Simona Suh, counsel in the Securities Enforcement and Regulatory group at Sidley, will be speaking on a panel at the Practising Law Institute’s SEC Insider Trading Enforcement program entitled, “In the ‘Shadow’ of Panuwat: SEC Insider Trading Unit Alumni Discuss Compliance Considerations Following Successful Shadow Trading Enforcement Action” on June 11, 2024.
In 2021, the SEC brought a novel insider trading enforcement action focused on so-called “shadow trading”—i.e., using confidential information about one company to trade in the securities of another, similar company. Almost three years later, it took a jury only several hours to find the defendant liable for insider trading. The SEC’s victory in the Panuwat case may embolden the Division of Enforcement’s pursuit of shadow trading violations. Simona Suh and her fellow PLI panelists will discuss the potential for increased enforcement risk in the wake of Panuwat and address key questions and takeaways from this case.
In 2021, the SEC brought a novel insider trading enforcement action focused on so-called “shadow trading”—i.e., using confidential information about one company to trade in the securities of another, similar company. Almost three years later, it took a jury only several hours to find the defendant liable for insider trading. The SEC’s victory in the Panuwat case may embolden the Division of Enforcement’s pursuit of shadow trading violations. Simona Suh and her fellow PLI panelists will discuss the potential for increased enforcement risk in the wake of Panuwat and address key questions and takeaways from this case.
