The European Community (EC), as part of its mandate under the Treaty of Rome to create a single internal market by 1992, has enacted an EC-wide prohibition on insider trading. The EC's “Council Directive Coordinating Regulations on Insider Dealing” is a mandatory model act setting forth the...

Since the passage of the Securities Exchange Act of 1934, federal securities law has proscribed the use of material nonpublic information in buying and selling securities. However, the term “insider trading” has not been defined in federal legislation. Rather, the nature of its proscription...