The Insider Trading (Dealing) Rule in the Stock Exchange Markets: a Comparative Study between Iraqi Law with the European Directive and the U.S.A Law

	The Insider Trading (Dealing) Rule in the Stock Exchange Markets: a Comparative Study between Iraqi Law with the European Directive and the U.S.A Law
Journal Of the College of law /Al-Nahrain University
Article 1, Volume 19, Issue 6, 2018, Pages 200-244
Abstract
The Insider dealing, which is made according to non-public information, is a prohibited practice by the laws of a vast array of several countries by reason of that it contradict the ethical and lawful considerations which necessitate the parity between investors in exploiting information relating to the issuer. It is also prejudice the principles of transparency and confidence which should be dominate all deals in the stock exchange markets. The Iraqi interim Act of Stock Exchange Market, representing by the Regulation No. (16) of 2011, has followed these lawful developments in prohibiting insider dealing. However, comparing this legislation with the European Directive of 2003 and the U.S.A law, which has been undertaken in this article, has reveals several lacuna and shortcoming in the aforesaid Iraqi legislation. Accordingly, the author is of the view that reforming the Iraqi legislation is of a great legal significance with a view to keep it on the same line with modern laws of stock exchange markets with for sake of safeguarding the interests of investors and the markets.

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