Insider trading

摘要

Purpose – This paper aims to remind investment firms of the importance of policies, procedures, and supervisory controls to detect the misuse of material, non-public information. Design/methodology/approach – Summarizes a recent increase in regulatory concern over insider trading and suggests that firms review their “information wall” procedures. Findings – At a minimum, a firm's information wall procedures should include the following elements: surveillance of employee trading; supervision of interdepartmental communications, including “walling off” procedures and procedures for “wall crossings”; a review of proprietary training when the firm is in possession of material, non-public information; employee training and education, and documentation. Originality/value – Reviews the key elements of an investment firm's insider trading policies.