Nevertheless, the Financial Services Authority, appointed to the same role as the SEC here in the UK, has secured just five jail terms for insider dealing
in nearly a decade in operation, even though it oversees one of the biggest financial markets in the world.
The referring court also asked whether the additional profit gained needs to be taken into account when deciding to penalise insider dealing
. The court ruled that it is up to member states to take appropriate administrative measures or impose penalties against the persons responsible for infringing the Directive and that these measures should be effective, proportionate and dissuasive.
The advocate general's opinion: The mere fact that a person in possession of privileged information has acted with knowledge of this information is enough to conclude the existence of insider dealing
, illegal under EU law.
This is the opinion of Advocate-General Julian Kokott on the concept of insider dealing
in a case pitting Spector Photo against the Belgian Banking, Financial and Insurance Commission (CBFA - Case C 45/08 Spector Photo Group).
CELTIC'S biggest shareholder Dermot Desmond is facing a probe into insider dealing
at the club.
'The Serious Fraud Office and the City of London Police are conducting an investigation into alleged offences of insider dealing
or market abuse,' an SFO spokeswoman said.
Directive 2003/6/EC seeks to prohibit insider dealing
and market manipulation on European financial markets.
INTERNET self-publicist Kim "Kimble" (as in The Fugitive) Schmitz - the man who offered a $10million reward for hackers to trace bin Laden - has been deported from Thailand and faces insider dealing
charges over Letsbuyit.com shares.
The working parties recommended further work be carried out on how to deal with issues such as cross-border insider dealing
European securities regulators have launched a consultation paper on the recently-adopted Directive on Insider Dealing
and Market Manipulation.
Philip Byrne, 44, of Trafalgar Terrace, Monkstown, Co Dublin has pleaded not guilty to two counts of insider dealing
contrary to the Companies Act, 1990.
Before insider dealing
was made a crime, the Stock Exchange and the Takeover Panel used to nail a steady trickle of wrongdoers.