Misplaced Pages

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96-570: The concept of a vengeful ghost seeking retribution for harm that it endured as a living person goes back to ancient times and is part of many cultures. According to such legends and beliefs, they roam the world of the living as restless spirits, seeking to have their grievances redressed, and may not be satisfied until they have succeeded in punishing either their murderers or their tormentors. In certain cultures vengeful ghosts are mostly female, said to be women that were unjustly treated during their lifetime. Such women or girls may have died in despair or

192-630: A commodity broker can be charged with fraud for receiving a large purchase order from a client (one likely to affect the price of that commodity) and then purchasing that commodity before executing the client's order to benefit from the anticipated price increase. Some economists and legal scholars (such as Henry Manne , Milton Friedman , Thomas Sowell , Daniel Fischel , and Frank H. Easterbrook ) have argued that laws against insider trading should be repealed. They claim that insider trading based on material nonpublic information benefits investors, in general, by more quickly introducing new information into

288-416: A breach of confidence or plagiarism, or extending the confidence of information beyond those authorised. In the financial world, Insider trading can also be considered a misuse of internal information that gives an unfair advantage in investment. Abuse of power, in the form of "malfeasance in office" or "official misconduct", is the commission of an unlawful act, done in an official capacity, which affects

384-415: A company's officers, directors and any beneficial owners of more than 10% of a class of the company's equity securities. Trades made by these types of insiders in the company's own stock, based on material non-public information, are considered fraudulent since the insiders are violating the fiduciary duty that they owe to the shareholders. The corporate insider, simply by accepting employment, has undertaken

480-470: A corporate insider "tips" a friend about non-public information likely to have an effect on the company's share price, the duty the corporate insider owes the company is now imputed to the friend and the friend violates a duty to the company if he trades on the basis of this information. Liability for inside trading violations generally cannot be avoided by passing on the information in an "I scratch your back; you scratch mine" or quid pro quo arrangement if

576-495: A crime. Trading by specific insiders, such as employees, is commonly permitted as long as it does not rely on material information not available to the general public. Many jurisdictions require that such trading be reported so that the transactions can be monitored. In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to

672-420: A customary burial . In cases where the person has been killed and the body disposed of unceremoniously, the cadaver may be exhumed and reburied according to the proper funerary rituals in order to appease the spirit. Another option is to salt and burn their remains (bones). Vengeful ghosts have been featured in many contemporary movies of different countries such as Candyman , The Grudge , The Pit and

768-508: A dead body is considered abuse. An abuse of discretion is a failure to take into proper consideration, the facts and laws relating to a particular matter; an arbitrary or unreasonable departure from precedent and settled judicial custom. Market dominance by companies is regulated by public and private enforcement of competition law, also known as antitrust or anti-monopoly law. These laws stop companies from doing things that hurt customers or block fair competition. For example, Article 102 of

864-405: A desired outcome. Gaslighting is manipulation through persistent denial , misdirection, contradiction, and lying in an attempt to destabilize and delegitimize a target. Its intent is to sow seeds of doubt in the targets, hoping to make them question their own memory, perception, and sanity. Instances may range from the denial by an abuser that previous abusive incidents ever occurred up to

960-653: A higher value for the market than trading on positive information. The US and the UK vary in the way the law is interpreted and applied with regard to insider trading. In the UK, the relevant laws are the Criminal Justice Act 1993 , Part V, Schedule 1; the Financial Services and Markets Act 2000 , which defines an offence of " market abuse "; and the European Union Regulation No 596/2014. The principle

1056-551: A legal obligation to the shareholders to put the shareholders' interests before their own, in matters related to the corporation. When insiders buy or sell based on company-owned information, they are said to be violating their obligation to the shareholders or investors. For example, illegal insider trading would occur if the chief executive officer of Company A learned (prior to a public announcement) that Company A would be taken over and then bought shares in Company A while knowing that

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1152-443: A loss is owed an actual legal duty by the insiders in question. Opponents of political insider trading point to conflict of interests and social distrust . Rules prohibiting or criminalizing insider trading on material non-public information exist in most jurisdictions around the world (Bhattacharya and Daouk, 2002), but the details and the efforts to enforce them vary considerably. In the United States, Sections 16(b) and 10(b) of

