Information can be different - all have become accustomed to the public or private. But there are her types, which are not at everyone's ears. Here, for example, insider information. What is this? With what do they eat? What is included in the concept of insider information? What are the features, responsibility for its disclosure? How does this counteract? How to determine the order of access? Here is an incomplete list of questions that are answered in this article.
What is insider information?
These are essential in their importance official data, which were not disclosed publicly. If this information becomes public, then there will be significant fluctuations in the market value of the organization's securities or other similar effects. What is insider information in practice? This includes data on the change of leadership (which will happen in the near future), and about a new strategy, product, technology, successful negotiations, buying up a controlling stake, financial reports and forecasts that indicate difficulties or, conversely, successful activities. That's what insider information refers to. In a broad sense, this designation is applied to data that is only known to a certain circle of persons close to its source. Why is it given such value? As you can see, insider information is important due to the fact that it allows you to judge how the business will go with the enterprise in the near future. So, if an inefficient manager is appointed, then we can predict that things will go wrong. And further in a similar way.
Legislation
The state interaction with it is stipulated in the law N 224-ФЗ of 27.07.2010. The aspect is done to resist the misuse of data of such importance that can have a significant level of influence on the market. It should be noted that the concept of insider information did not exist until this moment, and another designation was used - "official". More details about the responsibility for the dissemination of information, we'll talk a little further, initially we will determine who has it.
Who owns the insider information?
As a rule, the management of the enterprise has it. Although among the owners of insider information may be other employees (accountants, lawyers and so on). When a company submits relevant information to other people in the process of work, they also begin to dispose of it. In their capacity, third-party lawyers, auditors, bankers, financial advisers and people of other similar professions can act. To prevent these data from being used to destabilize the market and to obtain significant profits by a group of people, in most countries of the earth there are certain laws or regulations that are directed against the dissemination of insider information.
Administrative Responsibility
It is stipulated in Article 15.21 of the Code of Administrative Offenses. In case of establishing guilt for disclosing insider information, citizens may be fined for the amount of three to five thousand rubles. For officials, it ranges from 30 000 to 50 000. Also, if a company has losses, a person can be fined for their amount, but not less than seven hundred thousand rubles.
Criminal liability
A significant step in the fight against the misuse of information and the manipulation of the market was the adoption of law No. 141-FZ on October 30, 2009. He imposed criminal penalties for insider actions, which entail damages. Among the changes introduced, it is necessary to report separately on Article 185.3 of the Criminal Code of the Russian Federation. Under it there are actions, because of which there is a sharp increase, a decrease or support for the price of securities, despite external circumstances. The reason for the criminal prosecution may also be the impact on the demand or volume of trading by them. For these actions, liability for the amount of 300 thousand rubles or up to 6 years of imprisonment is provided. These are the consequences of the spread and misuse of insider information.
Counteraction
Also within the confrontation with the insider law was passed №145626-5 dated April 17, 2009. It has a comprehensive solution for the abuse of insider. The effect of this bill extends to the financial and commodity markets. In it, for the first time, a definition was made of what insider information is. It also introduced a legal regime for its application and use. So, in this law, it is understood as concrete and precise information that has not been disclosed, distributed or was provided to the general public, as well as data that constitute official, commercial and other secrets, access to which is available only to a certain circle of persons. At the same time, their disclosure, provision and distribution can have a significant impact on the price indicators of goods or financial instruments. In addition to everything described, the bill defines the circle of insiders and establishes a ban on the use of such information during the conclusion of transactions. To detect such cases, market participants are widely involved. Also, the law gave the federal service for financial markets new powers so that they could more effectively identify and prevent offenses. They have the right:
- Request documents;
- Carry out inspections;
- Receive explanations;
- Send instructions for the elimination of violations;
- Suspend or cancel licenses.
Access order: general position
Since the features of the provision of information may vary from case to case, we will consider them on a specific example of a fictitious bank. So, he should in the normative documents first indicate that everything is developed in accordance with the current legislation of the Russian Federation. Then the necessary terms are determined, the order of data use is directly drawn up, and the rules of protection are finally drawn up.
Access order: information
It is necessary to create a list of data that are related to insider information. It should be drawn up in such a way as not to contradict the normative legal acts. Also, it is not superfluous to indicate that it does not apply to data of this type. Usually this:
- Information that has become known to an unlimited circle of people due to their distribution.
- Studies that are carried out using publicly available information, as well as forecasts and assessments of prospects.
- Information that has been unlawfully disclosed or published in the media is not considered an insider since it appeared in them.
Order of access: insiders
It is also necessary to work out the question of who can get data of this type. So, on the example of the bank under consideration, such people have access to insider information:
- Chairman of the Board.
- Members of the Board of Directors.
- Deputy Chairman of the Board.
- Members of the collegial executive body.
- Audit committee.
- External auditors.
- Credit and insurance organizations;
- Bank appraisers.
- Information agencies that disclose the data provided by the bank.
- Individuals that have access to insider information on the basis of employment contracts.
- Rating agencies.
Procedure for access to insider information
It should be noted that only the person with whom the relevant civil-law and / or labor agreements were entered has access to the information. For example, employees of the bank, as well as clients within certain limits, can access the data, which is regulated by internal regulatory documentation. The access of individuals to insider information can be provided in cases where an official statement is made in which the reason for its provision to them is justified. If it is necessary to disclose the data to third parties, all of them must be indicated. All this must be worked out so that everyone who needs to receive insider information (not to the detriment of the company) could get acquainted with it. It is also necessary to determine the terms, after which a decision will be made to transfer information or prohibit such actions.
Conclusion
Finally, it should be recalled that the misuse of insider information entails responsibility. As they say, the more opportunities, the greater the demand. Therefore, you have to be careful when the object of work is insider information. We hope this clarified this article. But before you get access to data of this importance, a person will need to make a certain career in the relevant organization.