Inkcazo, iMbali, kunye neSohlwayo
(Ukuthengiswa kwangaphakathi akuyena nto kuphela umtyalo-mali omele ayigweme, nantsi izinto ezine ezingayenziyo xa utyalo-mali kwiimpahla .)
Xa ndiqala ukubhala le ngcaciso ngoMeyi 23, 2003, intetho yeentengiso zaseburhulumenteni yayisisigxina ngenxa ye-Martha Stewart / ImClone ye-scandal ye-trade-back eyayingena kwiinyanga ngaphambi kokushicilelwa kwaye ekugqibeleni, ithumele ukuhamba ekhaya ukuya ejele. Ngaphandle kwazo zonke iinkcukacha, abatyali-mali abaninzi babengaqinisekanga malunga nokuthengiswa kwe-insider, yintoni eyasebenza ngayo, kutheni kwakuyinto enkulu kangaka, kwaye ijeziswa njani.
Inkcazo ye-Insider Trading
Ukuthengiswa kwe-Insider kwenzeka xa umntu onomsebenzi wokubambisana nomnye umntu, isikhungo, inkampani, ubambiswano, iqumrhu, okanye iqumrhu lenza isigqibo sotyalo-mali esekelwe kwingcaciso enxulumene nalo msebenzi ongenakufunyanwa kuluntu jikelele. Le ngcaciso i-insider ibenza bafumane inzuzo kwezinye iimeko, kwaye baphephe ukulahlekelwa kwabanye.
(Kwi-Martha Stewart / ImClone scandal, okwenzekayo kwimeko.)
Ukuthengiswa kwangaphakathi kungaphinda kuvele kwiimeko apho kungekho msebenzi wobugqwetha okhoyo kodwa omnye ulwaphulo-mthetho luyenziwe, njengobungqina bequmrhu. Ngokomzekelo, ulwaphulo-mthetho olulungelelanisiweyo luye lwafaka ukungena kwiindawo ezithile zezemali okanye zomthetho ukuba zifumane ukufikelela kunye nokuxhaphaza ulwazi olungengowona uluntu, mhlawumbi ngokusebenzisa ukusetyenziswa kweekhompyutha okanye iifowuni zokurekhoda, unokufunyanwa unetyala lokuthengisa phakathi kwezinye iindleko eziphathelele mthetho.
I-yorhwebo ye-Insider yayingacingwa ngokungekho mthethweni ekuqaleni kwekhulu le-20; Enyanisweni, isigqibo seNkundla ePhakamileyo saye sazibiza ngokuthi "i-perk" yokuba ngumlawuli. Emva kokugqithiswa kwee-1920s, iminyaka elishumi ezayo yokuchithwa kwemisebenzi, kunye nokutshintsha kwembono yoluntu, kwavalwa, kunye nezohlwayo ezinzulu ezibekelwe abo benza umsebenzi.
Imizekelo yokuThengiswa kwangaphakathi kweNkcitho kunye noTshintsho olungenakuKhutshwa kwangaphakathi
Ukucacisa yonke imisebenzi eyenza ukuthengiswa kwezobugebengu kwangaphakathi kubaluleke kunokuba kubonakale kumphezulu. Kukho inkalo yezinto ezifuneka ziqwalaselwe ukuze i-Securities and Exchange Exchange (i-SEC) iqhube umtshutshisi umntu kumashishini angaphakathi, kodwa izinto eziphambili kufuneka zibonakalise ukuba ummangalelwa unelungelo lomsebenzi kwiinkampani kunye / okanye okanye wayezimisele ukuzuza ngokwabo ngokuthenga okanye ukuthengisa izabelo ezisekelwe kwingcaciso engaphakathi.
Olu vavanyo loxanduva lokunyaniseka lwalukhungatheke kakhulu yiNkundla ePhakamileyo yaseUnited States kunye nesigwebo se- O'Hagan . Ngowe-1988, uJames O'Hagan wayengummeli kwi-firm of Dorsey & Whitney. Emva kokuba iqumrhu liqalise ukumela i-Grand Metropolitan PLC, eyayilungiselele ukuvula isipho sesithenda sePillsbury, uMnu. O'Hagan wathola ininzi yezinto ezikhethwa kwinkampani.
Ukulandela isaziso sesibonelelo sethenda, ukhetho luye lwaphakama, okubangelwa kwi-million dollar gain. Emva kokufunyaniswa netyala ngamacala angamashumi amahlanu anesixhenxe, isigwebo sachithwa kwisibheno. Icala ekugqibeleni lifumene indlela eya kwiNkundla ePhakamileyo apho ukubuyiswa kwabuyiselwa khona.
UBarry Switzer, umqeqeshi webhola ekhatywayo wase-Oklahoma, watshutshiswa yi-SEC ngo-1981 emva kokuba yena kunye nabahlobo bakhe bathenge amashishini ePhoenix Resources, inkampani yeoli. U-Switzer wayeyintlanganiso xa eqhuba ingxoxo phakathi kwabaphathi malunga nokucinywa kwe shishini. Wathengisa isitoreli malunga ne-42 yeesabelo ngasinye, kwaye kamva wathengiswa kwi-$ 59, okwenza i-$ 98,000 kwi-process. Iimali ezichasene naye zagqitywa kamva ngumgwebi wesigqeba ngenxa ye "ukungabikho kobufakazi". Ngakolunye uhlangothi, ngokusekelwe kwimeko kwezinye iimeko, mhlawumbi uShinzer wayeya kuhlawuliswa aze afake ijele ngethuba lokuba omnye wabadlali bakhe wayengunyana okanye intombi yabaphathi, kwaye wakhankanya isicatshulwa kuye.
Umgca phakathi "kobugebengu" kunye "nethamsanqa", kubonakala ngathi, icatshulwa ngokupheleleyo kwiimeko zokuthengisa.
Ziziphi iiNtlawulo zoThengiso lwangaphakathi?
Ngokuxhomekeke kububungqina belo daba, izigwebo zorhwebo ngokubanzi ziquka ihlwayo semali kunye nexesha lobanjwa. Kwiminyaka yakutshanje, i-SEC iye yafudukela ekunqandeni abaphulaphuli bezoshishino ekusebenziseni njengegqeba kunanoma iyiphi inkampani yokuthengisa esidlangalaleni.
Icandelo lama-16 Iimfuno: Ukhuseleko olujongene nokuthengiswa kwangaphakathi
Ukuze uthintele ukurhweba ngokungekho mthethweni, iSahluko 16 soMthetho wokuThengiswa noTshintshiso ka-1934 sifuna ukuba xa "i-insider" (ichazwe njengabo bonke abaphathi, abalawuli kunye nabanikazi be-10%) bathenga i- stock corporation kwaye bayithengisa ngeenyanga ezintandathu, bonke inzuzo kufuneka ihambe kwinkampani. Ngokwenza kube nzima ukuba abahlali bazuze kwizinto ezincinci, ininzi yesilingo sorhwebo lwangaphakathi. I-insiders zenkampani nazo zifuneka ukuba zichaze utshintsho kubunini bezikhundla zabo kuquka konke ukuthengwa kunye nemigangatho yezabelo.