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Developments in Insider Trading: Lessons from Recent SEC Enforcement Failures and Successes

Ted Kamman and Rory Hood
The Journal of Trading Summer 2010, 5 (3) 59-67; DOI: https://doi.org/10.3905/jot.2010.5.3.059
Ted Kamman
is a partner at Jones Day in New York, NY.
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  • For correspondence: tkamman@jonesday.com
Rory Hood
is an associate at Jones Day in New York, NY.
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  • For correspondence: rhood@jonesday.com
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Abstract

Currently front page news, insider trading is a topic that demands renewed attention by traders, as well as employees with inside information about their employers. In the past few years, the SEC has intensified its already considerable efforts to enforce the insider trading laws. These increased efforts are highlighted by the SEC’s far-ranging prosecution of alleged insider trading relating to the Galleon Group, including corporate insiders who purportedly tipped traders. They are also evident in the SEC’s recent extension of the insider trading laws to debt securities and credit default swaps, which are not generally traded in the United States via regulated securities exchanges and which were traditionally considered to be outside the reach of the insider trading laws. However, the SEC’s zeal in pursuing insider trading cases stands in contrast to the recent dismissal of insider trading claims against two former managers of Bear Stearns’ hedge funds and, in a separate case, Mark Cuban. As the Cuban case indicates, the complex case law circumscribes the reach of the insider trading laws, sometimes arbitrarily. This article analyzes the tension between these case-law constraints and expansive SEC enforcement. Because of this tension, more than one answer can be given to the question—What is the law on insider trading?—depending on whether the question is posed from a litigation or compliance perspective.

TOPICS: Credit default swaps, information providers/credit ratings, financial crises and financial market history

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The Journal of Trading: 5 (3)
The Journal of Trading
Vol. 5, Issue 3
Summer 2010
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Developments in Insider Trading: Lessons from Recent SEC Enforcement Failures and Successes
Ted Kamman, Rory Hood
The Journal of Trading Jun 2010, 5 (3) 59-67; DOI: 10.3905/jot.2010.5.3.059

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Developments in Insider Trading: Lessons from Recent SEC Enforcement Failures and Successes
Ted Kamman, Rory Hood
The Journal of Trading Jun 2010, 5 (3) 59-67; DOI: 10.3905/jot.2010.5.3.059
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  • Article
    • Abstract
    • WHAT IS THE LAW ON INSIDER TRADING?
    • FROM A LITIGATION PERSPECTIVE, WHAT IS THE BLACK LETTER LAW ON INSIDER TRADING?
    • FROM A COMPLIANCE PERSPECTIVE, WHAT REALLY IS THE LAW ON INSIDER TRADING?
    • CONCLUSION
    • ENDNOTES
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