[20171114]LSB10028_内幕交易法最新章节：主要巡回法院的决定扩大了“小费”交易的责任范围.pdf

CRS INSIGHT Prepared for Members and Committees of Congress Legal SidebarLegal Sidebari i The Latest Chapter in Insider Trading Law: Major Circuit Decision Expands Scope of Liability for Trading on a “Tip” November 14, 2017 In late August, a split panel of the U.S. Court of Appeals for the Second Circuit (Second Circuit) affirmed the insider trading conviction of Mathew Martoma, a former portfolio manager at the hedge fund SAC Capital Advisors. Martomas conviction, resulting from trades that netted the defendant and his firm millions of dollars, was part of a broader investigation in which SAC Capital itself was forced to pay $1.8 billion in the largest insider trading penalty in history. Martoma not only involved high dollar figures, but the Second Circuits decision may have significant implications for insider trading law. The case is the first from the Second Circuitan appeals court based in Manhattan and known for its securities law expertiseinterpreting last years Supreme Court decision in Salman v. United States. As commentators have noted, Martoma has raised important questions as Congress, courts, law enforcement and market participants consider what type of information sha