Law360, New York ( March 11, 2015, 10:40 AM EDT) -- Famously, the law of insider trading in the United States has developed without a statutory definition. Rather, the U.S. Securities and Exchange Commission and the U.S. government have brought civil and criminal proceedings on the theory that insider trading is a variety of securities fraud. The advantage of this approach for the SEC and the prosecutors is that it leaves them with a great deal of discretion — assuming the cooperation of the courts — to define the elements of insider trading to address new ways of exploiting informational advantages....
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