1248-615: A negative image. It is usually – but not always, a requirement that this claim be false and that the publication be communicated to someone other than the person defamed (termed the claimant ). It has been noted that disabled people are disproportionately affected by disability abuse and bullying , and such activity has been cited as a hate crime . The bullying is not limited to those who are visibly disabled – such as wheelchair-users or individuals with physical differences (e.g., cleft lip ) – but also those with learning disabilities , autism or developmental coordination disorder . In

1344-514: A number of notorious cases where individuals were able to escape prosecution. Instead the UK regulators relied on a series of fines to punish market abuses. These fines were widely perceived as an ineffective deterrent, and there was a statement of intent by the UK regulator (the Financial Services Authority) to use its powers to enforce the legislation (specifically the Financial Services and Markets Act 2000 ). Between 2009 and 2012

1440-522: A place for soliciting for corporate informants, where non-public information may be used for purposes other than stock trading. A study of political insider trading found existing regulation including STOCK Act results in conflict of interest and contributes to social distrust . Information asymmetry enjoyed by politicians was found to be high, which does not confirm the predictions of social contract theory. Political insider trading by persons which are not required to report according to STOCK Act

1536-439: A result of coercion ; particularly when physical force, threats, trickery, or emotional manipulation are used to elicit co-operation. Clandestine abuse is sexual , psychological , or physical abuse "that is kept secret for a purpose, concealed, or underhanded." Cyberbullying "involves the use of information and communication technologies to support deliberate, repeated, and hostile behavior by an individual or group, that

1632-530: A third party, with securities: Penalty - imprisonment, from 1 (one) to 5 (five) years, and a fine of up to 3 (three) times the amount of the illicit advantage obtained as a result of the crime." The first conviction handed down in Brazil for the practice of the offense of "misuse of privileged information" occurred in 2011, by federal judge Marcelo Costenaro Cavali, of the Sixth Criminal Court of São Paulo. It

1728-431: A victimless crime". Legalization advocates also question why "trading" where one party has more information than the other is legal in other markets, such as real estate , but not in the stock market. For example, if a geologist knows there is a high likelihood of the discovery of petroleum under Farmer Smith's land, he may be entitled to make Smith an offer for the land, and buy it, without first telling Farmer Smith of

1824-403: A wide range of offensive behaviour. It is commonly understood as behaviour intended to disturb or upset. In the legal sense, it is behaviour which is found threatening or disturbing. Power harassment is harassment or unwelcome attention of a political nature, often occurring in the environment of a workplace. Sexual harassment refers to persistent and unwanted sexual advances, typically in

1920-535: A widespread belief that insider trading takes place on a regular basis in India, there were few examples of insider traders being prosecuted in India. One former top regulator said that in India insider trading is deeply rooted and especially rampant because regulators do not have the tools to address it. In the few cases where prosecution has taken place, cases have sometimes taken more than a decade to reach trial, and punishments have been light; and despite SEBI by law having

2016-407: Is a form of child abuse in which an adult or older adolescent abuses a child for sexual stimulation. Different forms of this include: asking or pressuring a child to engage in sexual activities (regardless of the outcome), some types of indecent exposure of genitalia to a child, displaying pornography to a child, actual sexual contact against a child, viewing or engaging in physical contact with

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2112-610: Is also prohibited to prevent the director of a company (the insider) from abusing a company's confidential information for the director's personal gain. The rules governing insider trading are complex and vary significantly from country to country. The extent of enforcement also varies from one country to another. The definition of insider in one jurisdiction can be broad and may cover not only insiders themselves but also any persons related to them, such as brokers, associates, and even family members. A person who becomes aware of non-public information and trades on that basis may be guilty of

2208-532: Is an absence of consensus as to the precise definition of emotional abuse, it is classified by the U.S. federal Child Abuse Prevention and Treatment Act as a form of mental injury. The typical legal definition, particularly in the area of child welfare, accepted by the majority of U.S. states describes it as injury to the psychological capacity or emotional stability as evidenced by an observable or substantial change in behavior, emotional response or cognition. False accusations (or false allegations) can be in any of

2304-550: Is an illegal act under Brazilian law, since it constitutes unfair behavior that threatens the security and equality of legal conditions in the market. Since 2001, the practice is also considered a crime. Law 6,385/1976, as amended by Law 10,303/2001, provided for Article 27-D, which typifies the conduct of "Using relevant information not yet disclosed to the market, of which he is aware and from which he must maintain secrecy, capable of providing, for himself or for others, undue advantage, through trading, on his own behalf or on behalf of

