Clifford Chance

The US and EU – An ocean apart on insider dealing regulation?

2 June 2015

On both sides of the Atlantic, enforcement against insider dealing and the abuse of inside information remain key objectives of regulators.  But the legal basis and scope of the offences of insider dealing differ significantly between the US and the EU.  This has significant, major implications for funds and other market participants, particularly because both the EU and the US regimes have potential extra territorial impact, meaning that compliance policies of funds in particular will often need to take both regimes into account.  This article considers some of the key differences between the scope of insider dealing enforcement on either side of the Atlantic, the latest developments which, in some respects, are accentuating those differences and some of the likely implications for funds grappling with the impact of both regimes on their business.

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