Shadow Insider Trading in the Light, Canadian Lawyer

Neill May is a contributor to Canadian Lawyer magazine. This article first appeared in the September 2022 issue.

Excerpt from "Shadow Insider Trading in the Light":

When we learned about insider trading in law school, the threshold question – unsurprising, given the Socratic environment – was whether insider trading should be regulated at all. At the time, the arguments against regulation seemed to focus on one debatable contention: that insiders freely trading on non-public information would

improve market efficiency through the signalling in their trading, disregarding all other considerations. There is no perfect analogy, but this seemed like arguing against seatbelt requirements because the consequences to those eschewing seatbelts would, on balance, tend to remove less-careful people from an overpopulated world.

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