The Insider Trading Prohibition in Qatar: A Critical Comparative Study with US Law
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Nov 9, 2023
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Abstract
The purpose of this research is to examine existing loopholes in Qatar’s insider trading laws as impediments to a functional stock market. Weak insider trading rules diminish investor trust in local markets, which may encourage investors on the Qatar Stock Exchange to seek other markets, inhibiting Qatar’s intent to serve as a regional financial hub. This research revolves around proposing new rules to the current insider trading regulations. This critical analytical study gives a breakdown of the Qatari law on insider trading, studying its deterrence, investigation, and punitive components. Comparing these components with US regulations on insider trading, which are globally recognized as effective, this work identifies a key issue in each component of the Qatari law. Based on the US model, this study found that Qatari regulations need: a disclosure system to prevent immediate trading after information publication, a corporate whistleblower system to curb illicit transactions, and a treble damages provision to prevent violators from profiting or avoiding losses. This research offers substantial value to academics, corporations, governments, and investors looking to strengthen corporations and market development in Qatar or similar economies, emphasizing the importance of effective laws on disclosure, whistleblowers, and damages.
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Keywords
Insider tradingMarket efficiencyWhistleblowersTreble damagesPublic disclosure
References
General References
About, Qatar Stock Exchange, available at https://www.qe.com.qa/historical-background (last visited June 7, 2022).
Adams, Brian J., Tod Perry & Colin Mahoney, The Challenges of Detection and Enforcement of Insider Trading, 153 J. Bus. Ethics 375 (2018).
Albelooshi, A., The Regulation of Insider Dealing: An Applied and Comparative Legal Study towards Reform in the UAE (Aug. 2008) (PhD dissertation, University of Exeter), available at https://ore.exeter.ac.uk/repository/bitstream/handle/10036/47094/AlbelooshiA.pdf? sequence=2&isAllowed=y.
Almutairi, Mohammad A. R. S., A Critical Assessment of Regulation of Insider Trading Under the Kuwait Capital Market Authority Law: A Comparative Study with the Regulatory Structure of the United States, the United Kingdom and France to Enhance Market Fairness, Integrity and Effective Enforcement of the Kuwait Regulatory Structure (May 2020) (S.J.D. dissertation, School of Law of Case Western Reserve University).
Altwayan, N. S., Corporate Insider Trading in Saudi Arabia - A Comparative Analysis with the United States (July 2019) (S.J.D. dissertation, University of Minnesota), available at https://conservancy.umn.edu/bitstream/handle/11299/206689/Altwayan_umn_0130E_20477.pdf?sequence=1.
An Overview, Qatar Fin. Ctr., available at https://qfc.qa/en/about-qfc/overview (last visited Apr. 2, 2022).
Anderson, John P., Insider Trading: Law, Ethics, and Reform (2018).
Australian Securities & Investments Commission ASIC Media Statement (Jan. 22, 2022), available at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-010mr-caloundra-man-pleads-guilty-to-insider trading/.
Baumgartel, Sarah, Privileging Professional Insider Trading, 51 Ga. L. Rev. 71 (2016).
Beny, L. N., Insider Trading Laws and Stock Markets Around the World: An Empirical Contribution to the Theoretical Law and Economics Debate, 32 J. Corp. L., no. 2, 2007, at 237.
Biais, B., Declerck, F., & Moinas, S., “Who Supplies Liquidity, How and When?,” (Toulouse School of Economics (TSE), Working Paper No. 17-818, 2017).
Bratton, W., Enron and the Dark Side of Shareholder Value, 76 Tulane L. Rev. 1275 (2002).
CMA Executive Bylaws, available at https://www.cma.gov.kw/en/web/cma/by-law-documents.
Corporation Act of 2001 (Austl.), available at https://www.legislation.gov.au/Details/C2018C00031.
Cox, J. D., Robert, Hillman, W., Donald, C., Langevoort, A., Lipton, M. & Sjostrom, W. K., Securities Regulation: Cases and Materials 868 (9th ed., 2020).
