Is there any special statute that defines insider trading?
There isn’t any special statute which defines insider trading and that’s done purposely. The SEC wants a very general and wide range to determine what they consider is being insider trading and not. That would be from shareholders to individuals themselves, to family members to friends – they leave that door wide open in regards to the action taken. These days it’s a bit easier to determine whether or not someone acted on insider trading than it used to be, considering now that just about everything is electronic. The SEC has an ability to follow trades no matter how large or how small it is in regards to companies, where there is not ordinary activity.
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