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Insider trading
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"Inside information" redirects here. For other uses, see Inside Information (disambiguation).
Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) by individuals with access to nonpublic information about the company. In various countries, some kinds of trading based on insider information is illegal. This is because it is seen as unfair to other investors who do not have access to the information, as the investor with insider information could potentially make larger profits than a typical investor could make.
The authors of one study claim that illegal insider trading raises the cost of capital for securities issuers, thus decreasing overall economic growth.[1] However, some economists, such as Henry Manne, have argued that insider trading should be allowed and could, in fact, benefit markets[2].
Trading by specific insiders, such as employees, is commonly permitted as long as it does not rely on material information not in the public domain. Many jurisdictions require that such trading be reported so that the transactions can be monitored. In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases, insiders in the United States are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
The rules governing insider trading are complex and vary significantly from country to country. The extent of enforcement also varies from one country to another. The definition of insider in one jurisdiction can be broad, and may cover not only insiders themselves but also any persons related to them, such as brokers, associates and even family members. A person who becomes aware of non-public information and trades on that basis may be guilty of a crime.
Contents
[hide]
1 Illegal
1.1 Definition of "insider"
1.2 Liability
1.3 Misappropriation theory
1.4 Proof of responsibility
1.5 Trading on information in general
1.6 Tracking
2 Legal
3 American law
3.1 Statutory
3.2 SEC regulations
3.3 Court decisions
3.4 By members of Congress
3.5 With congress-sourced information
4 Security analysis
5 Arguments for legalizing
6 Commercialisation
7 Legal differences among jurisdictions
8 By nation
8.1 European Union
8.2 Norway
8.3 United Kingdom
8.4 United States
8.5 Canada
8.6 China
8.7 India
8.7.1 Standards for Legal Insider Trading
8.7.1.1 SEBI Guidelines For Disclosures of Trading by Insiders
8.8 Philippines
9 See also
10 Notes
11 References
12 External links
Illegal[edit]
Rules prohibiting or criminalizing insider trading on material non-public information exist in most jurisdictions around the world (Bhattacharya and Daouk, 2002), but the details and the efforts to enforce them vary considerably. In the United States, Sections 16(b) and 10(b) of the Securities Exchange Act of 1934 directly and indirectly address insider trading. The U.S. Congress enacted this law after the stock market crash of 1929.[3] While the United States is generally viewed as making the most serious efforts to enforce its insider trading laws,[4] the broader scope of the European model legislation provides a stricter framework against illegal insider trading.[5][6] In the European Union and the United Kingdom all trading on non-public information is, under the rubric of market abuse, subject at a minimum to civil penalties and to possible criminal penalties as well.[6] UK's Financial Conduct Authority has the responsibility to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
Definition of "insider"[edit]
In the United States, Canada, Australia and Germany, for mandatory reporting purposes, corporate insiders are defined as a company's officers, directors and any beneficial owners of more than 10% of a class of the company's equity securities. Trades made by these types of insiders in the company's own stock, based on material non-public information, are considered fraudulent since the insiders are violating the fiduciary duty that they owe to the shareholders. The corporate insider, simply by accepting employment, has undertaken a legal obligation to the shareholders to put the shareholders' interests before their own, in matters related to the corporation. When insiders buy or sell based upon company-owned information, they are violating their obligation to the shareholders.
For example, illegal insider trading would occur if the chief executive officer of Company A learned (prior to a public announcement) that Company A will be taken over and then bought shares in Company A while knowing that the share price would likely rise.
In the United States and many other jurisdictions, however, "insiders" are not just limited to corporate officials and major shareholders where illegal insider trading is concerned but can include any individual who trades shares based on material non-public information in violation of some duty of trust. This duty may be imputed; for example, in many jurisdictions, in cases of where a corporate insider "tips" a friend about non-public information likely to have an effect on the company's share price, the duty the corporate insider owes the company is now imputed to the friend and the friend violates a duty to the company if he trades on the basis of this information.
Liability[edit]
Liability for inside trading violations generally cannot be avoided by passing on the information in an "I scratch your back; you scratch mine" or quid pro quo arrangement if the person receiving the information knew or should have known that the information was material non-public information. In the United States, at least one court has indicated that the insider who releases the non-public information must have done so for an improper purpose. In the case of a person who receives the insider information (called the "tippee"), the tippee must also have been aware that the insider released the information for an improper purpose.[7]
One commentator has argued that if Company A's CEO did not trade on the undisclosed takeover news, but instead passed the information on to his brother-in-law who traded on it, illegal insider trading would still have occurred (albeit by proxy by passing it on to a "non-insider" so Company A's CEO would not get his hands dirty).[8]:589
Misappropriation theory[edit]
A newer view of insider trading, the misappropriation theory, is now accepted in U.S. law. It states that anyone who misappropriates information from his or her employer and trades on that information in any stock (either the employer's stock or the company's competitor stocks) may be guilty of insider trading.
Proof of responsibility[edit]
Proving that someone has been responsible for a trade can be difficult because traders may try to hide behind nominees, offshore companies, and other proxies. The Securities and Exchange Commission prosecutes over 50 cases each year, with many being settled administratively out of court. The SEC and several stock exchanges actively monitor trading, looking for suspicious activity.[9][10][11] The SEC does not have criminal enforcement authority, but can refer serious matters to the U.S. Attorney's Office for further investigation and prosecution.
Trading on information in general[edit]
In the United States and most non-European jurisdictions not all trading on non-public information is illegal insider trading.[6] For example, a person in a restaurant who hears the CEO of Company A at the next table tell the CFO that the company's profits will be higher than expected and then buys the stock is not guilty of insider trading—unless he or she had some closer connection to the company or company officers.[12] However, even where the tippee is not himself an insider, where the tippee knows that the information is non-public and the information is paid for, or the tipper receives a benefit for giving it, then in the broader-scope jurisdictions the subsequent trading is illegal.[12][13]
Notwithstanding, information about a tender offer (usually regarding a merger or acquisition) is held to a higher standard. If this type of information is obtained (directly or indirectly) and there is reason to believe it is nonpublic, there is a duty to disclose it or abstain from trading.[14]
The punishment for insider trading depends on a few different factors. There are three main factors, which can be identified. Depending on jurisdictions, there may be either civil or criminal penalties, or both.
Scope – How many people were affected by the wrongdoing?
Gain – How much did the insider make from the transaction, whether directly or as a tipster? Where there is a tipster and a tippee, how much did the tippee make from the transaction?
Evidence – Anyone charged is innocent until proven guilty. The burden of proof falls on the prosecution. If no one “flips,” or if there is no smoking gun, the prosecution has a harder time proving guilt. This may result in prosecution moving away from criminal charges, and instead choosing to pursue civil charges.
In the United States in addition to civil penalties, the trader may also be subject to criminal prosecution for fraud or where SEC regulations have been broken, the U.S. Department of Justice (DOJ) may be called to conduct an independent parallel investigation. If the DOJ finds criminal wrongdoing, the Department may file criminal charges.[15]
Tracking[edit]
Since insiders are required to report their trades, others often track these traders, and there is a school of investing which follows the lead of insiders. Following such leads subjects the follower to the risk that an insider is making a buy specifically to increase investor confidence, or is making a sale for reasons unrelated to the health of the company (such as a desire to diversify or pay a personal expense).
Legal[edit]
Legal trades by insiders are common,[3] as employees of publicly traded corporations often have stock or stock options. These trades are made public in the United States through Securities and Exchange Commission filings, mainly Form 4.
U.S. SEC Rule 10b5-1 clarified that the prohibition against insider trading does not require proof that an insider actually used material nonpublic information when conducting a trade; possession of such information alone is sufficient to violate the provision, and the SEC would infer that an insider in possession of material nonpublic information used this information when conducting a trade. However, SEC Rule 10b5-1 also created for insiders an affirmative defense if the insider can demonstrate that the trades conducted on behalf of the insider were conducted as part of a pre-existing contract or written binding plan for trading in the future.[16]
For example, if an insider expects to retire after a specific period of time and, as part of retirement planning, the insider has adopted a written binding plan to sell a specific amount of the company's stock every month for two years, and the insider later comes into possession of material nonpublic information about the company, trades based on the original plan might not constitute prohibited insider trading.