2400-563: Is an offense according to Sections 12A and 15G of the Securities and Exchange Board of India Act, 1992 , and the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. Insider trading is when one with access to non-public, price-sensitive information about the securities of the company subscribes, buys, sells, or deals, or agrees to do so or counsels another to do so as principal or agent. Price-sensitive information

2496-597: Is another form of alcohol use disorder. Frequent binge drinking or getting severely drunk more than twice is classed as alcohol misuse. According to research done through international surveys, the heaviest drinkers happen to be the United Kingdom's adolescent generation. Animal abuse is the infliction of suffering or harm upon animals, other than humans, for purposes other than self-defense. More narrowly, it can be harm for specific gain, such as killing animals for fur. Diverging viewpoints are held by jurisdictions throughout

2592-633: Is different; for example concerning: Discriminatory laws such as redlining have existed in many countries. In some countries, controversial attempts such as racial quotas have been used to redress negative effects of discrimination. Other acts of discrimination include political libel , defamation of groups and stereotypes based on exaggerations . Domestic abuse can be broadly defined as any form of abusive behaviours by one or both partners in an intimate relationship , such as marriage, cohabitation, family, dating, or even friends. Domestic violence has many forms, including: Depending on local statues,

2688-466: Is held to a higher standard. If this type of information is obtained (directly or indirectly) and there is reason to believe it is nonpublic, there is a duty to disclose it or abstain from trading. In the United States in addition to civil penalties, the trader may also be subject to criminal prosecution for fraud or where SEC regulations have been broken, the U.S. Department of Justice (DOJ) may be called to conduct an independent parallel investigation. If

2784-752: Is highly competitive and has a well defined hierarchy, with junior staff being particularly vulnerable. Adult abuse refers to the abuse of vulnerable adults. Alcohol use disorder, as described in the DSM-IV , is a psychiatric diagnosis describing the recurring use of alcoholic beverages despite its negative consequences. Alcohol use disorder is sometimes referred to by the less specific term alcoholism. There are two types of people with alcohol use disorder: those who have anti-social and pleasure-seeking tendencies, and those who are anxiety-ridden- people who are able to go without drinking for long periods of time but are unable to control themselves once they start. Binge drinking

2880-468: Is illegal, most insider trading is never detected by law enforcement, and thus the illegality of insider trading might give the public the potentially misleading impression that "stock market trading is an unrigged game that anyone can play." Some legal analysis has questioned whether insider trading actually harms anyone in the legal sense, since some have questioned whether insider trading causes anyone to suffer an actual "loss" and whether anyone who suffers

2976-687: Is illegal. Indeed, previously it was regarded as common sense to make a profit from your knowledge." In Malta the law follows the European broader scope model. The relevant statute is the Prevention of Financial Markets Abuse Act of 2005, as amended. Earlier acts included the Financial Markets Abuse Act in 2002, and the Insider Dealing and Market Abuse Act of 1994. The International Organization of Securities Commissions (IOSCO) paper on

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3072-430: Is information for the market. Other argue that insider trading is a victimless act: a willing buyer and a willing seller agree to trade property that the seller rightfully owns, with no prior contract (according to this view) having been made between the parties to refrain from trading if there is asymmetric information . The Atlantic has described the process as "arguably the closest thing that modern finance has to

3168-414: Is information that materially affects the value of the securities. The penalty for insider trading is imprisonment, which may extend to five years, and a minimum of five lakh rupees (500,000) to 25 crore rupees (250 million) or three times the profit made, whichever is higher. The Wall Street Journal , in a 2014 article entitled "Why It's Hard to Catch India's Insider Trading", said that despite

3264-458: Is intended to harm others." -Bill Belsey Dating abuse is a pattern of abusive behaviour exhibited by one or both partners in a dating relationship. The behaviour may include, but is not limited to; physical abuse ; psychological abuse ; and sexual abuse . Defamation is the communication of a statement that makes a claim, expressly stated or implied to be factual, that may give an individual , business, product , group , government or nation

3360-471: Is less effectively restrained. The current Australian legislation arose out of the report of a 1989 parliamentary committee report which recommended removal of the requirement that the trader be 'connected' with the body corporate. This may have weakened the importance of the fiduciary duty rationale and possibly brought new potential offenders within its ambit. In Australia if a person possesses inside information and knows, or ought reasonably to know, that

