The crime of disclosing confidential (internal) information in the financial market under Iraqi, Egyptian, and Algerian law

Abstract

This research aims to study the crime of disclosing confidential or insider information in the financial market, comparing the legal and penal frameworks in Iraq, Egypt, and Algeria. It analyzes the elements of the crime in terms of legal, material, and moral components, along with the primary and secondary penalties and the preventive measures established to combat it. The research is significant because of the vital role these crimes play in threatening the integrity of financial markets and undermining confidence in investment transactions. This necessitates the study of comparative law to develop national legislation and enhance investor protection. The research employs a descriptive-analytical approach, based on an examination of legal texts, implementing regulations, and judicial rulings related to the crime of disclosing confidential information. A comparative approach is also utilized to highlight the similarities and differences between the three legal systems. The research findings revealed that Iraqi legislation still needs to develop clear and specific provisions to define insider information and precisely determine penalties. In contrast, Egyptian and Algerian law provide a more precise definition of the legal and moral elements of the crime, along with primary, supplementary, and accessory penalties that contribute to effective deterrence. The research also demonstrated that preventative measures and administrative sanctions play a pivotal role in protecting the financial market and enhancing transparency, and that there is a pressing need to strengthen awareness and training to reduce unlawful disclosure and ensure equality among market participants.