Securities
Mar. 12, 2024
SEC seeks to extend insider trading law to 'shadow trading' in SEC v. Panuwat
The new theory suggests that insider trading violations cover individuals who trade a company’s securities, not based on nonpublic information on the company itself, but rather on nonpublic information about a separate company in the same industry.
Austin L. Jackson
Associate
Carlton Fields, LLP
2029 Century Park E, Ste 1200
Los Angeles , CA 90067-2913
Phone: (310) 843-6338
Email: ajackson@carltonfields.com
Jackson is with Carlton Fields' Los Angeles office, where his practice focuses on complex securities litigation, white-collar criminal defense, and enforcement actions involving federal and state regulators such as the U.S. Securities and Exchange Commission, the Commodities Futures Trading Commission, the U.S. Department of Justice, and state attorneys general.
In SEC v. Panuwat, a case of first impression, the Securities and Exchange Commission aims to extend the parameters of insider trading law under a new theory termed “shadow trading.” This theory suggests that insider trading violations cover individuals who trade a company’s securities, not based on nonpublic information on the company itself, but rather on nonpublic information about a separate company in the same industry. Put simply, you...
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