Ch 42 2 Securities Laws

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Q 1) Who is a corporate insider? 2) Is it illegal for a corporate insider to own stock in his corporation? 3) When does insider trading illegal? 4) Read the case of SEC v Texas Gulf Sulphur a) What defense did the corporate insiders use? b) Was it successful? 5) Under what circumstances could you (a non-insider) be guilty of insider trading? 6) What are short swing profits?

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) When a top corporate individual (like senior officer or a director) owns voting rights more than 10% of the total voting rights of a company, that individual is known as a corporate insider. There is also inclusion of the individuals trading in shares of an organization in case of categorizing corporate insiders. However, such an individual must not possess/receive any knowledge which is nonpublic and material

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