US insider trading v EU insider dealing: a difference more than in name

JIBFL Cover AprilCarlos Conceicao, a contentious regulatory partner at Clifford Chance in London, Polly Snyder, counsel in Clifford Chance’s Litigation and Dispute Resolution group in Washington and Chris Stotta senior associate in Clifford Chance’s Litigation and Dispute Resolution group in London look at insider dealing in US and the EU.

One of the key points mentioned in the article is that –in the US, for a remote tippee to be liable, he must know that the insider who disclosed confidential information to the first tippee received a personal benefit for doing so. ––

In contrast, neither EU law nor any of the provisions of the national laws of Member States implementing it require a breach of duty. It is enough that the person concerned has dealt on the basis of material non-public information.

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