Dirks v. SEC, 463 U.S. 646 (1983).
Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010) (codified as amended in scattered sections of the U.S. Code).
Doffou, Ako, Insider Trading: A Review of Theory and Empirical Work, 11 J. Acct. & Fin. Rsch. (2003).
Elliott, John, Dale Morse & Gordon Richardson, The Association between Insider Trading and Information Announcements, 15-RAND J. Econ., Winter 1984, at 521.
Faberge, Inc., 45 S.E.C. 249 (1973).
Fact Sheet: The Stock Act: Bans Members of Congress from Insider Trading, Office of the Press Secretary (Apr. 4, 2012), available at https://obamawhitehouse.archives.gov/the-press-office/2012/04/04/fact-sheet-stock-act-bans-members-congress-insider trading.
Financial Instruments and Exchange Act of Japan No. 25 of 1948 (FIEA), available at https://www.fsa.go.jp/en/.
Fines & Penalties, Austl. Sec. & Inv. Comm’n, available at https://asic.gov.au/about-asic/asic-investigations-and-enforcement/fines-and-penalties/#:~:text=The%20maximum%20civil%20penalty%20for%20companies%20is%20the%20greater%20of,units%20(currently%20%24555%20million) (last visited Apr. 2, 2022).
Governance Code, Qatar Fin. Mrkts. Auth., available at https://www.qfma.org.qa/English/IssuingListingSecurities/Pages/Governance_and_disclosure.aspx (last visited Apr. 2, 2022).
Gubler, Z. J., A Unified Theory of Insider Trading Law, 105 Georg. L.J. 1225 (2017).
Howland, B. G., Note, The Insider Trading Sanctions Act of 1984: Does the ITSA Authorize the SEC to Issue Administrative Bars?, 42 Wash. & Lee L. Rev. 993 (1985).
Huddart, S., Hughes, J. S. & Levine, C. B., Public Disclosure and Dissimulation of Insider Trades, 69 Econometrica 665 (2001).
Macey, J., Getting the Word Out about Fraud: A Theoretical Analysis of Whistleblowing and Insider Trading, 105 Mich. L. Rev. 1899 (2007).
Mesiya, S., Failures of the Stock Act and the Future of Congressional Insider Trader Reform, 58 Am. Crim. L. Rev. (2021).
Neal, B., Ontario Securities Commission Whistleblower Protection Program, 22 L. & Bus. Rev. Am. 271 (2016).
Nyantung, L. & Seyhun, H. N., Has Insider Trading Become More Rampant in the United States? Empirical Evidence from Takeovers, in Research Handbook on Insider Trading 211-29 (Stephan M. Bainbridge ed. 2013).
Park, J. J., Insider Trading and the Integrity of Mandatory Disclosure, 6 Wis. L. Rev. 1133 (2018).
Patel, V. & Putnins, T. J., How Much Insider Trading Happens in Stock Markets?, SSRN (Jan. 11, 2020), available at https://ssrn.com/abstract=3764192.
Press Release, Cap. Mrkts. Auth., Kuwait’s Exchange Privatization Journey (Apr. 15, 2021), available at https://www.cma.gov.kw/en/web/cma/cma-board-releases/-/cmaboardreleases/detail/1030724.
Press Release, SEC Charges Six Individuals with Insider Trading in Stock of E-Commerce Company Prior to Acquisition by eBay 2014-85 (Apr. 25, 2014), available at https://www.sec.gov/news/press-release/2014-85.
Press Release, SEC Charges Two Clinical Drug Trial Doctors with Insider Trading 2014-100 (May 19, 2014), available at https://www.sec.gov/news/press-release/2014-100.
Press Release, SEC Insider Trading Cases Enforcement for the FY 2021 (Nov. 18, 2021), available at https://www.sec.gov/news/press-release/2021-238.
Press Release, SEC Surpasses $1 Billion in Awards to Whistleblowers with Two Awards Totaling $114 Million (Sept. 15, 2021), available at https://www.sec.gov/news/press-release/2021-177.