3456-415: Is now accepted in U.S. law. It states that anyone who misappropriates material non-public information and trades on that information in any stock may be guilty of insider trading. This can include elucidating material non-public information from an insider with the intention of trading on it or passing it on to someone who will. This theory constitutes the background for the securities regulation that enforces

3552-486: Is repeated acts over time that involves a real or perceived imbalance of power with the more powerful individual or group attacking those who are less powerful. Bullying may consist of three basic types of abuse – verbal , physical and emotional . It typically involves subtle methods of coercion such as intimidation . Bullying can be defined in many different ways. Although the UK currently has no legal definition of bullying, some US states have laws against it. Bullying

3648-582: Is that it is illegal to trade on the basis of market-sensitive information that is not generally known. This is a much broader scope than under U.S. law. The key differences from U.S. law are that no relationship to either the issuer of the security or the tipster is required; all that is required is that the guilty party traded (or caused trading) whilst having inside information, and there is no scienter requirement under UK law. Japan enacted its first law against insider trading in 1988. Roderick Seeman said, "Even today many Japanese do not understand why this

3744-483: Is the case of the Sadia - Perdigão merger. The former Director of Finance and Investor Relations, Luiz Gonzaga Murat Júnior, was sentenced to one year and nine months in prison in an open regime, replaceable by community service, and the inability to exercise the position of administrator or fiscal councilor of a publicly traded company for the time he serves his sentence, in addition to a fine of R$ 349,711.53. The then member of

3840-431: Is treating people of a lower rank in an abusive, discriminatory, or exploitative way. Robert W. Fuller claims that rankism includes the abuse of the power inherent in superior rank, with the view that rank-based abuse underlies many other phenomena such as bullying, racism, sexism , and homophobia . Abusive supervision is most commonly studied in the context of the workplace, although can arise in other areas such as in

3936-413: Is usually done to coerce others by fear or threat . Character assassination is an attempt to tarnish a person's reputation. It may involve exaggeration or manipulation of facts to present an untrue picture of the targeted person. It is a form of defamation and can be a form of an ad hominem (to the person) argument. Child abuse is the physical or psychological/emotional mistreatment of children. In

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4032-697: The MOBA videogame Dota 2 . Abuse Abuse is the improper usage or treatment of a person or thing, often to unfairly or improperly gain benefit. Abuse can come in many forms, such as: physical or verbal maltreatment, injury, assault, violation, rape, unjust practices, crimes, or other types of aggression . To these descriptions, one can also add the Kantian notion of the wrongness of using another human being as means to an end rather than as ends in themselves. Some sources describe abuse as "socially constructed", which means there may be more or less recognition of

4128-548: The U.S. Sentencing Guidelines . This means that first-time offenders are eligible to receive probation rather than incarceration. U.S. insider trading prohibitions are based on English and American common law prohibitions against fraud. In 1909, well before the Securities Exchange Act was passed, the United States Supreme Court ruled that a corporate director who bought that company's stock when he knew

4224-519: The "Objectives and Principles of Securities Regulation" (updated to 2003) states that the three objectives of good securities market regulation are investor protection, ensuring that markets are fair, efficient and transparent, and reducing systemic risk . The discussion of these "Core Principles" state that "investor protection" in this context means "Investors should be protected from misleading, manipulative or fraudulent practices, including insider trading, front running or trading ahead of customers and

4320-529: The DOJ finds criminal wrongdoing, the department may file criminal charges. The advent of the Internet has provided a forum for the commercialisation of trading on insider information. In 2016 a number of dark web sites were identified as marketplaces where such non-public information was bought and sold. At least one such site used bitcoins to avoid currency restrictions and to impede tracking. Such sites also provide

4416-647: The FSA secured 14 convictions in relation to insider dealing. Until the 21st century and the European Union's market abuse laws, the United States was the leading country in prohibiting insider trading made on the basis of material non-public information. Thomas Newkirk and Melissa Robertson of the SEC summarize the development of US insider trading laws. Insider trading has a base offense level of 8, which puts it in Zone ;A under

4512-607: The Pendulum , Mostly Ghostly: Who Let the Ghosts Out? , Poltergeist , Ghost , The Fog , High Plains Drifter , The Ward , Cassadaga , Kaal , Left for Dead , Bees Saal Baad , Darling , ParaNorman , Ragini MMS , Stree, Dark Shadows and the Troublesome Night film series , as well as the television series Spooky Valentine , Spooky Nights , Charmed , Ghost Whisperer , Supernatural and