American law[edit]
Until the 21st Century and the European Union's market abuse laws, the United States was the leading country in prohibiting insider trading made on the basis of material non-public information.[6] Thomas Newkirk and Melissa Robertson of the U.S. Securities and Exchange Commission (SEC) summarize the development of US insider trading laws.[3] Insider trading has a base offense level of 8, which puts it in Zone A under the U.S. Sentencing Guidelines. This means that first-time offenders are eligible to receive probation rather than incarceration.[17]
Statutory[edit]
U.S. insider trading prohibitions are based on English and American common law prohibitions against fraud. In 1909, well before the Securities Exchange Act was passed, the United States Supreme Court ruled that a corporate director who bought that company's stock when he knew the stock's price was about to increase committed fraud by buying but not disclosing his inside information.
Section 15 of the Securities Act of 1933[18] contained prohibitions of fraud in the sale of securities which were greatly strengthened by the Securities Exchange Act of 1934.[19]
Section 16(b) of the Securities Exchange Act of 1934 prohibits short-swing profits (from any purchases and sales within any six-month period) made by corporate directors, officers, or stockholders owning more than 10% of a firm's shares. Under Section 10(b) of the 1934 Act, SEC Rule 10b-5, prohibits fraud related to securities trading.
The Insider Trading Sanctions Act of 1984 and the Insider Trading and Securities Fraud Enforcement Act of 1988 place penalties for illegal insider trading as high as three times the amount of profit gained or loss avoided from the illegal trading.[20]
SEC regulations[edit]
SEC regulation FD ("Fair Disclosure") requires that if a company intentionally discloses material non-public information to one person, it must simultaneously disclose that information to the public at large. In the case of an unintentional disclosure of material non-public information to one person, the company must make a public disclosure "promptly."[8]:586
Insider trading, or similar practices, are also regulated by the SEC under its rules on takeovers and tender offers under the Williams Act.
Court decisions[edit]
Much of the development of insider trading law has resulted from court decisions.
In 1909, the Supreme Court of the United States ruled in Strong v. Repide[21] that a director who expects to act in a way that affects the value of shares cannot use that knowledge to acquire shares from those who do not know of the expected action. Even though in general, ordinary relations between directors and shareholders in a business corporation are not of such a fiduciary nature as to make it the duty of a director to disclose to a shareholder the general knowledge which he may possess regarding the value of the shares of the company before he purchases any from a shareholder, yet there are cases where, by reason of the special facts, such duty exists.
In 1968, the Second Circuit Court of Appeals advanced a "level playing field" theory of insider trading in SEC v. Texas Gulf Sulphur Co.[22] The court stated that anyone in possession of inside information must either disclose the information or refrain from trading. Officers of the Texas Gulf Sulphur Corporation had used inside information about the discovery of the Kidd Mine to make profits by buying shares and call options on company stock.[23]
In 1984, the Supreme Court of the United States ruled in the case of Dirks v. Securities and Exchange Commission[24] that tippees (receivers of second-hand information) are liable if they had reason to believe that the tipper had breached a fiduciary duty in disclosing confidential information. One such example would be if the tipper received any personal benefit from the disclosure, thereby breaching his or her duty of loyalty to the company. In Dirks, the "tippee" received confidential information from an insider, a former employee of a company. The reason the insider disclosed the information to the tippee, and the reason the tippee disclosed the information to third parties, was to blow the whistle on massive fraud at the company. As a result of the tippee's efforts the fraud was uncovered, and the company went into bankruptcy. But, while the tippee had given the "inside" information to clients who made profits from the information, the U.S. Supreme Court ruled that the tippee could not be held liable under the federal securities laws—for the simple reason that the insider from whom he received the information was not releasing the information for an improper purpose (a personal benefit), but rather for the purpose of exposing the fraud. The Supreme Court ruled that the tippee could not have been aiding and abetting a securities law violation committed by the insider—for the simple reason that no securities law violation had been committed by the insider.
In Dirks, the Supreme Court also defined the concept of "constructive insiders," who are lawyers, investment bankers and others who receive confidential information from a corporation while providing services to the corporation. Constructive insiders are also liable for insider trading violations if the corporation expects the information to remain confidential, since they acquire the fiduciary duties of the true insider.
The next expansion of insider trading liability came in SEC vs. Materia[25] 745 F.2d 197 (2d Cir. 1984), the case which first introduced the misappropriation theory of liability for insider trading. Materia, a financial printing firm proofreader, and clearly not an insider by any definition, was found to have determined the identity of takeover targets based on proofreading tender offer documents during his employment. After a two-week trial, the district court found him liable for insider trading, and the Second Circuit Court of Appeals affirmed holding that the theft of information from an employer, and the use of that information to purchase or sell securities in another entity, constituted a fraud in connection with the purchase or sale of a securities. The misappropriation theory of insider trading was born, and liability further expanded to encompass a larger group of outsiders.
In United States v. Carpenter[26] (1986) the U.S. Supreme Court cited an earlier ruling while unanimously upholding mail and wire fraud convictions for a defendant who received his information from a journalist rather than from the company itself. The journalist R. Foster Winans was also convicted, on the grounds that he had misappropriated information belonging to his employer, the Wall Street Journal. In that widely publicized case, Winans traded in advance of "Heard on the Street" columns appearing in the Journal.[27]
The Court stated in Carpenter: "It is well established, as a general proposition, that a person who acquires special knowledge or information by virtue of a confidential or fiduciary relationship with another is not free to exploit that knowledge or information for his own personal benefit but must account to his principal for any profits derived therefrom."
However, in upholding the securities fraud (insider trading) convictions, the justices were evenly split.
In 1997, the U.S. Supreme Court adopted the misappropriation theory of insider trading in United States v. O'Hagan,[28] 521 U.S. 642, 655 (1997). O'Hagan was a partner in a law firm representing Grand Metropolitan, while it was considering a tender offer for Pillsbury Company. O'Hagan used this inside information by buying call options on Pillsbury stock, resulting in profits of over $4.3 million. O'Hagan claimed that neither he nor his firm owed a fiduciary duty to Pillsbury, so he did not commit fraud by purchasing Pillsbury options.[29]
The Court rejected O'Hagan's arguments and upheld his conviction.
The "misappropriation theory" holds that a person commits fraud "in connection with" a securities transaction and thereby violates 10(b) and Rule 10b-5, when he misappropriates confidential information for securities trading purposes, in breach of a duty owed to the source of the information. Under this theory, a fiduciary's undisclosed, self-serving use of a principal's information to purchase or sell securities, in breach of a duty of loyalty and confidentiality, defrauds the principal of the exclusive use of the information. In lieu of premising liability on a fiduciary relationship between company insider and purchaser or seller of the company's stock, the misappropriation theory premises liability on a fiduciary-turned-trader's deception of those who entrusted him with access to confidential information.
The Court specifically recognized that a corporation's information is its property: "A company's confidential information ... qualifies as property to which the company has a right of exclusive use. The undisclosed misappropriation of such information in violation of a fiduciary duty ... constitutes fraud akin to embezzlement – the fraudulent appropriation to one's own use of the money or goods entrusted to one's care by another."
In 2000, the SEC enacted SEC Rule 10b5-1, which defined trading "on the basis of" inside information as any time a person trades while aware of material nonpublic information. It is no longer a defense for one to say that one would have made the trade anyway. The rule also created an affirmative defense for pre-planned trades.