Press Release, Traders in China and Hong Kong Paying $920,000 to Settle Insider Trading Case 2015-290 (Dec. 28, 2015), available at https://www.sec.gov/news/pressrelease/2015-290.html.
PriceSmart, available at https://investors.pricesmart.com/sites/pricesmart/files/2021-08/updated-insider trading-policy-081121.pdf (last visited June 4, 2022).
Qatar Fin. Mrkts. Auth., available at https://www.qfma.org.qa/English/AboutUs/Pages/Whoweare.aspx (last visited June 6, 2022).
Qatar Financial Centre Employment Regulations No. 10 of 2006, available at https://qfcra-en.thomsonreuters.com/rulebook/enactment-notice-21.
Qatar Financial Centre Law No. 7 of 2005, available at https://qfcra-en.thomsonreuters.com/rulebook/qfc-law-no-7-year-2005.
Qatar May Allow 100% Foreign Ownership of Listed Companies, Arab News (Apr. 15, 2021), available at https://www.arabnews.com/node/1843266/business-economy.
Qatar National Vision 2030 (2008), available at https://www.gco.gov.qa/en/about-qatar/national-vision2030/.
Qatar-QSE Urges Private Companies to Seek Listing, Ensure Liquidity Provision for Existing and Potential Firms, MENAFN (Mar. 3, 2020), available at https://menafn.com/1099796784/Qatar-QSE-urges-private-companies-to-seek-listing-ensures-liquidity-provision-for-existing-and-potential-firms.
Qatar Stocks Surge on Plans to Allow Full Foreign Ownership, Bloomberg (Apr. 15, 2022), available at https://www.bloomberg.com/news/articles/2021-04-15/qatar-may-allow-foreigners-to-fully-own-listed-companies.
QFMA Board Decision No. 1 of 2018 Concerning the Amendment of Some Provisions of Rules and Procedures of Complaints Issued by Decision No. 6 of 2009.
QFMA Board Decision No. 4 of 2020 Concerning the Issuance of Offering & Listing of Securities on the Financial Markets Rulebook.
QFMA Board Decision No. 5 of 2016 Governance Code for Companies and Legal Entities Listed on the Main Market.
QFMA Board Decision No. 6 of 2009 Concerning Rules and Procedures of Complaints of Qatar Financial Markets.
QSE CEO Reveals Plan to Privatize Stock Exchange, New Initiative to encourage IPOs, Qatar Tribune (Apr. 22, 2019), available at https://www.qatar-tribune.com/news-details/id/161803.
Raleigh, J., The Deterrent Effect of Whistleblowing on Insider Trading, 2020 (Ph.D. dissertation, University of Minnesota) (on file with author).
Ramirez, M. K., Whistling Past the Graveyard: Dodd-Frank Whistleblower Programs Dodge Bullets Fighting Financial Crime, 50 Loy. U. Chi. L.J. 617 (2020).
Resolution No. 72 of 2015 the Issuance of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments (Kuwait), available at https://www.cma.gov.kw/en/web/cma/cma-board-releases/-/cmaboardreleases/detail/352508.
Reuters, Qatar Convicts Two Corporate Executives of Insider Trading, Khaleej Times (Oct. 4, 2005), available at https://www.khaleejtimes.com/business/qatar-convicts-two-corporate-executives-of-insider trading.
Scheppele, K. L., “It’s Just Not Right”: The Ethics of Insider Trading, 56 L. & Contemp. Probs., Summer 1993, at 123.
SEC 2021 Annual Whistleblower Program Report to Congress, available at https://www.sec.gov/files/2021_OW_AR_508.pdf.
SEC v. Texas Gulf Sulphur Co., 401 F.2d 833 (2d Cir. 1968).
SEC Enforcement Actions: Insider Trading Cases, Sec. Exchange Comm’n, available at https://www.sec.gov/spotlight/insidertrading/cases.shtml (last visited June 11, 2022).
