Skip to main content

Clifford Chance

Clifford Chance

Perspectives – Legal Developments Series

Spring 2022 US program

In August 2021, the SEC filed a first of its kind insider trading complaint in California federal court, alleging a former pharmaceutical company executive violated federal securities laws by using inside knowledge that his own company was being acquired, to trade profitably in the securities of a competing company. The complaint suggested that the SEC will attempt to expand the scope of insider trading liability to include a theory a recent academic paper dubbed “shadow trading”: where corporate insiders exploit material nonpublic information about their firm, to trade in the securities of an “economically-linked” firm, such as a similarly situated competitor.

This panel will discuss the new shadow trading theory and examine what steps a potential “shadow trader” might take to address related risk. Expect to uncover how UK and EU lawyers might view “shadow trading” risks and related concepts.

Perspectives – Legal Developments Series – Spring 2022 US program

Visit the full list of events

Register for the webinar

Want to attend?

Our webinars are for clients only. Please register for our Premium Services via our Preference form or log in to the Client Portal to view our content.

Register your details to attend this event

Log-in or Register Register