Sisäpiirisyys

Sisäpiirisyys refers to the practice of trading securities on the basis of material, non-public information. This information, if it were public, would likely affect the price of the security. Individuals who possess such information are considered "insiders" and are prohibited from trading on it. The purpose of these regulations is to ensure fair and transparent markets.

The definition of "material, non-public information" is crucial in understanding sisäpiirisyys. Material information is generally defined as information that a reasonable investor would consider important when making an investment decision. Non-public means that the information has not been disseminated to the general investing public. Examples can include upcoming earnings reports, merger or acquisition plans, significant product developments, or major regulatory changes.

Trading on such information gives the insider an unfair advantage over other investors who do not have access to the same knowledge. This can distort market prices and erode investor confidence. Regulatory bodies in most countries actively monitor trading activities to detect and prosecute cases of sisäpiirisyys. Penalties can include substantial fines and imprisonment.

The concept of sisäpiirisyys is not limited to corporate executives or board members. It can extend to anyone who gains access to inside information through their employment, business relationships, or even by accidentally overhearing confidential discussions. Companies are also responsible for implementing internal controls to prevent the misuse of inside information by their employees.