This Policy Statement implements procedures to deter the misuse of material, nonpublic information in securities transactions. The Policy Statement applies to securities trading and information handling by directors, officers and employees of the company (including spouses, minor children and adult members of their households).
Utah Policies and Procedures Designed to Detect and Prevent Insider Trading
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Insider trading is deemed illegal when the material information is still non-public and comes with harsh consequences, including potential fines and jail time. Material non-public information is defined as any information that could substantially impact that company's stock price.
The Securities Exchange Act of 1934 prohibits the misuse of material, non-public information. In order to avoid even the appearance of impropriety, the Company has instituted procedures to prevent the misuse of non-public information.
Insider trading by a designated person or their close associates is forbidden at all times. ing to SEBI laws, a Designated Person who buys or sells any number of the company's stocks may not engage in a contrary transaction within 6 months of the date.
Ing to the legislation which makes insider dealing a criminal offence (the Criminal Justice Act 1993), an individual is committing a crime if they use price-sensitive information relating to shares and then deal them on a regulated market or via a broker.
Further, procuring any person to Trade in securities of any company on the basis of UPSI is also prohibited under the SEBI Regulations and US Securities Laws. Violation of the SEBI Regulations and US Securities Laws subject Insiders to severe penalties including fines and imprisonment.
Courts impose liability for insider trading with Rule 10b-5 under the classical theory of insider trading and, since U.S. v. O'Hagan, 521 U.S. 642 (1997), under the misappropriation theory of insider trading.
How to reduce the risk of insider trading Conduct due diligence. ... Take extra care outside of the office. ... Clearly define sensitive non-public information. ... Never disclose non-public information to outsiders. ... Don't recommend or induce based on inside information. ... Be cautious in informal or social settings.
How to Create More Robust Securities Compliance and Reduce Insider Trading Risk Have a Securities Trading Policy in Place. Monitor Personal Trade Activities. Communicate Blackout Periods. Record and Maintain Insider Lists. Set Up a Pre-Clearance Process. Make it Your Business to Be a Business with Ethics.