4608-418: The Securities Exchange Act of 1934 directly and indirectly address insider trading. The U.S. Congress enacted this law after the stock market crash of 1929. While the United States is generally viewed as making the most serious efforts to enforce its insider trading laws, the broader scope of the European model legislation provides a stricter framework against illegal insider trading. In the European Union and

4704-747: The Treaty on the Functioning of the European Union (TFEU) prohibits companies in a dominant market position from abusing their power, such as through unfair pricing, limiting production, or refusing to deal with others. In the Catholic Church, an indulgence is a way to reduce punishment for sin, often by prayer, pilgrimage or good works. In the Middle Ages, some Church officials demanded money in exchange both for forgiveness of sins and for other rewards such as future salvation. Abuse of information typically involves

4800-552: The U.S. Attorney's Office for further investigation and prosecution. In the United States and most non-European jurisdictions, not all trading on non-public information is illegal insider trading. For example, a person in a restaurant who hears the CEO of Company A at the next table tell the CFO that the company's profits will be higher than expected and then buys the stock is not guilty of insider trading—unless he or she had some closer connection to

4896-458: The United Kingdom, all trading on non-public information is, under the rubric of market abuse , subject at a minimum to civil penalties and possible criminal penalties as well. UK's Financial Conduct Authority has the responsibility to investigate and prosecute insider dealing, defined by the Criminal Justice Act 1993 . In the United States, Canada, Australia, Germany and Romania for mandatory reporting purposes, corporate insiders are defined as

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4992-529: The United States and Canada, hazing is often associated with Greek-letter organisations ( fraternities and sororities ). Hazing is often prohibited by law and may be either physical (possibly violent ) or mental (possibly degrading ) practices. It may also include nudity or sexually oriented activities. Human rights are "basic rights and freedoms to which all humans are entitled." Examples of rights and freedoms which have come to be commonly thought of as human rights include civil and political rights , such as

5088-411: The United States because there is no possibility of imprisonment. Punishment may include monetary fees or temporary relieving from a position in the company. The Chinese do not view insider trading as a crime worth prison time because generally the person has a clean record and a path of success with references to deter them from being viewed as a criminal. On October 1, 2015, Chinese fund manager Xu Xiang

5184-604: The United States, the Centers for Disease Control and Prevention (CDC) define child maltreatment as any act or series of acts of commission or omission by a parent or other caregiver that results in harm, potential for harm, or threat of harm to a child. Most child abuse occurs in a child's home, with a smaller amount occurring in the organisations, schools or communities the child interacts with. There are four major categories of child abuse: neglect , physical abuse , psychological/emotional abuse , and sexual abuse . Child sexual abuse

5280-405: The ability to demand penalties of up to $ 4 million, the few fines that were levied for insider trading have usually been under $ 200,000. The U.S. SEC alleged that in 2009 Kuwaiti trader Hazem Al-Braikan engaged in insider trading after misleading the public about possible takeover bids for two companies. Three days after Al-Braikan was sued by the SEC, he was found dead of a gunshot wound to

5376-478: The board of directors Romano Ancelmo Fontana Filho was sentenced to prison for one year and five months in an open regime, also replaceable by community service, in addition to not being able to exercise the position of administrator or fiscal councilor of a publicly-held company. He was also fined R$ 374,940.52. In 2008, police uncovered an insider trading conspiracy involving Bay Street and Wall Street lawyer Gil Cornblum who had worked at Sullivan & Cromwell and

5472-401: The cases can be settled or litigated. Payment of disgorgement can be either completely or partially waived based on the defendant demonstrating an inability to pay. In settled administrative proceedings, Enforcement may recommend, if appropriate, that the disgorgement be waived. There are several approaches in order to quantify the disgorgement; an innovative procedure based on probability theory

5568-409: The child's genitals for sexual purposes, or using a child to produce child pornography . Child-on-child sexual abuse refers to a form of child sexual abuse in which a prepubescent child is sexually abused by one or more other children or adolescent youths, and in which no adult is directly involved. This includes sexual activity between children that occurs without consent, without equality, or as

5664-413: The companies to convert the non-tradeable shares into tradeable shares. There was a deadline for companies to convert their shares and the deadline was short, due to this there was a massive amount of exchanges and in the midst of these exchanges many people committed insider trading knowing that the selling of these shares would affect prices. Chinese people did not fear insider trading as much as one may in