In 2014, in the case of United States v. Newman, the United States Court of Appeals for the Second Circuit cited the Supreme Court's decision in Dirks, and ruled that in order for a "tippee" (a person who has received insider information from an insider and has used that information) to be guilty of insider trading, the tippee must have been aware not only that the information was insider information, but must also have been aware that the insider released the information for an improper purpose (such as a personal benefit). The Court concluded that the insider's breach of a fiduciary duty not to release confidential information—in the absence of an improper purpose on the part of the insider—is not enough for criminal liability to be imposed on the either the insider or the tippee.[7]
In 2016, in the case of Salman v. United States, the U.S. Supreme Court held that the benefit a tipper has to receive as predicate for an insider-trader prosecution of a tippee need not be pecuniary, and that giving a 'gift' of a tip to a family member is presumptively an act for the personal though intangible benefit of the tipper.[13]
By members of Congress[edit]
Members of the US Congress are not exempt from the laws that ban insider trading. Because they generally do not have a confidential relationship with the source of the information they receive, however, they do not meet the usual definition of an "insider." [30] House of Representatives rules[31] may however consider congressional insider trading unethical. A 2004 study found that stock sales and purchases by Senators outperformed the market by 12.3% per year.[32] Peter Schweizer points out several examples of insider trading by members of Congress, including action taken by Spencer Bachus following a private, behind-the-doors meeting on the evening of September 18, 2008 when Hank Paulson and Ben Bernanke informed members of Congress about the imminent financial crisis, Bachus then shorted stocks the next morning and cashed in his profits within a week.[33] Also attending the same meeting were Senator Dick Durbin and John Boehner; the same day (trade effective the next day), Durbin sold mutual-fund shares worth $42,696, and reinvested it all with Warren Buffett. Also the same day (trade effective the next day), Congressman Boehner cashed out of an equity mutual fund.[34][35]
In May 2007, a bill entitled the "Stop Trading on Congressional Knowledge Act, or STOCK Act" was introduced that would hold congressional and federal employees liable for stock trades they made using information they gained through their jobs and also regulate analysts or "Political Intelligence" firms that research government activities.[36] The 2012 STOCK Act was passed on April 4, 2012.
With congress-sourced information[edit]
In 2014, federal prosecutors issued a subpoena to the House Ways and Means committee and Brian Sutter, staff director of its health-care sub-committee, relative to a price move in stocks just prior to the passage of a law favorable to the companies involved. An e-mail was sent out by a "Washington-based policy-research firm that predicted the change [in the law] for its Wall Street clients. That alert, in turn, was based in part on information provided to the firm by a former congressional health-care aide turned lobbyist, according to emails reviewed by the [Wall Street] Journal in 2013.[37]
Security analysis[edit]
Security analysts gather and compile information, talk to corporate officers and other insiders, and issue recommendations to traders. Thus their activities may easily cross legal lines if they are not especially careful. The CFA Institute in its code of ethics states that analysts should make every effort to make all reports available to all the broker's clients on a timely basis. Analysts should never report material nonpublic information, except in an effort to make that information available to the general public. Nevertheless, analysts' reports may contain a variety of information that is "pieced together" without violating insider trading laws, under the Mosaic theory.[38] This information may include non-material nonpublic information as well as material public information, which may increase in value when properly compiled and documented.
Arguments for legalizing[edit]
Some economists and legal scholars (such as Henry Manne, Milton Friedman, Thomas Sowell, Daniel Fischel, and Frank H. Easterbrook) have argued that laws against insider trading should be repealed. They claim that insider trading based on material nonpublic information benefits investors, in general, by more quickly introducing new information into the market.[39]
Friedmann, laureate of the Nobel Memorial Prize in Economics, said: "You want more insider trading, not less. You want to give the people most likely to have knowledge about deficiencies of the company an incentive to make the public aware of that." Friedman did not believe that the trader should be required to make his trade known to the public, because the buying or selling pressure itself is information for the market.[8]:591–7
Other critics argue that insider trading is a victimless act: a willing buyer and a willing seller agree to trade property which the seller rightfully owns, with no prior contract (according to this view) having been made between the parties to refrain from trading if there is asymmetric information. The Atlantic has described the process as "arguably the closest thing that modern finance has to a victimless crime".[40]
Legalization advocates also question why "trading" where one party has more information than the other is legal in other markets, such as real estate, but not in the stock market. For example, if a geologist knows there is a high likelihood of the discovery of petroleum under Farmer Smith's land, he may be entitled to make Smith an offer for the land, and buy it, without first telling Farmer Smith of the geological data.[citation needed] Nevertheless, circumstances can occur when the geologist would be committing fraud if, because he owes a duty to the farmer, he did not disclose the information (for example, where the geologist had been hired by Farmer Smith to assess the geology of the farm).
Advocates of legalization make free speech arguments. Punishment for communicating about a development pertinent to the next day's stock price might seem an act of censorship.[41] If the information being conveyed is proprietary information and the corporate insider has contracted to not expose it, he has no more right to communicate it than he would to tell others about the company's confidential new product designs, formulas, or bank account passwords.
Some authors have used these arguments to propose legalizing insider trading on negative information (but not on positive information). Since negative information is often withheld from the market, trading on such information has a higher value for the market than trading on positive information.[42][43]
There are very limited laws against "insider trading" in the commodities markets if, for no other reason than that the concept of an "insider" is not immediately analogous to commodities themselves (corn, wheat, steel, etc.). However, analogous activities such as front running are illegal under US commodity and futures trading laws. For example, a commodity broker can be charged with fraud by receiving a large purchase order from a client (one likely to affect the price of that commodity) and then purchasing that commodity before executing the client's order to benefit from the anticipated price increase.
Commercialisation[edit]
The advent of the Internet has provided a forum for the commercialisation of trading on insider information. In 2016 a number of dark web sites were identified as marketplaces where such non-public information was bought and sold. At least one such site used bitcoins to avoid currency restrictions and to impede tracking. Such sites also provide a place for soliciting for corporate informants, where non-public information may be used for purposes[44] other than stock trading.[45]
Legal differences among jurisdictions[edit]
The US and the UK vary in the way the law is interpreted and applied with regard to insider trading. In the UK, the relevant laws are the Criminal Justice Act 1993, Part V, Schedule 1; the Financial Services and Markets Act 2000, which defines an offence of "Market Abuse";[46] and the European Union Regulation No 596/2014.[47][48] The principle is that it is illegal to trade on the basis of market-sensitive information that is not generally known. This is a much broader scope that under U.S. law. The key differences from U.S. law are that no relationship to either the issuer of the security or the tipster is required; all that is required is that the guilty party traded (or caused trading) whilst having inside information, and there is no scienter requirement under UK law.[5][49][50]
Japan enacted its first law against insider trading in 1988. Roderick Seeman said, "Even today many Japanese do not understand why this is illegal. Indeed, previously it was regarded as common sense to make a profit from your knowledge."[51]
In Malta the law follows the European broader scope model. The relevant statute is the Prevention of Financial Markets Abuse Act of 2005, as amended.[52][53] Earlier acts included the Financial Markets Abuse Act in 2002, and the Insider Dealing and Market Abuse Act of 1994.[54]
The International Organization of Securities Commissions (IOSCO) paper on the "Objectives and Principles of Securities Regulation" (updated to 2003)[55] states that the three objectives of good securities market regulation are:
Investor protection,
Insuring that markets are fair, efficient and transparent, and
Reducing systemic risk.
The discussion of these "Core Principles" state that "investor protection" in this context means "Investors should be protected from misleading, manipulative or fraudulent practices, including insider trading, front running or trading ahead of customers and the misuse of client assets." More than 85 percent of the world's securities and commodities market regulators are members of IOSCO and have signed on to these Core Principles.
The World Bank and International Monetary Fund now use the IOSCO Core Principles in reviewing the financial health of different country's regulatory systems as part of these organization's financial sector assessment program, so laws against insider trading based on non-public information are now expected by the international community. Enforcement of insider trading laws varies widely from country to country, but the vast majority of jurisdictions now outlaw the practice, at least in principle.
