Course Details

Insider Trading

This course entails a comprehensive review of the law of insider trading. The focus is on Securities and Exchange Commission (SEC) and Department of Justice enforcement of the federal prohibition on insider trading, which is based primarily on the application of SEC Rule 10b-5. The course begins with a review of the common law background and current state law pertaining to securities trading by insiders. The course then turns to the development by the Supreme Court and lower courts of what does and what does not constitute unlawful trading based on, and tipping of, nonpublic information that is material to a securities transaction. Other topics include the special rule prohibiting trading based on material nonpublic information relating to tender offers (SEC Rule 14e-3), SEC Regulation FD (Fair Disclosure), and short-swing profit recovery from insiders under Securities Exchange Act Section 16(b). The course concludes with a review of the policy debate regarding prohibiting some or all insider trading, including proposed legislation to reform the law.

Catalog Number: BUSCOM 718


Course History

Fall 2018
Title: Insider Trading
Faculty: Horwich, Allan (courses | profile)
Section: 1     Credits: 3.0
Capacity: 25     Actual: 18

Fall 2017
Title: Insider Trading
Faculty: Horwich, Allan (courses | profile)
Section: 1     Credits: 3.0
Capacity: 65     Actual: 14

Fall 2016
Title: Insider Trading
Faculty: Horwich, Allan (courses | profile)
Section: 1     Credits: 3.0
Capacity: 65     Actual: 26

Fall 2015
Title: Insider Trading
Faculty: Horwich, Allan (courses | profile)
Section: 1     Credits: 3.0
Capacity: 25     Actual: 18