The Problem Aspects of Definitions of "Insider" and "Insider Information" under Russian, German and American legislation

Issue of a legal regulation of insider information and insider trading is a serious problem of modern time, because the effectiveness of mechanisms of regulation has a significant impact on the state. A disproportion of information that occurs in the stock market as a result of the use of insider information violates the fair distribution of resources and equal access to information about market participants. The first question that arises before calling insiders to account for insider trading is deals with a corpus delicti in criminal law. The notion of "insider" and "insider information" are forming components of insider law and are key issues of insider regulation that determine effectiveness of legal regulations and markets. At the European level the problem of insider trading was firstly regulated at the middle to late 1980s, mostly taking into account the experience of the USA. Due to the fact that in Russian scientific literature little attention was paid to a detailed consideration of insider law in Germany, the results of the present research will be useful for future research in order to create a comprehensive picture of the state of the Russian legal regulation of securities in the context of global development. Russia was one of the last countries where such regulation against insider deals was adopted. Only with the adoption of the Federal Law of 27.07.2010 N 224-FZ "On Prevention of Unlawful Use of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation" the process of regulation of prohibition of insider deals was started. In view of the limited life of the market and insider legislation, the law contains many problems and control spaces which at times have a constructive, strategic character. Thus, the scientific and judiciary results of Germany and the USA may have a significant impact on a development process of Russia legislation.