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U.S. Insider Trading Laws Are Getting Reimagined, But Not Without Concerns<blockquote>美国内幕交易法正在重新构想，但并非没有担忧</blockquote>

FromWall Street's Gordon Gekko toBillions' Bobby Axelrod, there are miles of film reel depicting hig

U.S. Insider Trading Laws Are Getting Reimagined, But Not Without Concerns<blockquote>美国内幕交易法正在重新构想，但并非没有担忧</blockquote>

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What might surprise you is that insider trading is technically not prohibited under U.S. law.<blockquote>来自华尔街'戈登·盖柯数十亿鲍比·阿克塞尔罗德，有几英里长的电影胶片描绘了高净值投资者进行不正当的内幕交易。你可能会惊讶的是，从技术上讲，美国法律并不禁止内幕交易。</blockquote> But that could soon change. The House recently passed the Insider Trading Prohibition Act. If it clears the Senate, the act of improperly buying or selling stock after obtaining material, non-public information will be illegal. But concerns are mounting that the law could disrupt the work of legitimate traders.<blockquote>但这种情况可能很快就会改变。众议院最近通过了内幕交易禁止法案。如果参议院通过，在获得材料、非公开信息后不当买卖股票的行为将是非法的。但人们越来越担心该法律可能会扰乱合法交易者的工作。</blockquote> White-Collar Watch<blockquote>白领手表</blockquote> Without a law on the books to explicitly define and criminalize insider trading, prosecutors and the SEC have used a patchwork of general fraud statutes, like the Securities Exchange Act, to go after sordid trading:<blockquote>由于没有明确定义内幕交易并将其定为犯罪的法律，检察官和美国证券交易委员会使用了《证券交易法》等一般欺诈法规的拼凑来追查肮脏交易：</blockquote> <ul> <li>In 2020 alone, the SEC employed 1,300 staff in its Enforcement Division and spent $550 million on investigating and prosecuting insider trading using fraud statutes. Researchers at Duke, meanwhile, estimate the probability of detecting and prosecuting insider trading is only 15%.</li> <li>The legal standing for prosecutions was sapped considerably in 2014 when the convictions of hedge fund managers Todd Newman and Anthony Chiasson were overturned. The court ruled prosecutors needed to prove a trader knew that the \"tipper\" (the source of the insider info) benefited from the exchange of information.</li> </ul> The bill before the Senate would outlaw insiders from trading or tipping in exchange for a \"direct or indirect personal benefit.\" It also states prosecutors don't have to prove a trader knew the info was exchanged for benefit, only that they recklessly ignored its illicit source, thus negating the Newman ruling.<blockquote><ul><li>仅在2020年，SEC的执法部门就雇用了1,300名员工，并花费5.5亿美元利用欺诈法规调查和起诉内幕交易。与此同时，杜克大学的研究人员估计，发现和起诉内幕交易的概率只有15%。</li><li>2014年，当对冲基金经理托德·纽曼(Todd Newman)和安东尼·基亚森(Anthony Chiasson)的定罪被推翻时，起诉的法律地位大大削弱。法院裁定，检察官需要证明交易员知道“泄密者”（内幕信息的来源）从信息交换中受益。</li></ul>参议院提交的法案将禁止内部人士进行交易或给小费以换取“直接或间接的个人利益”。它还指出，检察官不必证明交易者知道这些信息是为了利益而交换的，只需证明他们鲁莽地忽视了其非法来源，从而否定了纽曼的裁决。</blockquote> Potential Side Effects:Extensive research is routine for stock traders, and many insider trading cases come down to fuzzy scenarios of analysts seeking an \"edge.\" Distinguished UCLA financial law professor Stephen Bainbridge wrote the proposed legislation could \"expand the scope of insider trading in undesirable ways,\" leading to apprehension among stockbrokers attempting to do legitimate research.<blockquote>潜在副作用：对于股票交易者来说，广泛的研究是例行公事，许多内幕交易案件都归结为分析师寻求“优势”的模糊场景。加州大学洛杉矶分校著名金融法教授斯蒂芬·班布里奇写道，拟议的立法可能“以不良方式扩大内幕交易的范围”，导致试图进行合法研究的股票经纪人感到担忧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Insider Trading Laws Are Getting Reimagined, But Not Without Concerns<blockquote>美国内幕交易法正在重新构想，但并非没有担忧</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Insider Trading Laws Are Getting Reimagined, But Not Without Concerns<blockquote>美国内幕交易法正在重新构想，但并非没有担忧</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-07-27 11:18\n\n</h4>\n</header>\n<article>\nFromWall Street's Gordon Gekko toBillions' Bobby Axelrod, there are miles of film reel depicting high-rolling investors making underhanded insider trading moves. What might surprise you is that insider trading is technically not prohibited under U.S. law.<blockquote>来自华尔街'戈登·盖柯数十亿鲍比·阿克塞尔罗德，有几英里长的电影胶片描绘了高净值投资者进行不正当的内幕交易。你可能会惊讶的是，从技术上讲，美国法律并不禁止内幕交易。</blockquote> But that could soon change. The House recently passed the Insider Trading Prohibition Act. If it clears the Senate, the act of improperly buying or selling stock after obtaining material, non-public information will be illegal. But concerns are mounting that the law could disrupt the work of legitimate traders.<blockquote>但这种情况可能很快就会改变。众议院最近通过了内幕交易禁止法案。如果参议院通过，在获得材料、非公开信息后不当买卖股票的行为将是非法的。但人们越来越担心该法律可能会扰乱合法交易者的工作。