Da Costa, Fernando José (2012) Insider Trading no direito comparado. Doctoral Thesis.
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The present work analyzes the type of criminal offense known as insider trading. It is a crime involving the negotiation of real estate values of a company, motivated by previous knowledge of information unreleased to the general public.
Usually the information is obtained by an employee within the company, such as a manager, that releases it previously to a certain group of people with the intent of obtaining profit or specific advantages.
In other words, it is about improperly using privileged information with the intent of manipulating results and obtaining profit or advantages.
Usually the employee occupies an important position within the company’s hierarchy, having decision making power or working close to someone who does, and as such he or she has access ahead of time to details about companies being merged or sold by others, by the person in the middle. Therefore, the employee buys stocks from the company that is being bought because he foresees the increase in its nominal value after the information about the deal is made public. This type of offense is analyzed on the Brazilian and Italian legal systems. A critical comparison between the laws is established with the objective of promoting improvement on the manners of prevention. Lastly, in conclusion, a summary with the positive and negative points is presented to show that the law has been opposed to this criminal practice, suggesting a few methods considered efficient for criminal prosecution.
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