SEC Office of the Whistleblower, available at https://www.sec.gov/whistleblower (last visited Apr. 2, 2022).
Securities and Exchange Board of India ‘SEBI’ Second Amendment of Prohibition of Insider Trading (Aug. 5, 2021), available at https://www.sebi.gov.in/legal/regulations/aug-2021/securities-and-exchange-board-of-india-prohibition-of-insider trading-second-amendment-regulations-2021_51932.html.
Securities and Exchange Commission, 17 C.F.R. §§ 241, 271 [Release Nos. 34-58288, IC-28351; File No. S7-23-08].
Securities and Future Act 2001 art. 221 (Sing.), available at https://sso.agc.gov.sg/Act/SFA2001.
Seres Therapeutices Inc., available at https://ir.serestherapeutics.com/static-files/cc6aa50f-d9d1-41c5-857e-bd1df7ec877c (last visited June 4, 2022).
Stop Trading on Congressional Knowledge Act of 2012 (Stock Act), Pub. L. No. 112-105, 126 Stat. 291 (2012).
Thompson, J. H., A Global Comparison of Insider Trading Regulations, 3 Int’l J. Acct. & Fin. Rep. (2013).
UK Financial Conduct Authority and the Prudential Regulation Authority, Financial Incentives for Whistleblowers (2014), available at https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/financial-incentives-for-whistleblowers.
UHC Universal Health Services, Inc., available at https://ir.uhsinc.com/inside-information-and-trading-company-stock (last visited June 4, 2022).
Wang, W. K., Stock Market Insider Trading: Victims, Violators and Remedies - Including an Analogy to Fraud in the Sale of a Used Car with a Generic Defect, 45 Vill. L. Rev. 27 (2000).
Wertpapierhandelsgesetz [WpGH] (Ger.), available at https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Aufsichtsrecht/Gesetz/WpHG_en.html.
Legislation
15 U.S.C. §21(a).
15 U.S.C. §32(a).
18 U.S.C. § 3559.
Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments (Kuwait).
Law No. 11 of 2004 Issuing the Penal Code of Qatar (Qatar).
Law No. 20 of 2019 On Combatting Money Laundering and Terrorism Financing in Qatar (Qatar).
Law No. 22 of 2015 Amending Some Provisions of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities (Kuwait).
Law No. 22 of 2004 Regarding Promulgating the Civil Code (Qatar).
QFMA Law No. 8 of 2012 (Qatar).
QFMA Law No. 33 of 2005 (Qatar).
About, Qatar Stock Exchange, available at https://www.qe.com.qa/historical-background (last visited June 7, 2022).
Adams, Brian J., Tod Perry & Colin Mahoney, The Challenges of Detection and Enforcement of Insider Trading, 153 J. Bus. Ethics 375 (2018).
Albelooshi, A., The Regulation of Insider Dealing: An Applied and Comparative Legal Study towards Reform in the UAE (Aug. 2008) (PhD dissertation, University of Exeter), available at https://ore.exeter.ac.uk/repository/bitstream/handle/10036/47094/AlbelooshiA.pdf? sequence=2&isAllowed=y.
Almutairi, Mohammad A. R. S., A Critical Assessment of Regulation of Insider Trading Under the Kuwait Capital Market Authority Law: A Comparative Study with the Regulatory Structure of the United States, the United Kingdom and France to Enhance Market Fairness, Integrity and Effective Enforcement of the Kuwait Regulatory Structure (May 2020) (S.J.D. dissertation, School of Law of Case Western Reserve University).
Altwayan, N. S., Corporate Insider Trading in Saudi Arabia - A Comparative Analysis with the United States (July 2019) (S.J.D. dissertation, University of Minnesota), available at https://conservancy.umn.edu/bitstream/handle/11299/206689/Altwayan_umn_0130E_20477.pdf?sequence=1.
An Overview, Qatar Fin. Ctr., available at https://qfc.qa/en/about-qfc/overview (last visited Apr. 2, 2022).