5760-405: The company or company officers. However, even where the tippee is not himself an insider, where the tippee knows that the information is non-public and the information is paid for, or the tipper receives a benefit for giving it, then in the broader-scope jurisdictions the subsequent trading is illegal. Notwithstanding, information about a tender offer (usually regarding a merger or acquisition)

5856-446: The company. In various countries, some kinds of trading based on insider information is illegal. The rationale for this prohibition of insider trading differs between countries/regions. Some view it as unfair to other investors in the market who do not have access to the information, as the investor with inside information could potentially make larger profits than an investor (without such information) could make. However, insider trading

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5952-404: The country's own national flag and flags of other countries. Countries may have laws protecting the right to burn a flag as free speech. Gaming the system (also called bending the rules, gaming the rules, playing the system, abusing the system, milking the system, or working the system) can be defined as using the rules and procedures meant to protect a system to instead manipulate the system for

6048-450: The domestic violence may or may not constitute a crime, also depending on the severity and duration of specific acts, and other variables. Alcohol consumption and mental illness have frequently been associated with abuse. Economic abuse is a form of abuse when one intimate partner has control over the other partner's access to economic resources, which diminishes the victim's capacity to support him/herself and forces him/her to depend on

6144-478: The following contexts: Flag abuse (or flag desecration) is a term applied to various acts that intentionally destroy, damage or mutilate a flag in public, most often a national flag. Often, such action is intended to make a political point against a country or its policies. Some countries have laws forbidding methods of destruction (such as burning in public) or forbidding particular uses (such as for commercial purposes); such laws may distinguish between desecration of

6240-434: The geological data. Advocates of legalization make free speech arguments. Punishment for communicating about a development pertinent to the next day's stock price might seem an act of censorship. Some authors have used these arguments to propose legalizing insider trading on negative information (but not on positive information). Since negative information is often withheld from the market, trading on such information has

6336-514: The head in his home in Kuwait City on July 26, 2009, in what Kuwaiti police called a suicide. The SEC later reached a $ 6.5 million settlement of civil insider trading charges, with his estate and others. In 2009, a journalist in Nettavisen (Thomas Gulbrandsen) was sentenced to four months in prison for insider trading. The longest prison sentence in a Norwegian trial where the main charge

6432-467: The household and at school. "Abusive supervision has been investigated as an antecedent to negative subordinate workplace outcome". " Workplace violence has combination of situational and personal factors". The study that was conducted looked at the link between abusive supervision and different workplace events. Academic abuse is a form of workplace bullying which takes place in institutions of higher education, such as colleges and universities. Academia

6528-440: The information is not generally available and is materially price sensitive then the insider must not trade. Nor must she or he procure another to trade and must not tip another. Information will be considered generally available if it consists of readily observable matter or it has been made known to common investors and a reasonable period for it to be disseminated among such investors has elapsed. The practice of insider trading

6624-425: The insider can demonstrate that the trades conducted on behalf of the insider were conducted as part of a pre-existing contract or written binding plan for trading in the future. For example, if an insider expects to retire after a specific period of time and, as part of retirement planning, the insider has adopted a written binding plan to sell a specific amount of the company's stock every month for two years, and

6720-529: The insider later comes into possession of material nonpublic information about the company, trades based on the original plan might not constitute prohibited insider trading. There are very limited laws against "insider trading" in the commodities markets if, for no other reason than that the concept of an "insider" is not immediately analogous to commodities themselves (corn, wheat, steel, etc.). However, analogous activities such as front running are illegal under US commodity and futures trading laws. For example,

6816-447: The insider released the information for an improper purpose. One commentator has argued that if Company A's CEO did not trade on undisclosed takeover news, but instead passed the information on to his brother-in-law who traded on it, illegal insider trading would still have occurred (albeit by proxy, by passing it on to a "non-insider" so Company A's CEO would not get his hands dirty). The misappropriation theory of insider trading

6912-502: The insider trading. Disgorgement represents ill-gotten gains (or losses avoided) resulting from individuals violating the securities laws. In general in the countries where the insider trading is forbidden, the competent Authority seeks disgorgement to ensure that securities law violators do not profit from their illegal activity. When appropriate, the disgorged funds are returned to the injured investors. Disgorgements can be ordered in either administrative proceedings or civil actions, and

