In contrast, the European Union has tried to define these terms in directives aimed at prohibiting the practice. According to a directive issued in 1989, “An insider is one who, due to his relationship to the company as manager, director, employee, or major shareholder, possesses inside information (material non-public facts) and knowingly uses such inside information to acquire or dispose of securities to which the information relates for his own account or another.”
相比之下，欧盟则尝试在打击内部交易的相关文件中对这些词汇予以明确定义。根据一个在1989年颁布的法令“内幕交易者是指以公司经理，董事，雇员或者主要股东身份掌握内部信息（指意义重大的非公开事实），在知情的情况下，利用这些相关内部信息购买或者抛售相关联的证券，以此为自身或他人谋取利益的人”。