLP

CFTC’s Consent Order with Trafigura Trading: When Inaction Becomes Action

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On June 17, 2024, the CFTC filed a consent order against Trafigura Trading LLC, requiring the company to pay a $55 million civil monetary penalty and implement remedial measures. The CFTC’s order details three violations of...more

BCLP

Conviction of Insider in Connection with 10B5-1 Trading Plan

BCLP on

As discussed in our March 3, 2023 post, the DOJ and SEC brought an insider trading case against the founder and former CEO and Executive Chairman of Ontrak, Inc. based upon the former executive failing the “clean hands”...more

Jones Day

DOJ Prevails in Insider Trading Trial Based Solely on Stock Sales Under 10b5-1 Trading Plans

Jones Day on

The U.S. Department of Justice ("DOJ") won at trial in its first insider trading prosecution against an executive based exclusively on his sales of stock under 10b5-1 trading plans....more

Kohn, Kohn & Colapinto LLP

Department of Justice Secures Conviction in First Insider Trading Prosecution Based Exclusively on the Use of Rule 10b5-1 Trading...

On June 21, a jury in the U.S. District Court for the Central District of California found the former CEO and Chairman of Ontrak, Inc., a publicly traded healthcare company guilty on one count of securities fraud and two...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for May 2024

Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The permanent suspension of an audit firm and its owner for...more

Morrison & Foerster LLP

Takeaways for In-House Counsel from DOJ’s First Insider Trading Trial Involving a Rule 10b5-1 Plan

On June 21, 2024, a jury in California federal court found a former chief executive officer of a publicly traded healthcare company guilty of insider trading in United States v. Peizer, the first criminal insider-trading case...more

Orrick, Herrington & Sutcliffe LLP

Insider Trading Policy Key Terms and Trends

With the compliance deadline for the newly issued Item 408(b) of Regulation S-K approaching for calendar-year-end companies and the increased use by the Department of Justice and the SEC of data analytics in pursuing insider...more

Dorsey & Whitney LLP

DOJ Secures Conviction in First Insider Trading Case Based Exclusively on Rule 10b5-1 Trading Plans

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On June 21, 2024, a Los Angeles federal jury convicted former Ontrak, Inc. CEO and Chairman of the Board of Directors Terren S. Peizer of insider trading in a first-of-its-kind prosecution based exclusively on the use of Rule...more

Latham & Watkins LLP

ESMA Sets Out Good Practices for Calls With Analysts Ahead of MAR Closed Periods

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The guidance was issued after ESMA and national regulators observed “high volatility episodes” in EU share prices, some of which took place shortly after pre-close calls with analysts....more

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