Larry Harris claims that differences in the effectiveness with which countries restrict insider trading help to explain the differences in executive compensation among those countries. The US, for example, has much higher CEO salaries than do Japan or Germany, where insider trading is less effectively restrained.[8]:593
By nation[edit]
European Union[edit]
In 2014, the European Union (EU) adopted legislation (Criminal Sanctions for Market Abuse Directive) that harmonises criminal sanctions for insider dealing. All EU Member States agreed to introduce maximum prison sentences of at least four years for serious cases of market manipulation and insider dealing, and at least two years for improper disclosure of insider information.[56]
Norway[edit]
In 2009, a journalist in Nettavisen (Thomas Gulbrandsen) was sentenced to 4 months in prison for insider trading.[57]
The longest prison sentence in a Norwegian trial where the main charge was insider trading, was for 8 years (2 of which suspended) when Alain Angelil was convicted in a district court on December 9, 2011.[58][59]
United Kingdom[edit]
See also: UK company law
Regulatory fines imposed for market abuse in the UK 1996–2009. Source: from IMRO/PIA/SFA annual reports in LexisNexis 1996–2001; FSA Annual Reports, Appendix on Enforcements, 2003-2012. Further details in Tonks (2010)[60]
Although insider trading in the UK has been illegal since 1980, it proved difficult to successfully prosecute individuals accused of insider trading. There were a number of notorious cases where individuals were able to escape prosecution. Instead the UK regulators relied on a series of fines to punish market abuses.
These fines were widely perceived as an ineffective deterrent (Cole, 2007),[61] and there was a statement of intent by the UK regulator (the Financial Services Authority) to use its powers to enforce the legislation (specifically the Financial Services and Markets Act 2000). Between 2009–2012 the FSA secured 14 convictions in relation to insider dealing.
United States[edit]
Rajat Gupta, who had been managing partner of McKinsey & Co. and a director at Goldman Sachs Group Inc. and Procter & Gamble Co., was convicted by a federal jury in 2012 of leaking inside information to hedge fund manager Raj Rajaratnam. The case was prosecuted by the office of United States Attorney for the Southern District of New York Preet Bharara.[62]
With the guilty plea by Perkins Hixon in 2014 for insider trading from 2010-2013 while at Evercore Partners, Bharara said in a press release that 250 defendants whom his office had charged since August 2009 had now been convicted.[63]
On December 10, 2014, a federal appeals court overturned the insider trading convictions of two former hedge fund traders, Todd Newman and Anthony Chiasson, based on the "erroneous" instructions given to jurors by the trial judge.[64] The decision was expected to affect the appeal of the separate insider-trading conviction of former SAC Capital portfolio manager Michael Steinberg[65] and the U.S. Attorney[66] and the SEC[67] in 2015 did drop their cases against Steinberg and others.
In 2016, Sean Stewart, a former managing director at Perella Weinberg Partners LP and vice president at JPMorgan Chase, was convicted on allegations he tipped his father on pending health-care deals. The father, Robert Stewart, previously had pleaded guilty but didn’t testify during his son’s trial. It was argued that by way of compensation for the tip, the father had paid more than $10,000 for Sean's wedding photographer.[68]
In 2017, Billy Walters, Las Vegas sports bettor, was convicted of making $40 million on private information of Dallas-based dairy processing company Dean Foods. Walters's source, company director Thomas C. Davis employing a prepaid cell phone and sometimes the code words "Dallas Cowboys" for Dean Foods, helped him from 2008 to 2014 realize profits and avoid losses in the stock, the Federal jury found. In the trial, investor Carl C. Icahn was mentioned in relation to Walters's trading but was not charged with wrongdoing. Golfer Phil Mickelson "was also mentioned during the trial as someone who had traded in Dean Foods shares and once owed nearly $2 million in gambling debts to" Walters. Mickelson "made roughly $1 million trading Dean Foods shares; he agreed to forfeit those profits in a related civil case brought by the Securities and Exchange Commission". Walters's lawyer said he would appeal the verdict.[69]
Canada[edit]
In 2008, police uncovered an insider trading conspiracy involving Bay Street and Wall Street lawyer Gil Cornblum and another lawyer, Stan Grmovsek, who were found to have gained over $10 million in illegal profits over a 14-year span. Cornblum committed suicide before criminal charges were laid. Grmovsek pleaded guilty and was sentenced to 39 months in prison. This was the longest term ever imposed for insider trading in Canada. These crimes were explored in Mark Coakley's 2011 non-fiction book, Tip and Trade.
China[edit]
On October 1, 2015, Chinese fund manager Xu Xiang was arrested due to insider trading.[70]
India[edit]
Insider Trading in India is an offense according to Section 195 of the Companies Act, 2013 and Sections 12A, 15G of the Securities and Exchange Board of India Act, 1992. Insider trading is when one with access to non public, price sensitive information about the securities of the company subscribes, buys, sells or deals, or agrees to do so or counsels another to do as principal or agent. Price sensitive information is information that will materially affect the value of the securities. The penalty for insider trading is imprisonment, which may extend to five years, and a minimum of five lakh rupees (five hundred thousand) to twenty five crore rupees (two hundred and fifty million) or three times the profit made; whichever is higher.[71]
Standards for Legal Insider Trading[edit]
Insider trading is legal as long as disclosure of the holdings and trading in securities of the company is done by the insiders. Any other connected person or group of connected persons shall also disclose their holdings under this regulation.
The gist of these rules is that an insider cannot trade on non-public information until that information is disclosed, and cannot tip people off using non-public information.
SEBI Guidelines For Disclosures of Trading by Insiders[edit]
1. Promoters, key managerial personnel and director of every company whose securities are listed on any recognized exchange shall disclose his holding of securities within 30 days of these regulations taking effect to the company.
2. Every person on appointment as key managerial personnel, director of the company or upon becoming a promoter shall disclose his holding of securities of company within 7 days of such appointment to the company.
3. Every promoter, director or employee of the company shall disclose to the company, the number of securities acquired or disposed of within two days of such transaction, if the value of securities traded through one transaction or series of transaction in a calendar quarter exceeds 10 lakh rupees or any other value as may be prescribed.
4. Company needs to inform within two days of receipt of such disclosure to the stock exchange.
5 Disclosure by the connected person shall be made as required by the company.[72]
Philippines[edit]
Under Republic Act 8799 or the Securities Regulation Code, insider trading in the Philippines is illegal.[73]
See also[edit]
Abuse of information
Big boy letter
Efficient-market hypothesis
Federal Bureau of Investigation (FBI)
ImClone stock trading case
Mathew Martoma
Operation Perfect Hedge
Private Securities Litigation Reform Act
Raj Rajaratnam/Galleon Group, Anil Kumar, and Rajat Gupta insider trading cases
Reebok insider trading case
Securities fraud
Securities regulation in the United States
Selective disclosure
Tip and Trade: How Two Lawyers Made Millions From Insider Trading
Notes[edit]
Jump up ^ "The World Price of Insider Trading" by Utpal Bhattacharya and Hazem Daouk in the Journal of Finance, Vol. LVII, No. 1 (February 2002)
Jump up ^ Matthews, Dylan (2013-07-26). "Insider trading enriches and informs us, and could prevent scandals. Legalize it". Washington Post. ISSN 0190-8286. Retrieved 2018-02-02.
^ Jump up to: a b c Thomas Newkirk. (1998). Speech by SEC Staff: Insider Trading – A U.S. Perspective. 16th International Symposium on Economic Crime at Jesus College, Cambridge, England on September 19, 1998
Jump up ^ "Law and the Market: The Impact of Enforcement" by John C. Coffee, University of Pennsylvania Law Review (December 2007)
^ Jump up to: a b Masters, Brooke; McCrum, Dan (26 January 2012). "Gulf between US and UK 'insider trading'". Financial Times. (Subscription required (help)).
^ Jump up to: a b c d Ventoruzzo, Marco (19 June 2014). "Comparing Insider Trading in the US and Europe". Harvard Law School. Archived from the original on 30 June 2015.
