الصعوبات المتعلقة باقامة المسؤولية المدنية عن التعامل بناء على معلومات داخلية

Abstract EN

The imposition of the civil liability on insider dealer by reason of dealing in securities by non-public information is a crucial for ensure respecting the principles of honesty, integrity, and parity between investors in the stock exchange markets.

However, a vast array of modern laws, including Iraqi law, have failed to develop special rules of civil liability in respect of insider dealing, except the law of the U.S.A.

In effect, attaching the civil liability to insider dealer confronts legal and practical obstacles resulting from the nature of the insider dealing in itself, which is often concluded in a secret manner via stock exchange markets in a way makes it extremely difficult for the court to determine the personality of the dealer and the aggrieved person, and the way of awarding remedy for the violation of this rule.

The author is of the view that regulating this area of law under special rules distinct from those fixed in the Iraqi civil code of 1951 is indispensable for maintaining the aforementioned considerations.