</blockquote> White-Collar Watch<blockquote>白领手表</blockquote> Without a law on the books to explicitly define and criminalize insider trading, prosecutors and the SEC have used a patchwork of general fraud statutes, like the Securities Exchange Act, to go after sordid trading:<blockquote>由于没有明确定义内幕交易并将其定为犯罪的法律，检察官和美国证券交易委员会使用了《证券交易法》等一般欺诈法规的拼凑来追查肮脏交易：</blockquote> <ul> <li>In 2020 alone, the SEC employed 1,300 staff in its Enforcement Division and spent $550 million on investigating and prosecuting insider trading using fraud statutes. Researchers at Duke, meanwhile, estimate the probability of detecting and prosecuting insider trading is only 15%.</li> <li>The legal standing for prosecutions was sapped considerably in 2014 when the convictions of hedge fund managers Todd Newman and Anthony Chiasson were overturned. The court ruled prosecutors needed to prove a trader knew that the \"tipper\" (the source of the insider info) benefited from the exchange of information.</li> </ul> The bill before the Senate would outlaw insiders from trading or tipping in exchange for a \"direct or indirect personal benefit.\" It also states prosecutors don't have to prove a trader knew the info was exchanged for benefit, only that they recklessly ignored its illicit source, thus negating the Newman ruling.<blockquote><ul><li>仅在2020年，SEC的执法部门就雇用了1,300名员工，并花费5.5亿美元利用欺诈法规调查和起诉内幕交易。与此同时，杜克大学的研究人员估计，发现和起诉内幕交易的概率只有15%。</li><li>2014年，当对冲基金经理托德·纽曼(Todd Newman)和安东尼·基亚森(Anthony Chiasson)的定罪被推翻时，起诉的法律地位大大削弱。法院裁定，检察官需要证明交易员知道“泄密者”（内幕信息的来源）从信息交换中受益。</li></ul>参议院提交的法案将禁止内部人士进行交易或给小费以换取“直接或间接的个人利益”。它还指出，检察官不必证明交易者知道这些信息是为了利益而交换的，只需证明他们鲁莽地忽视了其非法来源，从而否定了纽曼的裁决。</blockquote> Potential Side Effects:Extensive research is routine for stock traders, and many insider trading cases come down to fuzzy scenarios of analysts seeking an \"edge.\" Distinguished UCLA financial law professor Stephen Bainbridge wrote the proposed legislation could \"expand the scope of insider trading in undesirable ways,\" leading to apprehension among stockbrokers attempting to do legitimate research.<blockquote>潜在副作用：对于股票交易者来说，广泛的研究是例行公事，许多内幕交易案件都归结为分析师寻求“优势”的模糊场景。加州大学洛杉矶分校著名金融法教授斯蒂芬·班布里奇写道，拟议的立法可能“以不良方式扩大内幕交易的范围”，导致试图进行合法研究的股票经纪人感到担忧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/07/26/us-insider-trading-laws-are-getting-reimagined-but/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.fool.com/investing/2021/07/26/us-insider-trading-laws-are-getting-reimagined-but/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105848576","content_text":"FromWall Street's Gordon Gekko toBillions' Bobby Axelrod, there are miles of film reel depicting high-rolling investors making underhanded insider trading moves. What might surprise you is that insider trading is technically not prohibited under U.S. law.\nBut that could soon change. The House recently passed the Insider Trading Prohibition Act. If it clears the Senate, the act of improperly buying or selling stock after obtaining material, non-public information will be illegal. But concerns are mounting that the law could disrupt the work of legitimate traders.\nWhite-Collar Watch\nWithout a law on the books to explicitly define and criminalize insider trading, prosecutors and the SEC have used a patchwork of general fraud statutes, like the Securities Exchange Act, to go after sordid trading:\n\nIn 2020 alone, the SEC employed 1,300 staff in its Enforcement Division and spent $550 million on investigating and prosecuting insider trading using fraud statutes. Researchers at Duke, meanwhile, estimate the probability of detecting and prosecuting insider trading is only 15%.\nThe legal standing for prosecutions was sapped considerably in 2014 when the convictions of hedge fund managers Todd Newman and Anthony Chiasson were overturned. The court ruled prosecutors needed to prove a trader knew that the \"tipper\" (the source of the insider info) benefited from the exchange of information.\n\nThe bill before the Senate would outlaw insiders from trading or tipping in exchange for a \"direct or indirect personal benefit.\" It also states prosecutors don't have to prove a trader knew the info was exchanged for benefit, only that they recklessly ignored its illicit source, thus negating the Newman ruling.\nPotential Side Effects:Extensive research is routine for stock traders, and many insider trading cases come down to fuzzy scenarios of analysts seeking an \"edge.\" Distinguished UCLA financial law professor Stephen Bainbridge wrote the proposed legislation could \"expand the scope of insider trading in undesirable ways,\" leading to apprehension among stockbrokers attempting to do legitimate research.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2683,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}