^ Jump up to: a b United States v. Newman, 773 F.3d 438 (2d Cir. 2014).
^ Jump up to: a b c d Larry Harris, Trading & Exchanges, Oxford Press, Oxford, 2003. Chapter 29 "Insider Trading"
Jump up ^ Cox, Charles C. (November 20, 1986). "The Law of Insider Trading - How they get caught" (PDF). Securities and Exchange Commission. Retrieved March 23, 2014.
Jump up ^ Levine, Matt. "SEC Insider Trading Investigation Reveals SEC Is Really Good At Insider Trading Investigations, Anyway". Dealbreaker. Retrieved March 23, 2014.
Jump up ^ "Market Surveillance". NYSE EuroNext. Archived from the original on June 24, 2007. Retrieved March 23, 2014.
^ Jump up to: a b Shell, G. Richard (2001). "When Is It Legal To Trade on Inside Information?". MIT Sloan Management Review. Vol. 43 no. 1 (Fall). pp. 89–90.
^ Jump up to: a b Savage, David G. (6 December 2016). "Supreme Court affirms broad reach of insider-trading laws". The Los Angeles Times. Archived from the original on 7 December 2016.
Jump up ^ 17 C.F.R. 240.14e-3
Jump up ^ Raiser, Steve. "Raiser & Kenniff". Archived from the original on 2013-11-05.
Jump up ^ Stuart Stein. (2001). New standards for "legal" insider trading.[dead link] Community Banker.
Jump up ^ "U.S.S.G. §2B1.4". Archived from the original on 2010-06-18
Jump up ^ "Securities Exchange Act of 1933" (PDF). Retrieved December 21, 2011.
Jump up ^ "Securities Exchange Act of 1934" (PDF). Retrieved December 21, 2011.
Jump up ^ Thomsen LT. "Testimony Concerning Insider Trading". SEC. Retrieved December 21, 2011.
Jump up ^ "Strong v. Repide – 213 U.S. 419 (1909) :: Justia US Supreme Court Center". Supreme.justia.com. Retrieved August 20, 2012.
Jump up ^ Securities and Exchange Com'n v. Texas Gulf Sulphur Co., 401 F. 2d 833 (2d Cir. 1968)
Jump up ^ Brooks, John (November 9, 1968). "A Reasonable Amount of Time". The New Yorker: 160–188.
Jump up ^ "FindLaw | Cases and Codes". Caselaw.lp.findlaw.com. Retrieved August 20, 2012.
Jump up ^ "S.E.C. V. Materia". Leagle.com. Retrieved March 3, 2014.
Jump up ^ "FindLaw | Cases and Codes". Caselaw.lp.findlaw.com. Retrieved August 20, 2012.
Jump up ^ Cox, Christopher. "Speech by SEC Chairman: Remarks at the Annual Meeting of the Society of American Business Editors and Writers". U.S. Securities and Exchange Commission.
Jump up ^ "United States v. O'Hagan, 117 S.Ct. 2199, 138 L.Ed.2d 724 (1997)". Law.cornell.edu. Retrieved August 20, 2012.
Jump up ^ "Law.com". Law.com. June 25, 1997. Retrieved December 21, 2011.
Jump up ^ Congress: Trading stock on inside information?, CBS News, November 13, 2011
Jump up ^ "House Ethics Manual (2008)" (PDF). Retrieved December 21, 2011.
Jump up ^ Ziobrowski, Alan J.; Cheng, Ping; Boyd, James W.; Ziobrowski, Brigitte J. (2004). "Abnormal Returns from the Common Stock Investments of the U.S. Senate". Journal of Financial and Quantitative Analysis. 39 (4): 661. doi:10.1017/S0022109000003161.
Jump up ^ Blodget, Henry (November 14, 2011). "The Congress Insider Trading Scandal Is Outrageous: Rep. Spencer Bachus Should Resign In Disgrace". Business Insider. Retrieved November 17, 2011.
Jump up ^ "Lawmakers' inside advantage to trading". Marketplace.publicradio.org. September 17, 2009. Archived from the original on August 12, 2011. Retrieved September 20, 2009.
Jump up ^ "Durbin Invests With Buffett After Funds Sale Amid Market Plunge". Bloomberg.com. June 13, 2008. Archived from the original on September 20, 2008. Retrieved September 14, 2008.
Jump up ^ Gross, Daniel (May 21, 2007). "Insider Trading, Congressional-Style". Slate. The Washington Post Company. Retrieved May 29, 2007.
Jump up ^ Mullins, Brody, and Andrew Ackerman, "Prosecutors subpoena Congress in trading probe", MarketWatch, June 18, 2014. Retrieved June 18, 2014
Jump up ^ "Investopedia.com – Mosaic Theory". Investopedia.com. Retrieved December 21, 2011.
Jump up ^ "James Altucher: Should Insider Trading Be Made Legal?". Huffingtonpost.com. October 20, 2009. Retrieved December 21, 2011.
Jump up ^ "Capitol Gains – Magazine". The Atlantic. October 3, 2011. Retrieved December 21, 2011.
Jump up ^ ""Information, Privilege, Opportunity, and Insider Trading" in the Northern Illinois University Law Review" (PDF). Retrieved January 7, 2013.
Jump up ^ Kristoffel Grechenig, The Marginal Incentive of Insider Trading: An Economic Reinterpretation of the Case Law, University of Memphis Law Review 2006, vol. 37, p. 75-148 (link).
Jump up ^ Macey, Jonathan. "Getting the word out about fraud: a theoretical analysis of whistleblowing and insider trading." Michigan Law Review (2007): 1899-1940.
Jump up ^ Such purposes include competitor analysis for competitive advantage, providing a basis for sabotage, and gaining advantage in internicine feuding.
Jump up ^ Uchill, Joe (1 February 2017). "Report: Leakers sell inside trading tips on dark web". The Hill. Archived from the original on 14 February 2017.
Jump up ^ Kern, Alexander (December 2001). "Insider Dealing and Market Abuse: The Financial Services and Markets Act 2000" (PDF). Centre for Business Research, University of Cambridge. Archived (PDF) from the original on 15 February 2017.
Jump up ^ "Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse".
Jump up ^ "Market abuse". Financial Conduct Authority (FCU). Archived from the original on 9 November 2016.
Jump up ^ "The Financial Services and Markets Act 2000 (Market Abuse) – Regulations 2016" (PDF). Government of the United Kingdom. Archived (PDF) from the original on 14 February 2017.
Jump up ^ Binham, Caroline; Arnold, Martin (11 June 2015). "Bank of England governor Mark Carney to extend market abuse rules". Financial Times. (Subscription required (help)).
Jump up ^ "Japanlaw.info". Japanlaw.info. Archived from the original on March 9, 2012. Retrieved December 21, 2011.
Jump up ^ "Chapter 476: Prevention of Financial Markets Abuse Act". Laws of Malta. Ministry for Justice, Culture and Local Government, Government of Malta. 1 April 2005.
Jump up ^ Fabri, David (3 April 2005). "How the new Prevention of Financial Markets Abuse Act may effect the media". Times of Malta. Archived from the original on 15 February 2017.
Jump up ^ Fabri, David (27 March 2005). "Preventing market abuse". Times of Malta. Archived from the original on 15 February 2017.
Jump up ^ "Objectives and Principles of Securities Regulation" (PDF). International Organization of Securities Commissions (IOSCO). Archived (PDF) from the original on 29 August 2005.
Jump up ^ Hauck, P., Europe’s commitment to countering insider dealing and market manipulation on the basis of Art. 83 para. 2 TFEU A critical evaluation, http://www.zis-online.com/dat/artikel/2015_6_930.pdf
Jump up ^ Dugstad, Line (May 7, 2011). "Brukte kundens kort" (in Norwegian). p. 4. Thomas Gulbrandsen... I august 2009 ble Gulbrandsen dømt til fire måneders fengsel for å ha kjøpt Sinvest-aksjer etter å ha mottatt opplysningene fra Per-Robert Jacobsen. Gulbrandsen var også tiltalt for innsidehandel i DNO-aksjen, men ble frikjent for dette.