Anderson, John P., Insider Trading: Law, Ethics, and Reform (2018).
Australian Securities & Investments Commission ASIC Media Statement (Jan. 22, 2022), available at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-010mr-caloundra-man-pleads-guilty-to-insider trading/.
Baumgartel, Sarah, Privileging Professional Insider Trading, 51 Ga. L. Rev. 71 (2016).
Beny, L. N., Insider Trading Laws and Stock Markets Around the World: An Empirical Contribution to the Theoretical Law and Economics Debate, 32 J. Corp. L., no. 2, 2007, at 237.
Biais, B., Declerck, F., & Moinas, S., “Who Supplies Liquidity, How and When?,” (Toulouse School of Economics (TSE), Working Paper No. 17-818, 2017).
Bratton, W., Enron and the Dark Side of Shareholder Value, 76 Tulane L. Rev. 1275 (2002).
CMA Executive Bylaws, available at https://www.cma.gov.kw/en/web/cma/by-law-documents.
Corporation Act of 2001 (Austl.), available at https://www.legislation.gov.au/Details/C2018C00031.
Cox, J. D., Robert, Hillman, W., Donald, C., Langevoort, A., Lipton, M. & Sjostrom, W. K., Securities Regulation: Cases and Materials 868 (9th ed., 2020).
Dirks v. SEC, 463 U.S. 646 (1983).
Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010) (codified as amended in scattered sections of the U.S. Code).
Doffou, Ako, Insider Trading: A Review of Theory and Empirical Work, 11 J. Acct. & Fin. Rsch. (2003).
Elliott, John, Dale Morse & Gordon Richardson, The Association between Insider Trading and Information Announcements, 15-RAND J. Econ., Winter 1984, at 521.
Faberge, Inc., 45 S.E.C. 249 (1973).
Fact Sheet: The Stock Act: Bans Members of Congress from Insider Trading, Office of the Press Secretary (Apr. 4, 2012), available at https://obamawhitehouse.archives.gov/the-press-office/2012/04/04/fact-sheet-stock-act-bans-members-congress-insider trading.
Financial Instruments and Exchange Act of Japan No. 25 of 1948 (FIEA), available at https://www.fsa.go.jp/en/.
Fines & Penalties, Austl. Sec. & Inv. Comm’n, available at https://asic.gov.au/about-asic/asic-investigations-and-enforcement/fines-and-penalties/#:~:text=The%20maximum%20civil%20penalty%20for%20companies%20is%20the%20greater%20of,units%20(currently%20%24555%20million) (last visited Apr. 2, 2022).
Governance Code, Qatar Fin. Mrkts. Auth., available at https://www.qfma.org.qa/English/IssuingListingSecurities/Pages/Governance_and_disclosure.aspx (last visited Apr. 2, 2022).
Gubler, Z. J., A Unified Theory of Insider Trading Law, 105 Georg. L.J. 1225 (2017).
Howland, B. G., Note, The Insider Trading Sanctions Act of 1984: Does the ITSA Authorize the SEC to Issue Administrative Bars?, 42 Wash. & Lee L. Rev. 993 (1985).
Huddart, S., Hughes, J. S. & Levine, C. B., Public Disclosure and Dissimulation of Insider Trades, 69 Econometrica 665 (2001).
Macey, J., Getting the Word Out about Fraud: A Theoretical Analysis of Whistleblowing and Insider Trading, 105 Mich. L. Rev. 1899 (2007).
Mesiya, S., Failures of the Stock Act and the Future of Congressional Insider Trader Reform, 58 Am. Crim. L. Rev. (2021).
Neal, B., Ontario Securities Commission Whistleblower Protection Program, 22 L. & Bus. Rev. Am. 271 (2016).
Nyantung, L. & Seyhun, H. N., Has Insider Trading Become More Rampant in the United States? Empirical Evidence from Takeovers, in Research Handbook on Insider Trading 211-29 (Stephan M. Bainbridge ed. 2013).
