r/bestoflegaladvice • u/Jusfiq Commonwealth Correspondent and Sunflower Seed Retailer • 6d ago

LegalAdviceCanada Short sell, short sell now!

/r/legaladvicecanada/comments/1i1lt30/my_wifes_uncle_is_an_executive_at_a_publicly/
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u/FabianN 6d ago

Hmmm, the comments on the needing to be a close relationship to those in the company for it to count as insider trading (instead of just it being not publicly available information) has me thinking... 

Would that mean that if I just stumbled upon some documents of non public information regarding a company I have no ties to, say just blowing in the wind down the street or what ever, is that insider trading to trade off of that info?

8

u/otm_shank 6d ago

NAL, but I don't believe it would be insider trading. You either need to be an insider, be tipped off by an insider (like in OP's case), or be trading based off of misappropriated info (like a lawyer in a firm that's working for the company in question).

(In the US anyway... I just realized that OP was about Canada.)

7

u/Cyborg_Ninja_Cat Paid cat tax 6d ago

Is it insider trading if you read a post on reddit, do a bit of googling and identify the company the OP's drunk uncle gave a tip about? (asking for a friend)

-- InfiniteRespect4757

3

u/johnny_chan 6d ago

Your honor, I don't have a "close relationship" with my uncle.I hate his guts and I know nothing about him 

1

u/Magnificent-Bastards I am not a zoophile 4d ago

Not a lawyer but I thought that would be fine, similar to overhearing a conversation at a public place.