Jump up ^ Bente Bjørndal (December 13, 2011). "Åtte års fengsel for Alain Angelil". DN.no. Retrieved December 21, 2011.
Jump up ^ "Eltek Founder Sentenced to Eight Years in Prison, Police Says". Newsorganizer.com. Archived from the original on February 4, 2013. Retrieved August 15, 2012.
Jump up ^ Tonks, Ian (April–May 2010). "Discussion of To Trade or Not To Trade: The Strategic Trading of Insiders around News Announcements" (PDF). Journal of Business Finance and Accounting. 37 (3&4): 408–421. doi:10.1111/j.1468-5957.2010.02201.x.
Jump up ^ Cole, Margaret. "Insider dealing in the City". Financial Services Authority. Retrieved December 28, 2012.
Jump up ^ McCool, Grant; Basil Katz (June 15, 2012). "Rajat Gupta guilty of insider trading". Reuters. Retrieved June 15, 2012.
Jump up ^ Pital, Sisal S., "Ex-Evercore director guilty of insider trading", MarketWatch, April 3, 2014. Retrieved April 3, 2014.
Jump up ^ Protess, Ben; Goldstein, Matthew (December 10, 2014). "Appeals Court Overturns 2 Insider Trading Convictions". New York Times. Retrieved December 10, 2014.
Jump up ^ Matthews, Christopher M., "Court Overturns Insider-Trading Convictions, a Blow to Justice Department", Wall Street Journal, December 10, 2014. Retrieved 2016-08-17.
Jump up ^ Matthews, Christopher M., and Aruna Viswanatha, "U.S. Attorney Aims to Dismiss Insider Trading Charges in SAC Capital Advisors Case", Wall Street Journal, October 22, 2015. Retrieved 2016-08-17.
Jump up ^ Copeland, Rob, "SEC Drops Civil Insider Trading Case Against Ex-SAC’s Steinberg", Wall Street Journal, November 25, 2015. Retrieved 2016-08-17.
Jump up ^ Matthews, Christopher M., "Former Health-Care Investment Banker Convicted of Tipping His Father on Deals", Wall Street Journal, August 17, 2016. Retrieved 2016-08-17.
Jump up ^ Moynihan, Colin, and Liz Moyer, "William T. Walters, Famed Sports Bettor, Is Guilty in Insider Trading Case", The New York Times, April 7, 2017. Retrieved 2017-04-07.
Jump up ^ "Top fund manager nabbed in China graft probe". The Straits Times. November 4, 2015. Retrieved November 23, 2015.
Jump up ^ The Companies Act (PDF), Ministry Of Corporate Affairs, Government of India, 2013, archived (PDF) from the original on 5 December 2013
Jump up ^ "Insider Trading". Aditya Trading Solutions. February 14, 2017. Retrieved February 14, 2017.
Jump up ^ Palabrica, Raul (14 October 2011). "Insider Trading 101". Philippine Daily Inquirer. Retrieved 29 November 2016.
References[edit]
Mark J. Astarita, Insider Trading: Legal vs. Illegal Insider trading: Legal vs. Illegal,
Stephen M. Bainbridge, Securities Law: Insider Trading (1999) ISBN 1-56662-737-0.
Larry Harris, Trading & Exchanges, Oxford Press, Oxford, 2003. Chapter 29 "Insider Trading" ISBN 0-19-514470-8.
Grechenig, The Marginal Incentive of Insider Trading: an Economics Reinterpretation of the Case Law, 37 The University of Memphis Law Review 75-148 (2006) (link).
Review of Financial Studies; May2009, Vol. 22 Issue 5, pp. 1845–1887
Grechenig, Positive and Negative Information – Insider Trading Rethought
Pierre Hauck, Europe’s commitment to countering insider dealing and market manipulation on the basis of Art. 83 para. 2 TFEU A critical evaluation
External links[edit]
Listen to this article (info/dl)

This audio file was created from a revision of the article "Insider trading" dated 2012-03-19, and does not reflect subsequent edits to the article. (Audio help)
More spoken articles
Look up insider trading in Wiktionary, the free dictionary.
General information
Insider Trading Informational page from the U.S. Security and Exchange Commission (SEC)
Testimony Concerning Insider Trading, by Linda Thomsen, Director of the SEC's Division of Enforcement, before the U.S. Senate Judicial Committee (September 26, 2006)
SEC Forms 3, 4 and 5
Insider Trading: Information on Bounties
Hoffman, Liz, "Towers Watson CEO Sold Stock Before Big Deal: John Haley netted nearly $10 million on preannouncement sales", Wall Street Journal, September 23, 2015. Towers Watson CEO John J. Haley's pre-deal sale of personally owned stock questioned.
Articles and opinions
Insider Trading: The Legal and Illegal SECLaw.com, 2002
Timothy Sullivan We're still against fraud, aren't we? United States v. O'Hagan: Trimming the Oak in the wrong season St. John's Law Review, Winter 1997.
An opinion on Why Insider Trading Should be Legal Larry Elder Interviews Henry Manne
Why forbid insider trading? by Ajay Shah, consultant to the Ministry of Finance, India
Information, Privilege, Opportunity and Insider Trading by Robert W. Mcgee and Walter E. Block – a scholarly work that opposes regulations against insider trading
Free Samuel Waksal argues that businessman's insider trading should not be considered a crime
Rule: Ownership Reports and Trading by Officers, Directors and Principal Security
Data on insider trading
SEC Edgar Database on current Form 3, Form 4 and Form 5 filings
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text:
Time Warp (song)
From Wikipedia, the free encyclopedia
Jump to: navigation, search
For other uses, see Time Warp (disambiguation).
"The Time Warp"
Song by Richard O'Brien/Patricia Quinn/Nell Campbell/Charles Gray
from the album The Rocky Horror Picture Show
Language
English
Released
1975
Length
3:18
Songwriter(s)
Composer: Richard O'Brien, Richard Hartley
Lyricist: Richard O'Brien
"The Time Warp" is a song featured in the 1973 rock musical The Rocky Horror Show and in its 1975 film adaptation The Rocky Horror Picture Show, and a 2016 TV production, as well as a dance performed during the chorus of the song. The song is both an example and a parody of the dance song genre in which much of the content of the song is given over to dance step instructions. The dance is one of the major audience-participation activities during screenings of the film and performances of the show.[1] It has become a popular song beyond the reaches of the film and show, and is often played at dances and weddings.[2]
The song is in the key of A major.[3]
Choreography of the "Time Warp" dance, song from The Rocky Horror Picture Show by Richard O'Brien.
Contents
[hide]
1 Placement
2 Cover version
3 Other uses
4 Footnotes
Placement[edit]
This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (October 2015) (Learn how and when to remove this template message)
"The Time Warp" was the fifth song in the original stage show (after "Science Fiction/Double Feature", "Dammit Janet", "Over at the Frankenstein Place" and "Sweet Transvestite"), but fourth in the film (following "Over at the Frankenstein Place" and preceding "Sweet Transvestite"). Stage productions continued to use the original placing until Richard O'Brien revised the script for the 1990 West End revival in which he moved the song to the film’s placing. For reasons of pacing, most productions now follow this order.
The song begins at 19:35 in the DVD release.
The song consists of verses sung by alternating characters, serving as the introduction to two of them, and choruses sung by the chorus of "Transylvanians" (Movie) or "Phantoms" (Musical), and the Criminologist/Narrator (played by Charles Gray in the movie). The characters that sing the verses are, in order, Riff-Raff (Richard O'Brien in the movie), Magenta (Patricia Quinn in the movie), and Columbia (Little Nell Campbell in the film). After the second full chorus, Columbia often launches into her tap dance.
