The United States Law on Stock Market Insider Trading and Tipping

This article is based on a lecture at Nihon College of Law in Tokyo and draws on William K.S. Wang & Marc I. Steinberg, Insider Trading (Oxford University Press 3d ed. 2010); and William K.S. Wang, Stock Market Insider Trading: Victims, Violators, and Remedies–Including an Analogy to Fraud in the Sale of a Used Car with a Generic Defect, 45 Villanova Law Review 27 (2000).The article briefly discusses Rule 14e-3, the Rule 10b-5 classical relationship theory, the Rule 10b-5 misappropriation doctrine, the Rule 10b-5 liability of tippers and tippees, Rule 10b5-1, Rule 10b5-2, and Regulation FD