The Evolving Landscape for Insider Trading Liability 2015

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