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The Evolving Landscape for Insider Trading Liability 2015

(1284 Ratings)

Produced on: February 26, 2015

Course Format On Demand Audio

Taught by

Categories:

Course Description

Time 60 minutes
Difficulty Intermediate

The recent decision in U.S. v Newman, a criminal insider trading case against two portfolio managers, has provided much-needed clarity as to the elements of “tipper” and “tippee” liability, including what constitutes the “personal benefit” a tipper must receive to be liable for tipping information and, more important, what level of knowledge someone must possess when he or she receives information which may have been improperly tipped. While the clarity offered by the Newman case is helpful, the decision still leaves some questions unanswered.

 

This program, presented by Tannenbaum Helpern’s head of Governmental and Regulatory Investigations Practice, Ralph Siciliano, examines these issues, and is intended to assist investment advisers, broker-dealers, compliance officers and legal professionals in navigating the continuously evolving legal landscape in this area.

 

Learning Objectives:

I.    Understand the rules applicable to tipper and tipee liability

II.   Recognize the basic rules governing Insider Trading

III.  Understand the implications of U.S v. Newman

IV.  Differentiate the standards of liability for SEC cases and criminal cases

V.   Integrate other rules applicable to Insider Trading liability

 

Faculty

Ralph A. Siciliano

Tannenbaum Helpern Syracuse & Hirschtritt LLP

As head of the firm's Governmental and Regulatory Investigations Practice, Ralph Siciliano represents investment advisors, private funds, broker-dealers and their associated persons, and officers and directors of publicly held companies in connection with investigations and enforcement proceedings brought by federal and state authorities and self-regulatory organizations, including the SEC, CFTC, FINRA, offices of the United States Attorney, and State Attorneys General. Having held senior enforcement positions in the New York Office of the U.S. Securities and Exchange Commission, Ralph has extensive experience dealing with federal and state regulatory agencies and self-regulatory organizations. Ralph also represents officers and directors of public companies and financial services institutions and individuals in securities-related litigations, including the defense of class actions, shareholder derivative actions and claims by bankruptcy trustees. Ralph also has served as counsel to Audit Committees and other Special Committees of the Boards of Directors of public and not-for-profit corporations in connection with corporate governance issues.

Ralph has been selected for inclusion in New York Super Lawyers for 2011-2014.

Publications

  • Second Circuit Issues Key Decision Clarifying What A Tippee Must Know To Be Held Liable For Criminal Insider Trading Liability | Business Litigation Bulletin | December 2014
  • Avoidance of Securities Transactions – Investor Exposure | E-Alert | May 2014
  • How Can Hedge fund Managers Apply the Law of Insider Trading to Address Hedge Fund Industry-Specific Trading Risks (Part 2 of 2)| Hedge Fund Law Report | August 15, 2013
  • How Can Hedge fund Managers Apply the Law of Insider Trading to Address Hedge Fund Industry-Specific Trading Risks (Part 1 of 2)| Hedge Fund Law Report | August 7, 2013
  • Insider trading—let the tippee beware | InsideCounsel | April 11, 2013
  • SEC actions time-barred after five years? Not quite | InsideCounsel | March 28, 2013
  • Risks of Using Expert Networking Firms – The Latest Prosecution for Insider Trading | BulletPoints | December 2012
  • Insider Trading and Tippee Liability: The Second Circuit Reconciles Two Inconsistent Scienter Requirements | Business Litigation Bulletin | November 2012
  • The Madoff Fraud: A Ground-Breaking Case in Cross-Border International Litigation | Reprint with permission from: International Law Practicum, Vol. 25, No. 1 | Spring 2012
  • Offshore Asset Recovery: Investigations and Legal Proceedings | International Law Practicum, vol. 25, no. 1 | Spring 2012
  • Will The STOCK ACT Affect How Investment Advisers Conduct Governmental Research? | Bullet Point | April 2012
  • When Government Information Can be 'Inside Information' Under the Federal Securities and Commodities Laws | GlobalNote | 2012
  • The Insider Trading Laws and Hedge Funds | 2011
  • The Fund Manager's Dilemma: the Need to Know versus the US Insider Trading Laws | published in the Alternative Investment Management Association Magazine's Autumn 2007 Edition | Autumn 2007
  • New SEC Rules Requiring Attorneys to Report Evidence of Violations | 21st Annual American Law Institute-American Bar Association Course on Product Distribution | March 2006
  • Chapter, SEC Reporting Obligations | The Practitioner's Guide to the Listing Rules of the New York Stock Exchange | 1997

Reviews

MW
Martin W.

Good explanation of Newman.

JW
Jonathan W.

Excellent.

SP
Stephen P.

Good speaker

DE
Diane E.

Interesting review of insider trading

PG
patrick g.

very informative presenter. effective and enjoyable.

TR
tim r.

Super well organized discussion.

OC
Otis C.

Very informative and interesting!

LS
Lavergne S.

One of the best faculty members to date. Very interesting and lively presentation.

PF
Patricia F.

Educational

LC
Lee C.

really good speaker

LC
Lynne C.

Excellent presentation! Very appropriate for a basic understanding. Really well done.

MB
Monica B.

Very informative.

JF
Judith Marie F.

Very good explanation of what can be a complex subject.

ME
Melissa E.

very good topic and well laid out for others to understand

GE
George E.

Very well done

GM
George M.

Excellent speaker and course. Very clear on substance and presentation.

CC
Charles C.

Excellent presentation.

AQ
Abrar Q.

Good

MF
Mark F.

Very good presentation

CO
Chukwuka O.

Great Insight!

LF
Lynne F.

surprisingly interesting

AN
anthony n.

very knowledgable-learn't something helpful

RJ
Roger J.

Enlightening

AB
Adrienne B.

very interesting

MN
Marian N.

The sound hiccuped a couple of times and backtracked.

SS
Susan S.

Important topic, well presented.

JS
Janet S.

Very careful discription of itippee-tippor nsider trading issues

DL
Donald L.

Very knowledgeable

RS
Robert S.

Good clear stuff, including attachments!

PG
Paul G.

good

JS
Joseph S.

Enjoyed the topic and the presentation.

BP
Bradley P.

Good overview of legal principles involved.

RT
Rodney T.

Smart guy and knew what he was discussing and explained it in a way that I could follow, even if I did not know the subject matter prior to his discussion.

TT
thomas t.

Good nutshell explanation of case law. Good pace

JB
Jeremy B.

Fascinating.

SS
Scott S.

Very interesting and informative program.

ME
Michel E.

I particularly appreciated that the speaker was formerly at the SEC - this adds the regulator's perspective and mindset.

AH
ANDREW H.

EXCELLENT

HF
Herbert F.

Great Course. One of the best.

LW
Lauren W.

very clear and educational

JP
Judith P.

Thorough, organized, nice delivery, and timely. NYT today had front page article on Insider trading issues. Thanks again for earlier posting of materials.

RH
Regenia H.

So glad it was offered right before the reporting deadline.

PD
Patrick D.

Fascinating material, well presented.

TS
Terence S.

an exceptionally fine instructor!

LH
Lynn H.

interesting program

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