The EC made a bold move towards defining precisely what conduct constitutes improper trading on nonpublic information with its Insider Trading Directive. The differences between the EC and US laws on insider trading are examined.
Thomas Lee Hazen,
Defining Illegal Insider Trading—Lessons From the European Community Directive on Insider Trading,
55 Law and Contemporary Problems
Available at: http://scholarship.law.duke.edu/lcp/vol55/iss4/9