Abstract:Insider trading by broker-dealer is one kind of insider trading by certain prominent subject, which should thus be attached great importance in the field of securities law study. .From the view of substantive law, the insider trading is undoubtedly a securities fraud. It is normal to apply the famous federal anti-fraud rule 10b-5 to the broker-dealer insider trading in the first instance. From the view of procedural law, it is key to set up the China wall inside the broker-dealer as a information-blocking mechanism to stop the broker-dealer inside dealing, which is also the defence from the accusation of securities fraud. Lastly, the securities analysis which is traditionally immune from any regulation has recently been targeted by some legislations which are primarily procedural and embodied in statutes, administrative rules and SRO rules and standards.
原凯. 美国券商内幕交易行为的法律规制述评[J]. , 2012, 1(2): 14-21.
tYUAN Kai. An Analysis on the Legal Regulations on Broker-dealer Inside Dealing in the U.S. , 2012, 1(2): 14-21.