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Bulletin of the MRSU / Section "Economy" / 2014 № 1.


I.V. Tsapenko

ANALYSIS OF THE US EXPERIENCE IN THE FIELD OF INSIDERS’S ACTIVITIES REGULATION ON THE SECURITIES MARKET. In: Bulletin of the Moscow Region State University (electronic journal), 2014, no. 1.

UDC Index: 658.012 “71”

Date of publication: 23.01.2014

The full text of the article

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This article gives a retrospective analysis of the US experience in the field of organization and regulation of insider activities, investigates the US rules governing the securities circulation. The article critically reviews the activities of the Securities and Exchange Commission (SEC) as the main creator of a system protecting the market of long-term capitals and regulating the activities of insiders in the United States. Besides, the author identifies its key components (laws, rules and regulations), estimates securities transactions in terms of prohibitions on insiders’ activities. The article dwells on such theories as: the theory of equal access, the theory of fiduciary duty; the theory of trust and usurpation in relation to tackling the problems of insider activities regulation, as well as the experience of their application in the United States.

Key words

insider, investor, capitals market, protection of depositors, protection of the market, securities market, theory of equal access, theory of trust

List of references

1. 15 U.S.C. §§ 77ff. The Securities Act of 1933 [Elektronnyi resurs]. ? URL: (data obrashcheniya: 01.12.2013).
2. 15 U.S.C. §§ 78ff. Securities Exchange Act of 1934 [Elektronnyi resurs]. ? URL: (data obrashcheniya: 01.12.2013).
3. 18 U.S.C. §§ 1961?1968 Racketeer Influenced and Corrupt Organizations Act [Elektronnyi resurs]. ? URL: (data obrashcheniya: 01.12.2013).
4. Ausfuhrliche Darstellung der Entwicklung der rule 10b5 in Dingeldey (1983). ? pp. 83ff. [Elektronnyi resurs]. ? URL: (data obrashcheniya: 01.12.2013).
5. Ausfuhrliche Darstellung des Rechtssystems z.B. in Herzog (1989), pp. 169ff. [Elektronnyi resurs]. ? URL: (data obrashcheniya: 01.12.2013).
6. Aufgaben und Funktionen: siehe Fussnote oben und auch Cox/Hillmann/Langevoort, pp. 22ff. [Elektronnyi resurs]. – URL:$FILE/dis2597.pdf (data obrashcheniya: 29.11.2013).
7. „Blue sky laws“, weil die Gesellschaftsgrunder selbst „das Blaue im Himmel verkauft hatten“, vgl. Loss (1967), pp. 197ff. [Elektronnyi resurs]. – URL: (data obrashcheniya: 22.11.2013).
8. Kubler (1994), pp. 611. [Elektronnyi resurs]. – URL: (data obrashcheniya: 29.11.2013).
9. So z.B. im Fall „Santa Fe“, als die USA im Rahmen eines Rechtshilfeersuchens in einem Insiderfall die Schweiz um ahnliche Regelungen ersuchte, vgl. Ebenroth (1985), pp. 17, 30ff. [Elektronnyi resurs]. – URL: (data obrashcheniya: 29.11.2013).
10. Vgl. Jennings/Marsh (1977), pp. 1173; O’Connor (1989), pp. 309 oder Salbu (1992), pp. 861ff. [Elektronnyi resurs]. – URL: (data obrashcheniya: 22.11.2013).
11. Vgl. Kostlin (1985), pp. 25 [Elektronnyi resurs]. – URL: (data obrashcheniya: 22.11.2013).
12. Vgl. SarbanesOxley Act, July 30, 2002, 107 P.L. [Elektronnyi resurs]. – URL: (data obrashcheniya: 22.11.2013).

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