Review article
CONCEPT OF INSIDER INFORMATION IN LEGAL THEORY AND PRACTICE
Mijat Jocović
; Ekonomski fakultet Univerziteta Crne Gore
Abstract
The institute of insider trading has represented a serious problem for the legislator, jurisprudence, and science during the course of history. This institute hasn’t been legally regulated for years. Positive legal regulation also meant the beginning of theoretical disputes which followed legislative changes and numerous dilemas, especially in European countries. The above mentioned concerned the efficiency of implentation in practice, too. Legal problems in this field are numerous, and very often legal science, legislation and jurisprudence give oposite solutions for certain issues.
One of the most controversial legal issues in the theory and practice is defining the term of insider information. Regardless the efforts of the European countries to precisely define this element of the institute of insider trading, the concrete results are still missing. The reason for this, according to the author’s opinion, is in the inability of the legal norm to anticipate all situations which give the epithet of insider to one piece of information. The author emphasizes that comparative practice in the field of the institute of insider trading stays out of reach of the legislator. The above mentioned fact is especially expressive in relation to defining insider information. The objective of this work is to point out that there is a space where the jurisprudence offers certain solutions in the countries where it is not the formal source of law, and to reduce the frequency of misusing insider information in practice in that way.
Keywords
insider trading; insider information; public; price sensitive information
Hrčak ID:
119399
URI
Publication date:
19.12.2013.
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