7008-479: The international community. Enforcement of insider trading laws varies widely from country to country, but the vast majority of jurisdictions now outlaw the practice, at least in principle. Larry Harris claims that differences in the effectiveness with which countries restrict insider trading help to explain the differences in executive compensation among those countries. The US, for example, has much higher CEO salaries than have Japan or Germany, where insider trading

7104-597: The latter case, this is linked to a poor ability in physical education, and this behaviour can be encouraged by an ignorant physical education teacher. Abuse of disabled people is not limited to schools; there are many known cases in which disabled people have been abused by staff of a "care institution", such as the case revealed in a BBC Panorama programme on a Castlebeck care home ( Winterbourne View ) near Bristol , leading to its closure and suspension or firing of staff members. Discriminatory abuse involves picking on or treating someone unfairly because something about them

7200-473: The listed conditions. Incidents may involve physical assault , damage to property, bullying , harassment , verbal abuse or insults , or offensive graffiti or inflammatory letters (hate mail). Hazing is considered any activity involving harassment , abuse, or humiliation as a way of initiating a person into a group . Hazing is seen in many different types of groups; including within gangs , clubs, sports teams , military units , and workplaces . In

7296-524: The market. Friedman, laureate of the Nobel Memorial Prize in Economics , said: "You want more insider trading, not less. You want to give the people most likely to have knowledge about deficiencies of the company an incentive to make the public aware of that." Friedman did not believe that the trader should be required to make his trade known to the public, because the buying or selling pressure itself

7392-556: The misuse of client assets." More than 85 percent of the world's securities and commodities market regulators are members of IOSCO and have signed on to these Core Principles. The World Bank and International Monetary Fund now use the IOSCO Core Principles in reviewing the financial health of different country's regulatory systems as part of these organization's financial sector assessment program, so laws against insider trading based on non-public information are now expected by

7488-404: The performance of official duties. Malfeasance in office is often grounds for a for cause removal of an elected official by statute or recall election . A cause of action in tort arising from one party making a malicious and deliberate misuse or perversion of regularly issued court process (civil or criminal) not justified by the underlying legal action. Rankism (also called abuse of rank)

7584-595: The perpetrator financially. Elder abuse is a type of harm to older adults involving abuse by trusted individuals in a manner that "causes harm or distress to an older person". This definition has been adopted by the World Health Organization from a definition put forward by Action on Elder Abuse in the UK. The abuse includes violence, neglect , and other crimes committed against an elderly person and their forms include physical, mental, and financial abuses as well as passive and active neglect. While there

7680-401: The person receiving the information knew or should have known that the information was material non-public information. In the United States, at least one court has indicated that the insider who releases the non-public information must have done so for an improper purpose. In the case of a person who receives the insider information (called the "tippee"), the tippee must also have been aware that

7776-535: The popular Thai television soap opera Raeng Ngao and a popular K-television series Hotel Del Luna. They are also part of the theme of novels such as Tamír Triad and Tamsin , comic books such as the character the Gentleman Ghost , animated television series like Danny Phantom and adventure games such as the Chzo Mythos . Finally, there is also a female, controllable character called Vengeful Spirit in

7872-439: The prohibition against insider trading does not require proof that an insider actually used material nonpublic information when conducting a trade; possession of such information alone is sufficient to violate the provision, and the SEC would infer that an insider in possession of material nonpublic information used this information when conducting a trade. However, SEC Rule 10b5-1 also created for insiders an affirmative defense if

7968-809: The regulator or publicly disclosed, usually within a few business days of the trade. In these cases, insiders in the United States are required to file Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies. The authors of one study claim that illegal insider trading raises the cost of capital for securities issuers, thus decreasing overall economic growth. Some economists, such as Henry Manne , argued that insider trading should be allowed and could, in fact, benefit markets. There has long been "considerable academic debate" among business and legal scholars over whether or not insider trading should be illegal. Several arguments against outlawing insider trading have been identified: for example, although insider trading

8064-524: The right to life and liberty , freedom of expression , and equality before the law ; and economic, social and cultural rights , including the right to participate in culture, the right to be treated with respect and dignity, the right to food , the right to work , and – in certain countries – the right to education . Insider trading Insider trading is the trading of a public company 's stock or other securities (such as bonds or stock options ) based on material, nonpublic information about

