| insider trading ： ウィキペディア英語版|
Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) by individuals with access to nonpublic information about the company. In various countries, trading based on insider information is illegal. This is because it is seen as unfair to other investors who do not have access to the information as the investor with insider information could potentially make far larger profits that a typical investor could not make.
The authors of one study claim that illegal insider trading raises the cost of capital for securities issuers, thus decreasing overall economic growth.〔("The World Price of Insider Trading" ) by Utpal Bhattacharya and Hazem Daouk in the Journal of Finance, Vol. LVII, No. 1 (February 2002)〕 However, some economists have argued that insider trading should be allowed and could, in fact, benefit markets.〔
Trading by specific insiders, such as employees, is commonly permitted as long as it does not rely on material information not in the public domain. However, most jurisdictions require such trading be reported so that these can be monitored. In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases, insiders in the US are required to file a Form 4 with the Securities and Exchange Commission when buying or selling shares of their own companies.
The rules around insider trading are complex and vary significantly from country to country and enforcement is mixed. The definition of insider can be broad and may not only cover insiders themselves but also any person related to them, such as brokers, associates and even family members. Any person who becomes aware of non-public information and trades on that basis may be guilty.
==Illegal insider trading==
Rules against insider trading on material non-public information exist in most jurisdictions around the world (Bhattacharya and Daouk, 2002), but the details and the efforts to enforce them vary considerably. In the United States, Sections 16(b) and 10(b) of the Securities Exchange Act of 1934 directly and indirectly address insider trading. Congress enacted this act after the stock market crash of 1929.〔 The United States is generally viewed as having the strictest laws against illegal insider trading, and makes the most serious efforts to enforce them.〔("Law and the Market: The Impact of Enforcement" ) by John C. Coffee, University of Pennsylvania Law Review (December 2007)〕 In the United Kingdom, the Financial Services and Markets Act, 2000 gives the UK's Financial Conduct Authority the responsibility to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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