Park, J. J., Insider Trading and the Integrity of Mandatory Disclosure, 6 Wis. L. Rev. 1133 (2018).
Patel, V. & Putnins, T. J., How Much Insider Trading Happens in Stock Markets?, SSRN (Jan. 11, 2020), available at https://ssrn.com/abstract=3764192.
Press Release, Cap. Mrkts. Auth., Kuwait’s Exchange Privatization Journey (Apr. 15, 2021), available at https://www.cma.gov.kw/en/web/cma/cma-board-releases/-/cmaboardreleases/detail/1030724.
Press Release, SEC Charges Six Individuals with Insider Trading in Stock of E-Commerce Company Prior to Acquisition by eBay 2014-85 (Apr. 25, 2014), available at https://www.sec.gov/news/press-release/2014-85.
Press Release, SEC Charges Two Clinical Drug Trial Doctors with Insider Trading 2014-100 (May 19, 2014), available at https://www.sec.gov/news/press-release/2014-100.
Press Release, SEC Insider Trading Cases Enforcement for the FY 2021 (Nov. 18, 2021), available at https://www.sec.gov/news/press-release/2021-238.
Press Release, SEC Surpasses $1 Billion in Awards to Whistleblowers with Two Awards Totaling $114 Million (Sept. 15, 2021), available at https://www.sec.gov/news/press-release/2021-177.
Press Release, Traders in China and Hong Kong Paying $920,000 to Settle Insider Trading Case 2015-290 (Dec. 28, 2015), available at https://www.sec.gov/news/pressrelease/2015-290.html.
PriceSmart, available at https://investors.pricesmart.com/sites/pricesmart/files/2021-08/updated-insider trading-policy-081121.pdf (last visited June 4, 2022).
Qatar Fin. Mrkts. Auth., available at https://www.qfma.org.qa/English/AboutUs/Pages/Whoweare.aspx (last visited June 6, 2022).
Qatar Financial Centre Employment Regulations No. 10 of 2006, available at https://qfcra-en.thomsonreuters.com/rulebook/enactment-notice-21.
Qatar Financial Centre Law No. 7 of 2005, available at https://qfcra-en.thomsonreuters.com/rulebook/qfc-law-no-7-year-2005.
Qatar May Allow 100% Foreign Ownership of Listed Companies, Arab News (Apr. 15, 2021), available at https://www.arabnews.com/node/1843266/business-economy.
Qatar National Vision 2030 (2008), available at https://www.gco.gov.qa/en/about-qatar/national-vision2030/.
Qatar-QSE Urges Private Companies to Seek Listing, Ensure Liquidity Provision for Existing and Potential Firms, MENAFN (Mar. 3, 2020), available at https://menafn.com/1099796784/Qatar-QSE-urges-private-companies-to-seek-listing-ensures-liquidity-provision-for-existing-and-potential-firms.
Qatar Stocks Surge on Plans to Allow Full Foreign Ownership, Bloomberg (Apr. 15, 2022), available at https://www.bloomberg.com/news/articles/2021-04-15/qatar-may-allow-foreigners-to-fully-own-listed-companies.
QFMA Board Decision No. 1 of 2018 Concerning the Amendment of Some Provisions of Rules and Procedures of Complaints Issued by Decision No. 6 of 2009.
QFMA Board Decision No. 4 of 2020 Concerning the Issuance of Offering & Listing of Securities on the Financial Markets Rulebook.
QFMA Board Decision No. 5 of 2016 Governance Code for Companies and Legal Entities Listed on the Main Market.
QFMA Board Decision No. 6 of 2009 Concerning Rules and Procedures of Complaints of Qatar Financial Markets.
QSE CEO Reveals Plan to Privatize Stock Exchange, New Initiative to encourage IPOs, Qatar Tribune (Apr. 22, 2019), available at https://www.qatar-tribune.com/news-details/id/161803.
Raleigh, J., The Deterrent Effect of Whistleblowing on Insider Trading, 2020 (Ph.D. dissertation, University of Minnesota) (on file with author).