8160-409: The share price would likely rise. In the United States and many other jurisdictions, "insiders" are not just limited to corporate officials and major shareholders where illegal insider trading is concerned but can include any individual who trades shares based on material non-public information in violation of some duty of trust. This duty may be imputed; for example, in many jurisdictions, in cases where

8256-479: The staging of bizarre events by the abuser with the intention of disorienting the victim. The term owes its origin to Gaslight , a 1938 play and 1944 film, and has been used in clinical and research literature. Gay bashing and gay bullying are verbal or physical abuse against a person perceived by the aggressor to be gay, lesbian, or bisexual , including people who are actually heterosexual, or of non-specific or unknown sexual orientation . Harassment covers

8352-400: The suffering of a victim at different times and societies. Abuse of authority includes harassment, interference, pressure, and inappropriate requests or favors. Necrophilia involves possessing a physical attraction to dead bodies that may led to acting upon sexual urges. As corpses are dead and cannot give consent, any manipulation, removal of parts, mutilation, or sexual acts performed on

8448-449: The suffering they endured may have resulted in early death caused by the ill-treatment or torture they were subject to. Exorcisms and appeasement are among the religious and social customs practiced by various cultures in relation to the vengeful ghost. The northern Aché people group in Paraguay cremated old people thought to harbor dangerous vengeful spirits instead of giving them

8544-536: The workplace, where the consequences of refusing sexual requests are potentially very disadvantageous to the victim. Hate crimes occur when a perpetrator targets a victim because of his or her perceived membership in a certain social group ; usually defined by racial group , religion, sexual orientation , disability , ethnicity , nationality, age , gender , gender identity , or political affiliation . "Hate crime" generally refers to criminal acts which are seen to have been motivated by hatred of one or more of

8640-496: The world. Anti-social behavior is often seen as public behavior that lacks judgement and consideration for others and may damage them or their property. It may be intentional, as with vandalism or graffiti , or the result of negligence. Persistent anti-social behavior may be a manifestation of an antisocial personality disorder . The counterpart of anti-social behavior is pro-social behavior , namely any behavior intended to help or benefit another person, group or society. Bullying

8736-448: Was arrested due to insider trading. In 2014, the European Union (EU) adopted legislation (Criminal Sanctions for Market Abuse Directive) that harmonised criminal sanctions for insider dealing. All EU Member States agreed to introduce maximum prison sentences of at least four years for serious cases of market manipulation and insider dealing, and at least two years for improper disclosure of insider information. Insider trading in India

8832-609: Was defined by Marcello Minenna by directly analyzing the time periods of the involved transactions in the insider trading. Proving that someone has been responsible for a trade can be difficult because traders may try to hide behind nominees, offshore companies, and other proxies. The Securities and Exchange Commission (SEC) prosecutes over 50 cases each year, with many being settled administratively out of court. The SEC and several stock exchanges actively monitor trading, looking for suspicious activity. The SEC does not have criminal enforcement authority but can refer serious matters to

8928-479: Was found. Higher insider trading was found when legislature is in session and in periods with higher geopolitical risk . Legal trades by insiders are common, as employees of publicly traded corporations often have stock or stock options. These trades are made public in the United States through Securities and Exchange Commission filings that are also being made available by academic researchers as structured datasets. U.S. SEC Rule 10b5-1 clarified that

9024-579: Was insider trading, was for eight years (two suspended) when Alain Angelil was convicted in a district court on December 9, 2011. Under Republic Act 8799 or the Securities Regulation Code, insider trading in the Philippines is illegal. Although insider trading in the UK has been illegal since 1980, it proved difficult to successfully prosecute individuals accused of insider trading. There were

9120-657: Was sentenced to 39 months in prison. This was the longest term ever imposed for insider trading in Canada. These crimes were explored in Mark Coakley 's 2011 non-fiction book, Tip and Trade . The majority of shares in China before 2005 were non-tradeable shares that were not sold on the stock exchange publicly but privately. To make shares more accessible, the China Securities Regulation Commission (CSRC) required

9216-455: Was working at Dorsey & Whitney , and a former lawyer, Stan Grmovsek, who were found to have gained over $ 10 million in illegal profits over a 14-year span. Cornblum committed suicide by jumping from a bridge as he was under investigation and shortly before he was to be arrested but before criminal charges were laid against him, one day before his alleged co-conspirator Grmovsek pled guilty. Grmovsek pleaded guilty to insider trading and

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