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Fishy insider trading in Salman


Lawyer Neill May
Area Corporate Finance and Securities


Article originally published in the Canadian Lawyer Magazine, February 2017

Excerpt from "Fishy insider trading in Salman":

Since the 1983 U.S. Supreme Court decision in Dirks v. SEC, insider trading in the U.S. has turned on the “personal benefit” test: Insider trading occurs where an insider  discloses information to someone who trades and the insider “receives a direct or indirect personal benefit from the disclosure.” This fits most people’s intuitive understanding of insider trading — cheating the system by earning personal profit or advantage by trading (or informing others who trade) on the basis of information not disclosed to the market. The Gordon Gekko model.

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