Ramirez, M. K., Whistling Past the Graveyard: Dodd-Frank Whistleblower Programs Dodge Bullets Fighting Financial Crime, 50 Loy. U. Chi. L.J. 617 (2020).
Resolution No. 72 of 2015 the Issuance of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments (Kuwait), available at https://www.cma.gov.kw/en/web/cma/cma-board-releases/-/cmaboardreleases/detail/352508.
Reuters, Qatar Convicts Two Corporate Executives of Insider Trading, Khaleej Times (Oct. 4, 2005), available at https://www.khaleejtimes.com/business/qatar-convicts-two-corporate-executives-of-insider trading.
Scheppele, K. L., “It’s Just Not Right”: The Ethics of Insider Trading, 56 L. & Contemp. Probs., Summer 1993, at 123.
SEC 2021 Annual Whistleblower Program Report to Congress, available at https://www.sec.gov/files/2021_OW_AR_508.pdf.
SEC v. Texas Gulf Sulphur Co., 401 F.2d 833 (2d Cir. 1968).
SEC Enforcement Actions: Insider Trading Cases, Sec. Exchange Comm’n, available at https://www.sec.gov/spotlight/insidertrading/cases.shtml (last visited June 11, 2022).
SEC Office of the Whistleblower, available at https://www.sec.gov/whistleblower (last visited Apr. 2, 2022).
Securities and Exchange Board of India ‘SEBI’ Second Amendment of Prohibition of Insider Trading (Aug. 5, 2021), available at https://www.sebi.gov.in/legal/regulations/aug-2021/securities-and-exchange-board-of-india-prohibition-of-insider trading-second-amendment-regulations-2021_51932.html.
Securities and Exchange Commission, 17 C.F.R. §§ 241, 271 [Release Nos. 34-58288, IC-28351; File No. S7-23-08].
Securities and Future Act 2001 art. 221 (Sing.), available at https://sso.agc.gov.sg/Act/SFA2001.
Seres Therapeutices Inc., available at https://ir.serestherapeutics.com/static-files/cc6aa50f-d9d1-41c5-857e-bd1df7ec877c (last visited June 4, 2022).
Stop Trading on Congressional Knowledge Act of 2012 (Stock Act), Pub. L. No. 112-105, 126 Stat. 291 (2012).
Thompson, J. H., A Global Comparison of Insider Trading Regulations, 3 Int’l J. Acct. & Fin. Rep. (2013).
UK Financial Conduct Authority and the Prudential Regulation Authority, Financial Incentives for Whistleblowers (2014), available at https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/financial-incentives-for-whistleblowers.
UHC Universal Health Services, Inc., available at https://ir.uhsinc.com/inside-information-and-trading-company-stock (last visited June 4, 2022).
Wang, W. K., Stock Market Insider Trading: Victims, Violators and Remedies - Including an Analogy to Fraud in the Sale of a Used Car with a Generic Defect, 45 Vill. L. Rev. 27 (2000).
Wertpapierhandelsgesetz [WpGH] (Ger.), available at https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Aufsichtsrecht/Gesetz/WpHG_en.html.
Legislation
15 U.S.C. §21(a).
15 U.S.C. §32(a).
18 U.S.C. § 3559.
Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments (Kuwait).
Law No. 11 of 2004 Issuing the Penal Code of Qatar (Qatar).
Law No. 20 of 2019 On Combatting Money Laundering and Terrorism Financing in Qatar (Qatar).
Law No. 22 of 2015 Amending Some Provisions of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities (Kuwait).
Law No. 22 of 2004 Regarding Promulgating the Civil Code (Qatar).
QFMA Law No. 8 of 2012 (Qatar).
QFMA Law No. 33 of 2005 (Qatar).
How to Cite
Alkayat, A. A. . (2023). The Insider Trading Prohibition in Qatar: A Critical Comparative Study with US Law. International Review of Law, 12(2). https://doi.org/10.29117/irl.2023.0276
Section
Articles in English