10Director‘s Dealings•Personen, die bei einem Emittenten von Aktien Führungsaufgaben wahrnehmen ⇨ Definition in § 15a Abs. 2 WpHG•Personen in enger Beziehung zu den Personen mit Führungsaufgaben ⇨ Definition in § 15a Abs. 3 WpHGNormadressat•Eigene Geschäfte mit Aktien des Emittenten oder darauf basierenden Finanzinstrumenten, z.B. Derivate•Bagatellgrenze: EUR pro Kalenderjahr, vgl. § 15a Abs. 1 Satz 5 WpHGMitteilungspflichtige Geschäfte•Mitteilung gegenüber Emittenten und BaFin innerhalb von 5 Werktagen•Emittent muss Information unverzüglich veröffentlichen und Veröffentlichung der BaFin mitteilen•nach Veröffentlichung muss der Emittenten die Information ans Unternehmensregister übermitteln•unrichtige, unvollständige, verspätete oder unterlassene Mitteilung bzw. Veröffentlichung ⇨ Ordnungs-widrigkeit nach § 39 Abs. 2 Nr. 2d bzw. Nr. 5b WpHG
23Henry Manne, Milton Friedman, Thomas Sowell, Daniel Fischel, Frank H Henry Manne, Milton Friedman, Thomas Sowell, Daniel Fischel, Frank H. EasterbrookInsider trading based on material nonpublic information benefits investors, in general, by more quickly introducing new information into the market.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.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. 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; e.g., if he 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 to be an act of censorship. 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.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 (e.g., corn, wheat, steel, etc.). However, analogous activities such as front running are illegal under U.S. commodity and futures trading laws. For example, a commodity broker can be charged with fraud if he or she receives a large purchase order from a client (one likely to affect the price of that commodity) and then purchases that commodity before executing the client's order in order to benefit from the anticipated price increase.