Insider Dealing in UK Law

Leading Cases
  • R v Secretary of State for the Home Department, ex parte Norgren
    • Queen's Bench Division (Administrative Court)
    • 18 Fevereiro 2000

    Having heard the competing contentions of the parties, and helpful submissions on behalf of the United States Government, we have inevitably formed tentative views on the likely outcome if the matter were to proceed before the magistrate.

  • Re an Inquiry under the Company Securities (Insider Dealing) Act 1985
    • House of Lords
    • 10 Dezembro 1987

    I doubt if it is possible to go further than to say that "necessary" has a meaning that lies somewhere between "indispensable" on the one hand, and "useful" or "expedient" on the other, and to leave it to the judge to decide towards which end of the scale of meaning he will place it on the facts of any particular case. The nearest paraphrase I can suggest is "really needed."

  • Issam Salah Hourani v Alistair Thomson and Others
    • Queen's Bench Division
    • 06 Fevereiro 2017

    In my judgment it would be unsatisfactory for the court to adopt an approach to the meaning of the word "source" in s 10 which distinguishes between different categories or classes of person who, as a matter of fact, provide information to others with a view to that information being published to the public or a section of the public.

    At the same time, it must be recognised that the evaluation of whether information identifying a source is "really needed" in an individual case will always be fact-sensitive. Stichting Ostade Blade makes clear that the importance of source protection is not fixed and unalterable; there is a sliding scale. The status and role of the particular source require some evaluation.

  • Patel v Mirza
    • Supreme Court
    • 20 Julho 2016

    Looking behind the maxims, there are two broad discernible policy reasons for the common law doctrine of illegality as a defence to a civil claim. One is that a person should not be allowed to profit from his own wrongdoing. The other, linked, consideration is that the law should be coherent and not self-defeating, condoning illegality by giving with the left hand what it takes with the right hand.

    In assessing whether the public interest would be harmed in that way, it is necessary a) to consider the underlying purpose of the prohibition which has been transgressed and whether that purpose will be enhanced by denial of the claim, b) to consider any other relevant public policy on which the denial of the claim may have an impact and c) to consider whether denial of the claim would be a proportionate response to the illegality, bearing in mind that punishment is a matter for the criminal courts.

  • Terry (formerly LNS) v Persons Unknown
    • Queen's Bench Division
    • 29 Janeiro 2010

    There is no suggestion that the conduct in question in the present case ought to be unlawful, or that any editor would ever suggest that it should be. Freedom to live as one chooses is one of the most valuable freedoms. But so is the freedom to criticise (within the limits of the law) the conduct of other members of society as being socially harmful, or wrong. It is as a result of public discussion and debate, that public opinion develops.

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Legislation
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Books & Journal Articles
  • Insider dealing: fraud in Islam?
    • Nbr. 19-2, May 2012
    • Journal of Financial Crime
    • 140-148
    Purpose: The purpose of this paper is to examine whether insider dealing is fraud from the perspective of Islam. Design/methodology/approach: The paper uses analogy (qiyas) of the injunctions in t...
  • Controlling insider dealing through criminal enforcement in China
    • Nbr. 27-4, December 2020
    • Journal of Financial Crime
    • 1061-1073
    Purpose: The purpose of this paper is to review the criminal enforcement of insider dealing cases in People's Republic of China's (PRC) securities market and to provide feasible suggestions for imp...
  • Controlling Insider Dealing — The ‘Civil’ Approach in New Zealand
    • Nbr. 4-4, February 1997
    • Journal of Financial Crime
    • 309-327
    This paper discusses New Zealand's attempt to deal with insider trading by statutory means. New Zealand's attempt is of particular interest since it has two features which distinguish it from other...
  • Implementation of the Insider Dealing Directive in the United Kingdom and Germany
    • Nbr. 4-2, April 1996
    • Journal of Financial Crime
    • 105-116
    This article examines the implementation of the Insider Dealing Directive, the aim of which is European harmonisation in the UK and in Germany, two European countries with completely different back...
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Law Firm Commentaries
  • Insider Dealing
    • JD Supra United Kingdom
    On December 13, the FSA published a press release announcing that Thomas Ammann, a former investment banker and FSA Approved Person at Mizuho International plc, had been sentenced to 2 years and 8...
  • Criminal Conviction for Insider Dealing
    • JD Supra United Kingdom
    On November 15, the FSA issued a press release stating that Thomas Amman, formerly an investment banker at Mizuho International plc, has pleaded guilty to two counts of insider dealing and two coun...
  • UK Regulator Secures Insider Dealing Conviction
    • JD Supra United Kingdom
    The U.K. Financial Conduct Authority has secured convictions against two individuals accused of insider dealing. Fabiana Abdel-Malek, a former senior compliance officer at the London office of a ma...
  • Longest Insider Dealing Jail Sentence Imposed
    • JD Supra United Kingdom
    On February 2, the UK Financial Services Authority (FSA) announced the longest custodial sentence so far imposed for insider dealing. Christian Littlewood, a senior investment banker, was sentenc...
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