the making use of price-sensitive information that is unavailable to investors at large to the extent of dealing in company securities with the object of making a profit or avoiding a loss. Various offences now target the practice.
The draft rules lay down tougher criminal penalties, including prison terms, for serious market abuses such as unlawful disclosure of information, insider dealing or market manipulation and also inciting, aiding or abetting them.
He was received by Internal Market Commissioner Charlie McCreevy to express his "doubts regarding compliance with certain internal market principles" such as free movement of capital, non-discrimination and clauses in the Directive on market abuse (which replaced the old insider dealing legislation).
Jesse Reynolds, program director of the Oakland-based Center for Genetics and Society, and a supporter of embryonic stem cell research, has said that the ``coronation'' of Klein ``may be the most overt case of cronyism and insider dealing in biomedicine yet.