Illegal insider trading occurs when an "insider" uses privileged, non-public information to trade on securities or commodities markets. Acts of insider trading may include the purchase or sale of shares prior to the disclosure of a corporate news release (the Martha Stewart scenario) or the purchase or sale of shares on the basis of information that would never be disclosed to shareholders. The definition of "insider" includes not only directors and upper management but anyone including brokers, family, friends and employees, who have material and non-public information.

This publication specifically analyzes illegal and legal insider trading in Canada by examining applicable statutes, regulations, and securities commission policies, statements and guidelines. The law in each area is explained and supplemented with examples and extracts from case law.

This Revised Edition includes a completely new, easier-to-use format and typeface. It also features case references which contain both the official law report citation and the LexisNexis® Quicklaw® citation, allowing you to quickly identify and obtain the full-text decisions relevant to your particular case.