The order of the solos varies in certain albums. In the movie and Roxy cast album, Columbia's solo is right after Magenta's, then Columbia does her tap dance after a second chorus. The version that has been in stage shows more recently is similar to the movie and Roxy cast, with Columbia singing her solo right after Magenta's, but then she does her tap dance right after her solo, leaving only two choruses. Occasionally, Columbia's solo and tap dance come after the chorus after Magenta's solo.
Meat Loaf's voice is prominent in the chorus of the film version of the song. It is assumed that he is voicing a Transylvanian rather than the yet-to-be-introduced character of Eddie.
The song is reprised/revisited briefly at the end of the film, in flashback, and in the show as an encore, led by Dr Frank N. Furter.
In 1980, the song reached number three on the Australian ARIA chart.[4]
Cover version[edit]
The song was released as a single by Damian in 1987, achieving little chart success. However, a remixed version of the song made No.7 on the UK charts in 1989.
Other uses[edit]
The Hillywood Show used the song in a Doctor Who parody, which David Tennant called "extraordinary".[5][6][7]
Italian comedy rock band Elio e le Storie Tese recorded a parody cover of the song in 1996, entitled "Balla col barlafüs" (i.e. "Dance with the idiot" in Milanese dialect), with completely new Italian lyrics which mock Umberto Bossi and his attempt, earlier that year, to rally up a human chain across the river Po to symbolically block its course. Apart from the lyrics, the band's cover follows the original song in every detail, including the dance instructions.
Footnotes[edit]
Jump up ^ "TRHPS Official Fan Site: Participation: How to do the Time Warp". rockyhorror.com.
Jump up ^ "Teach Yourself The Time Warp". Disco Therapy.
Jump up ^ "Time Warp - Sheet Music". Scribd.
Jump up ^ http://www.aria.com.au/pages/aria-charts-end-of-year-charts-top-50-singles-1988.htm
Jump up ^ Anderson, Kyle (May 27, 2014). "The Hillywood Show: Doctor Who Parody Does The Time Warp". Nerdist.com. Retrieved December 19, 2016.
Jump up ^ Campbell, Tina (May 28, 2014). "David Tennant does the Time Warp in Doctor Who musical parody video". Metro.co.uk. Retrieved December 19, 2016.
Jump up ^ "David Tennant Knows Who We Are!". YouTube. 2015-04-21. Retrieved 2016-12-20.
[hide]
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"Science Fiction/Double Feature"
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"The Time Warp"
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Related
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Who Are You (song)
From Wikipedia, the free encyclopedia
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Not to be confused with the Black Sabbath song of the same name
"Who Are You"
UK single sleeve
Single by The Who
from the album Who Are You
A-side
"Had Enough"[1]
Released
14 July 1978 (UK)
5 August 1978 (US)
Format
7"
Recorded
4 October 1977
Genre
Rock
Length
6:20 (Album Version)
5:01 (Single Edit)
3:24 (US Single Edit)
Label
Polydor 2121 361 (UK)
MCA (US)
Songwriter(s)
Pete Townshend
Producer(s)
Glyn Johns
Jon Astley
The Who singles chronology
"Squeeze Box"
(1975) "Who Are You"
(1978) "Trick of the Light"
(1978)
"Squeeze Box"
(1975) "Who Are You"
(1978) "Trick of the Light"
(1978)
Who Are You track listing
9 tracks [show]
Side one
"New Song"
"Had Enough"
"905"
"Sister Disco"
"Music Must Change"
Side two
"Trick of the Light"
"Guitar and Pen"
"Love Is Coming Down"
"Who Are You"
"Who Are You", composed by Pete Townshend, is the title track on The Who's 1978 album, Who Are You, the last album released before Keith Moon's death in September 1978. It was released as a double-A sided single with the John Entwistle composition "Had Enough", also featured on the album. The song became one of the band's biggest hits in North America, peaking at number 7 in Canada and at number 14 in the US. The keyboard pieces on the track are played by Rod Argent.
Contents
[hide]
1 Background
2 Composition
3 Lyrics
4 Video
5 Live performances
6 In popular culture
7 Charts
8 References
9 External links
Background[edit]
The lyrics of "Who Are You" were inspired by an incident Townshend experienced. After going out drinking with Steve Jones and Paul Cook of the Sex Pistols, Townshend was found in a "Soho doorway" by a policeman, who let him go if he could safely walk away.[2]
"Who Are You" was written about meeting Steve Jones and Paul Cook of the Sex Pistols after an awful 13-hour encounter with Allan Klein who, in my personal opinion, is the awesome rock leech-godfather. In one sense the song is more about the demands of new friendship than blood-letting challenge. Roger's aggressive reading of my nihilistic lyric redirected its function by the simple act of singing "Who the fuck are you..." when I had written "Who, who, who are you..." Steve and Paul became real 'mates' of mine in the English sense. We socialized a few times. Got drunk (well, I did) and I have to say to their credit, for a couple of figurehead anarchists, they seemed sincerely concerned about my decaying condition at the time.
—  Pete Townshend[3]
However, as explained by Townshend in his autobiography Who I Am, the last verse is about an early incident, that happened on the last North American leg of the 1971 tour: the day before the first concert in Charlotte, North Carolina, Townshend took the opportunity to visit the Meher Spiritual Center - a retreat owned by his guru Meher Baba - in nearby Myrtle Beach.[4]
"Who Are You" was released as a double-A side with the John Entwistle song, "Had Enough", but "Who Are You" was the more popular song, reaching the Top 20 in both the US and UK. The song has since been featured on multiple compilation albums. The single mix contains an alternate acoustic guitar solo to the album mix.
Composition[edit]
According to musicnotes.com, the song is a bright rock beat song written in the key of E major.[5]
Lyrics[edit]
The album version includes a third verse compared to the much shorter single. Additionally, a "lost verse" mix of the song was released on the 1996 reissue of Who Are You, with a completely different second verse: "I used to check my reflection / Jumping with my cheap guitar / I must have lost my direction, cause I ended up a superstar/ One-nighters in the boardroom/ Petrify the human brain/ You can learn from my mistakes, but you're posing in the glass again".
The song is unusual in that it contains two instances of the word "fuck" – at 2:16 and 5:43 (at 2:14 and 4:27 in the single edit version) – yet has been played frequently in its entirety on rock radio stations (as compared to an edited form replacing it with "hell"). The expletives, while not clearly enunciated and slightly obscured by Moon's drum fills, are nevertheless quite audible. This led to some controversy when ABC's unedited broadcast of The Who's Live 8 performance retained them.[6] The American single edit changes this to "Who the hell are you?" and can be heard at 1:55. Other versions replaced the phrase with just one of the main choruses, "Tell me, who are you" and "I really want to know".
Video[edit]
A promotional video was filmed on 9 May 1978 for The Kids Are Alright documentary; originally, the intent was to have The Who simply mime to the single version's backing track with Roger Daltrey adding live vocals, but the decision was made to also re-record the guitars, backing vocals, drums, and piano. Only John Entwistle's bass and the synthesizer backing remained intact from the original version.
Live performances[edit]
This song was first performed live at the Gaumont State Cinema, Kilburn on 15 December 1977, albeit without synthesizers and only a portion of the lyrics. This can be seen in the DVD At Kilburn 1977 + Live at the Coliseum. Despite that being the first performance, this song had its roots in jams in the band's 1976 concerts, most notably at Maple Leaf Gardens, Toronto on 21 October 1976, drummer Keith Moon's last North American appearance with The Who, where the band played a very early version of the song with Townshend on vocals. The first live performance with synthesizers (via a backing tape of the same synthesizer track found on the studio version of the song) was at the Rainbow Theatre, London on 2 May 1979, which was also Kenney Jones's first live show with the band. Since then, it has remained a staple for their live shows. The Who opened their segment of The Concert for New York City on 20 October 2001 with the song and performed a medley featuring the song in Super Bowl XLIV. They also used the song to begin their set at 12-12-12: The Concert for Sandy Relief on 12 December 2012.[7] In later performances, Roger Daltrey also plays acoustic rhythm guitar.
