Comparative legal analysis of the concept of "insider" under the laws of the Russian Federation, the USA and the European Union

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Abstract

The aim of the paper is to analyze the legal category of "insider" under the laws of the Russian Federation, the United States, and the European Union. The authors conclude that one of the central reasons for the lack of an effective mechanism to combat the illegal use of insider information in Russia lies in the unsuccessful definition of the category of "insider" by the legislator. Effective efforts to combat the misuse of insider information are impossible without the legislative changes that would clarify the most basic legal category, on which the responsibility for the above-mentioned offense relies—the category of "insider".

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About the authors

Alexander E. Molotnikov

Lomonosov Moscow State University

Author for correspondence.
Email: amolotnikov@gmail.com
SPIN-code: 2967-7576

Cand. Sci. (Law), Associate Professor of the Department of Business Law of the Law Faculty

Russian Federation, Moscow

Ulvi A.O. Seyidli

Lomonosov Moscow State University

Email: ulviseyidli13@gmail.com
SPIN-code: 9813-2650

postgraduate student, Department of Business Law of the Law Faculty

Russian Federation, Moscow

References

  1. Vavulin D.А. Commentary to the Federal Law "On Countering the Illegal Use of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation" (article-by-article). Delovoy Dvor, 2015.
  2. Karpovich O.G. Combating the dissemination of insider information on the stock market in Russia. Yuridicheskiy Mir. 2011. No. 4. ConsultantPlus.
  3. Krylova N.E. Crimes in the sphere of economic activity: program, lectures of special course, materials of judicial practice. Study guide. Krylova N.E., Leontiev B.M.. Moscow: Zertsalo-M, 2012. 264 p.
  4. Murphy, J.A. An Analysis of the Financial Crisis of 2008: Causes and Solutions (November 4, 2008). URL: https://ssrn.com/abstract=129534.

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