US
Statutes and Official Guidance
Insider Trading Overview
Statute of Limitations
Who May be Liable for Insider Trading?
Element: Jurisdiction
Spotlight on the Extraterritorial Reach of Insider Trading Laws
Element: Trading While in Possession
Element: Material, Non Public Information (MNPI)
Element: Breach of a Duty
Classical Theory: Breach by a Corporate Insider
Misappropriation Theory: Breach by a Corporate Outsider
Element: In Exchange for Value
Element: Knowledge and Scienter
Alternative Criminal Basis of Insider Trading Liability: Conspiracy
Conspiracy to Defraud the US
Alternative Basis of Criminal Liability: Wire Fraud
Alternative Basis of Criminal Liability: Securities and Commodities Fraud under 18 USC § 1348
Defenses
The Safe Harbor Defense under Rule 10b5-1
The STOCK Act