Objectively, the ban on insider trading makes no sense. It creates an arcane distinction between “non-public” and “public” information and treats them differently. It presumes that investors should possess equal information and never know any more than anyone else.
The rule punishes traders for seeking to learn information already known by some people. It inhibits investors from acting on and markets from reacting to the latest and most accurate information.
‘Enforcement 40’ for 2020
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