Canada:
SEC Charges Insiders Who Traded In Derivatives Mirroring Underlying Stock
22 August 2013
Borden Ladner Gervais LLP
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The SEC has charged two senior bankers at Madrid-based Banco
Santander SA and a retired Spanish judge who traded on confidential
information about BHP Billiton's proposed acquisition of Potash
Corp. The bank was advising on the acquisition. The three did not
trade in Potash shares, but instead in contracts for difference not
traded in the US but based on the underlying price of US-traded
Potash stock.
Note that the insider trading provisions of the
Securities Act (Ontario) define a security of an issuer to
include 'a related derivative' (s 76(6)(c)); and see Re
Suman (OSC, 19 March 2012).
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539737461
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