Ripensare l’insider trading: spunti dalle recenti esperienze statunitensi

L’articolo esamina un’importante decisione del Second Circuit riguardante un caso di insider trading (United States v. Blaszczak) e offre una panoramica delle disposizioni ad esso applicabili, tenendo conto dei più recenti sviluppi in argomento. La pronuncia, destinata ad incidere tanto la disciplina dell’insider trading oltreoceano quanto la futura giurisprudenza in argomento, consente inoltre alcune considerazioni sul caso Burr e sullo STOCK Act, noto per aver paragonato lo status dei senatori che si avvalgano di material information per determinate transazioni a quello dei corporate directors. La situazione pandemica permette dunque di compiere alcune osservazioni riferite alla disciplina europea, soprattutto un invito a prevedere, in sede di revisione della Market Abuse Regulation (MAR), disposizioni ad hoc per i soggetti politicamente esposti, prevedendo regole applicabili ai membri del Parlamento idonee a prevenire quanto accaduto oltreoceano. The paper examines an important Second Circuit decision concerning an insider trading case (United States v. Blaszczak) and offers an overview of the applicable provisions, taking into account the most recent developments on the topic. The decision, which is likely to affect both the key features of insider trading rules across the pond and the future case law in this field, also provides an opportunity to offer some insights regarding the Burr affair and the STOCK Act, which is well-known for having equated the status of senators taking advantage of material information for large transactions with that of corporate officers and directors. The pandemic situation therefore prompts some remarks with respect to the European framework, especially a call for the adoption, in the revision of the Market Abuse Regulation (MAR), of ad hoc provisions targeting politically exposed persons, by providing rules applicable to Members of Parliament to prevent a similar case from occurring even in the Old Continent.