In popular culture[edit]
"Who Are You" is the theme to the TV show CSI: Crime Scene Investigation. An episode even took its title from the song, and Roger Daltrey guest-starred in season 7 episode "Living Legend".[8]
Video game Rock Band features the song as part of a 12-pack of downloadable tracks from The Who.
The Blanks/Worthless Peons in TV show Scrubs perform part of the song in the episode "My Identity Crisis".
An abbreviated version of the song was performed during the Super Bowl XLIV Halftime Show.
Louis C.K. sings along to the song in the "Country Drive" episode of Louie.
"Who Are You" is heard during the 7th season of ESPN's Gruden's QB Camp.
It appears in a 2017 TV commercial for Walmart.[9]
Charts[edit]
Chart (1978)
Peak position
Canadian RPM Top Singles 7
UK Singles Chart 18
US Billboard Hot 100 14
References[edit]
Jump up ^ "Singles | Whotabs | The Who Tabs Guitar Bass Drums". Thewho.net. Retrieved 2016-10-14.
Jump up ^ Grantley/Parker, Steve/Alan. The Who by Numbers: The Story of The Who Through Their Music. Helter Skelter. p. 196.
Jump up ^ "The Hypertext Who : Liner Notes : Who Are You". Thewho.net. Retrieved 2016-10-14.
Jump up ^ Townshend, Pete (2012). Who I Am. HarperCollins. pp. 201–2. ISBN 978-0062127242.
Jump up ^ The Who. "The Who "Who Are You?" Sheet Music in E Major - Download & Print - SKU: MN0154958". Musicnotes.com. Retrieved 2016-10-14.
Jump up ^ "Radio Industry News, Music Industry Updates, Nielsen Ratings, Music News and more!". FMQB.com. Archived from the original on 2011-05-27. Retrieved 2016-10-14.
Jump up ^ Anderson, Kyle (13 December 2012). "Bruce Springsteen, the Who, Billy Joel, and Beatlevana: On the scene at 12-12-12". Entertainment Weekly. Retrieved 17 December 2012.
Jump up ^ "CSI: Crime Scene Investigation: Season 7, Episode 9 Living Legend (23 Nov. 2006)". IMDb. Retrieved 2 June 2015.
Jump up ^ "Walmart App TV Commercial 'Be Who You Want This Halloween' Song By The Who". ispot.tv. Retrieved 22 October 2017.
External links[edit]
Who Are You official video on YouTube
[show]
v
t
e
Who Are You
Songs
Side one
"New Song"
"Had Enough"
"905"
"Sister Disco"
"Music Must Change"
Side two
"Trick of the Light"
"Guitar and Pen"
"Love Is Coming Down"
"Who Are You"
Supporting tours
The Who Tour 1979
The Who Tour 1980
Other
"Empty Glass"
Lifehouse
My Generation
A Quick One
The Who Sell Out
Tommy
Who's Next
Quadrophenia
The Who by Numbers
Who Are You
Face Dances
It's Hard
Endless Wire
[show]
v
t
e
The Who singles discography
UK singles 1960s
1964
"Zoot Suit" / "I'm the Face"
1965
"I Can't Explain" / "Bald Headed Woman"
"Anyway, Anyhow, Anywhere" / "Daddy Rolling Stone"
"My Generation" / "Shout and Shimmy"
1966
"Substitute" / "Circles"
"A Legal Matter" / "Instant Party"
"The Kids Are Alright" / "The Ox"
"I'm a Boy" / "In the City"
"La-La-La-Lies" / "The Good's Gone"
"Happy Jack" / "I've Been Away"
1967
"Pictures of Lily" / "Doctor, Doctor"
"The Last Time" / "Under My Thumb"
"I Can See for Miles" / "Someone's Coming"
1968
"Dogs" / "Call Me Lightning"
"Magic Bus" / "Dr. Jekyll and Mr. Hyde"
1969
"Pinball Wizard" / "Dogs Part Two"
US singles 1960s
1965
"I Can't Explain" / "Bald Headed Woman"
"Anyway, Anyhow, Anywhere" / "Anytime You Want Me"
"My Generation" / "Out in the Street"
1966
"Substitute" / "Waltz For a Pig"
"The Kids Are Alright" / "A Legal Matter"
"I'm a Boy" / "In the City"
1967
"Happy Jack" / "Whiskey Man"
"Pictures of Lily" / "Doctor, Doctor"
"I Can See for Miles" / "Mary Anne with the Shaky Hand"
1968
"Call Me Lightning" / "Dr. Jekyll and Mr. Hyde"
"Magic Bus" / "Someone's Coming"
1969
"Pinball Wizard" / "Dogs Part Two"
"I'm Free" / "We're Not Gonna Take It"
UK singles 1970s
1970
"The Seeker" / "Here For More"
"Summertime Blues" / "Heaven and Hell"
"See Me, Feel Me" / "Overture from Tommy"
1971
"Won't Get Fooled Again" / "I Don't Even Know Myself"
"Let's See Action" / "When I Was A Boy"
"Baba O'Riley"
1972
"Join Together" / "Baby Don't You Do It"
"Relay" / "Waspman"
1973
"5:15" / "Water"
1975
"Squeeze Box" / "Success Story"
1978
"Who Are You" / "Had Enough"
" Trick of the Light" / "905"
1979
"Long Live Rock" / "I'm the Face"/"My Wife (Live)"
"I'm One" / "5:15 (Soundtrack Version)"
US singles 1970s
1970
"The Seeker" / "Here For More"
"Summertime Blues" / "Heaven and Hell"
"See Me, Feel Me" / "Overture from Tommy"
1971
"Won't Get Fooled Again" / "I Don't Even Know Myself"
"Behind Blue Eyes" / "My Wife"
1972
"Join Together" / "Baby Don't You Do It"
"The Relay" / "Wasp Man"
1973
"Love, Reign o'er Me" / "Water"
1974
"The Real Me" / "I'm One"
"Postcard / Put the Money Down"
1975
"Squeeze Box" / "Success Story"
1976
"Slip Kid" / "Dreaming from the Waist"
"Substitute (Reissue)" / "I'm a Boy (Alternate Version)"
1978
"Who Are You" / "Had Enough"
"Trick of the Light" / "905"
1979
"Long Live Rock" / "My Wife (Live)"
UK singles 1980s
1981
"You Better You Bet" / "The Quiet One"
"Don't Let Go the Coat" / "You"
1982
"Athena" / "A Man Is a Man"
1984
"Twist and Shout (live)" / "I Can't Explain (live)"
1988
"Won't Get Fooled Again (EP)" ( "Won't Get Fooled Again (live)" / "Bony Moronie (live)" / "Dancing in the Street (live)" / "Dance it Away (live)" )
US singles 1980s
1981
"You Better You Bet" / "The Quiet One"
"Don't Let Go the Coat" / "You"
1982
"Athena" / "It's Your Turn"
"Eminence Front" / "One At A Time"
1983
"It's Hard" / "Dangerous"
Singles 2000s
2004
"Real Good Looking Boy" / "Old Red Wine"
2006
"It's Not Enough"
Singles 2010s
2014
"Be Lucky"
Retrieved from "https://en.wikipedia.org/w/index.php?title=Who_Are_You_(song)&oldid=820292083"
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values: portal navigation p-navigation p-navigation-label

values: フー・アー・ユー (曲) – Japanese

values: /static/images/wikimedia-button-1.5x.png 1.5x, /static/images/wikimedia-button-2x.png 2x

values: /static/images/poweredby_mediawiki_132x47.png 1.5x, /static/images/poweredby_mediawiki_176x62.png 2x

values:
suggestions
display: none; font-size: 13px;

values: mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject page-Who_Are_You_song rootpage-Who_Are_You_song skin-vector action-view