Insider trading laws refer to the regulations that prohibit individuals from trading securities based on non-public information, which is material and non-public. These laws aim to:

1. Promote fair and transparent markets

2. Prevent unfair advantage

3. Protect investors

4. Maintain market integrity

Key aspects of insider trading laws include:

1. Definition of insider information

2. Prohibition on trading or tipping

3. Disclosure requirements

4. Exceptions for legitimate purposes (e.g., research, analysis)

5. Enforcement and penalties for violations

Examples of insider trading laws include:

1. Securities Exchange Act of 1934 (USA)

2. Insider Trading Sanctions Act of 1984 (USA)

3. Sarbanes-Oxley Act of 2002 (USA)

4. EU Market Abuse Regulation (EU)

5. Financial Services and Markets Act 2000 (UK)

Insider trading laws apply to:

1. Corporate insiders (e.g., executives, directors)

2. Tippees (those receiving insider information)

3. Traders and investors

4. Market professionals (e.g., analysts, advisors)

By prohibiting trading on non-public information, insider trading laws help maintain fair and efficient markets, where all investors have equal access to information.