Insider Trading Regulations in Belgium and Sweden

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Insider trading in Belgium is controlled by the Authority for Financial Services and Markets (FSMA). Under Belgian law, insider trading is prohibited pursuant to Articles 40, Act on the supervision of the financial sector and financial services (August 2, 2002 BS 4 September 2002) Insiders:

Belgian legislation defines an insider as follow: any person, who is employed by the issuer on a regular or Occasional base, and has access to inside information relating directly or indirectly to the issuer. On top all members of an administrative, management or supervisory body of the issuer of the financial instrument or of a company which has close links with the issuer. Hence for those people it is prohibited to trade effects of the issuer by using their specific knowledge concerning the issuer.


Offenders of the rule are punished with imprisonment of three months to one year and a fine of 50 euros to 10,000 euros .The offender may be sentenced to pay a sum corresponding to the maximum of three times the amount of the capital gain that he directly or indirectly from the offense has scored. This sum is collected as a fine. However insider trading is very difficult to proof. This is way lots of cases are left unpunished.

Finansinspektionen investigates suspected insider offences and improper attempts to influence stock market prices. On 1 July 2005, Sweden's Insider Penal Act (Insiderstrafflagen) was replaced by the Market Abuse Penal Act (Marknadsmissbrukslagen) regulating trading with financial instruments. Finansinspektionen is charged with monitoring compliance with this law.

When Finansinspektionen has reason to believe that a breach of the Market Abuse Penal Act has taken place, the matter is immediately transferred to the Swedish National Economic Crimes Bureau. Insiders:

The prohibition on dealings in financial instruments on the securities market on the basis...
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