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U.S. Falling Behind Europe On Insider Trading Law, Rakoff Says (Forbes)
Forbes, March 1, 2017
U.S. Falling Behind Europe On Insider Trading Law, Rakoff Says
“The U.S. is falling behind Europe on insider-trading law because it hasn’t figured out what the law is supposed to accomplish, U.S. District Judge Jed Rakoff told an audience of securities lawyers today. Is it to promote fair markets, or prosecute insiders who abuse their duties by sharing non-public information?….The U.S. ‘has fallen behind most western nations in the formulation of that prohibition,’ said Rakoff at the New York City Bar’s Securities Litigation Enforcement Institute. Instead of ‘a meaningful, straightforward ban on insider trading,” he said, enforcement has been mostly through ‘judge-made law.'”
