Review

The scientific article is devoted to the study of topical issues of criminal liability for illegal use of insider information in Ukraine and the USA. Based on a comparative study of the main features of the crimes, as well as provisions of modern doctrine and case law, the author reveals features that are similar and distinctive approaches of Ukrainian and American criminal laws in combating insider offenses against the stock market.

General features of insider information in stock market are provided based on examples of de- veloped countries. Blanket character of dispositions description of relevant criminal prohibitions is revealed, legislative mistakes and practical issues of application are analyzed. Major case law materials including decisions by the U. S. Supreme Court and federal appellate courts are comprehended and compared with the relevant Congressional Acts. Most important criminal cases are cited in the article and their impact on shaping court practice and stock market in general are demonstrated. Some most common examples of insider trading are mentioned and also main types of insiders as well as their fiduciary duties are examined.

The author comes to the general conclusion that American approach to combating insider trading offenses is much more effective, progressive and pragmatic then the one offered under Ukrainian Criminal Code.

Keywords: insider information, stock market fraud, security, corporation, economic crime, case law.