The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement
Company-Related Person/Recipient of
Information from a Corporate Insider (Cont.)
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■ However, if a company-related person had deliberately communicated information via others (like
a messenger), the recipient is considered a tippee even if he/she did not receive the information
directly from the company-related person.
■ Tippees:
■ Persons receiving transmission of a material fact from a company-related person.
◉
An Officer, etc. of the same company as the person receiving information in the course of
his/her duties who came to know the information in connection with the ordinary course of
his/her business.
■ The company-related person must intend to transmit information.
■ The following elements are necessary to punish the tippee under Article
166(1):
(i) The fact is a material fact;
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(ii) The information is provided by a company-related person; and
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(iii) The company-related person came to know the fact based on his/her position
Morgan Lewis
Summary of the Insider Trading Regulations of Japan
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