Southern District Judge Paul Engelmayer, speaking to the Securities and Litigation Enforcement Institute of the New York City Bar last week, said: Unlike virtually every country that is home to a securities exchange, the United States does not have a statute that defines insider trading. The U.S. Supreme Court and the Second Circuit have developed this body of law, ad hoc, case by case, essentially from scratch, effectively as a matter of federal common law.
October 23, 2015 at 12:00 AM
1 minute read
The following is an edited version of a keynote address delivered by Southern District Judge Paul Engelmayer to the Securities and Litigation Enforcement Institute of the New York City Bar on Oct. 16.
Today, I intend to share some thoughts on the state of insider trading law, in the wake of the decision of the U.S. Court of Appeals for the Second Circuit in United States v. Newman.
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