Insider trading is exceedingly tough to prosecute. Most of it still goes unpunished, undermining the confidence of investors and making financial markets inherently riskier for outsiders.
The best regulators can do is catch a few high-profile perpetrators and hope the publicity scares the rest of us straight. In Canada, the deck may be even more stacked against authorities because of the splintered regulatory regime – 13 separate provincial and territorial regulators, and no national watchdog.
So keep a close eye on how Quebec’s securities regulator – the Autorité des marchés financiers (AMF) – handles the curious insider-trading probe involving Amaya Inc.
BARRIE MCKENNA – Globe and Mail – Apr. 09 2015.
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