Insider Trading Law 2019

Over the last decade, insider trading has been a critical area of criminal and civil enforcement, and it will likely remain so for some time to come. Following the Second Circuit’s decision on tippee liability in Newman, and the Ninth Circuit’s decision on the same issue in Salman, the law’s contours were in flux. But then the Supreme Court agreed to hear the Salman appeal, and in December 2016, the Court issued its first insider trading opinion in nearly twenty years. In August 2017, the Second Circuit issued another ground-breaking decision in Martoma, in which the Court applied Salman in rolling back part of Newman’s “personal benefit” test. In June 2018, however, the Second Circuit issued an amended Martoma opinion, modifying the extent of its roll-back of Newman. Salman and Martoma are significant and may assist the government in its ongoing insider trading enforcement efforts, but areas of complication remain, particularly with the advent of prosecutions in the area of “political intelligence.”

Don’t miss out on this highly topical program, which will discuss the state of the law, enforcement priorities in this area, and how clients can avoid the government’s crosshairs. Our faculty of experienced litigators – including current and former DOJ prosecutors and SEC and CFTC enforcement attorneys – will address the change in law, current and future areas of enforcement, and best compliance practices to prevent insider trading.

What You Will Learn 

• The law of insider trading
• Implications of Salman, Martoma, Newman, and other recent decisions
• Title 15 versus Title 18 securities fraud charges
• Investigating insider trading allegations
• Best compliance practices and avoiding enforcement actions
• Key strategies in defending criminal and civil insider trading actions
• Current and future criminal and civil enforcement priorities for insider trading cases

Prerequisites: None
Intended Audience: This program is designed for lawyers who defend and prosecute white collar criminal and/or civil enforcement cases involving insider trading, in-house and outside corporate counsel, and internal auditors and compliance officers. Additionally, government attorneys, forensic accountants, and other experts and consultants who handle insider trading cases will find this program extremely valuable.
Advanced Prep: None