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The possession theory was once the basis for insider trading liability in the United States.
When fiduciary duties are eliminated, so too is the legal basis for insider trading liability.
The main policy question is how far insider trading liability should reach.
The fact that the two men were friends does not create a duty of trust and confidence for insider trading liability; otherwise, the defense will argue that almost any personal connection could be enough for insider trading liability.
But the scope of insider trading liability remains quite broad based on an agreement to keep information confidential.
I identify and consider the resulting implications for an insider trading liability regime premised on the existence of fiduciary duties.
Similar(27)
In exchange, IPL will assume "all future trading liabilities and obligations".
Barclays is paying $250m cash and taking on $72bn in trading assets and $68bn in trading liabilities.
Barclays is paying $250m in cash and taking on $72bn in trading assets and $68bn in trading liabilities.
INM will pay Independent Print Limited, the company set up by Lebedev to run the titles, £9.25m over the next 10 months in exchange for his assuming "all future trading liabilities and obligations".
The banks have responded that those transactions -- which critics say allowed Enron to disguise loans as trading liabilities -- properly followed accounting rules, and were the workaday product of a widely used business known as structured finance.
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